Consumer complaint received 2024-09-17 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: SELECT PORTFOLIO SERVICING, INC.
State: MO

Complaint narrative:
I sent this to the company this morning and am sending it here to ensure they fix it and do not do a half assed audit like previously. I spoke with a supervisor, XXXX, yesterday, and realized where everything was going, even though that's not where any of it was supposed to. This could've been fixed easily, but Select Portfolio Services never even thought because, well, it was extra money to them. They even admitted their system was not set up for this, but they didn't realize it was sending everything to interest, even though it was not supposed to go there. 

This is what I wrote and want the cfpb involved : I found out why my escrow is not correct and why it keeps getting more negative, in spite of both extra payments and paying the XXXX  fee. Someone mentioned to the CFPB that the system was not set up to accept extra payments or multiple payments. The escrow has been going up each year by exactly what my taxes are because it can only handle the XXXX  or taxes, not both. It has treated the extra as if it is a payment to interest, as I found out from XXXX ( a customer care supervisor, who was not helpful in any way, yesterday ). When you raised my payment to cover the extra needed to cure the escrow, it took that extra and put it towards interest, as well. As such, instead of correcting itself, interest was paid down when it should not have been. I, therefore, have overpaid {$XXXX} that you put towards interest and it was meant for escrow curing. Because you made me jump through hoops to speak on the account for XXXX  years, we have been unable to fix this ; however, my remedy is this, as you put it in the wrong place : send me the amount extra that was paid, reverse the payments and then fix them to the right place ( this will fix the escrow shortage, as well ), put the interest back on, pay me interest on the money I wouldve received based upon the mix up, stop paying my XXXX  ( I will cover this ), take off the late fees Ive incurred because of the messed up payments, and fix my overall balance ( which should be closer to XXXX ). That no one there would talk to me is crazy in and if itself. I am also sending this to the CFPB in the form of a complaint, in order for you to fix it. I will give you exactly XXXX business days to fix this before I get an attorney involved. I can not believe an audit or anything else didnt realize this is what was going on, especially after I asked numerous times. Apparently, Bank XXXX XXXX did this, as well, instead of curing the advances, and put extra payments ( XXXX mentioned XXXX, even though my taxes were XXXX and my p and I payment was XXXX, meaning they collected extra interest instead of curing the advances every month, which means {$XXXX} every year for 5 years, or another {$XXXX} should be added to interest and {$XXXX} should be taken off the advance, considering thats where it was supposed to go as per the way the payment was set up ) and, since the loan was transferred ( not bought ), you assume that responsibility, as well, meaning the balance should actually be closer to XXXX.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation