Consumer complaint received 2025-11-07 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Loan sold or transferred to another company
Company: SELECT PORTFOLIO SERVICING, INC.
State: TN

Complaint narrative:
In XXXX of XXXX, my home loan was transferred from XXXX as the servicer to Select Portfolio Servicing ( SPS ). When it was transferred, an escrow account wasnt set up with the new servicer and the existing escrow balance ( around XXXX ) was never passed along. An escrow account was eventually established, but with a XXXX balance, which then went on to affect my monthly payment to reestablish the balance. In addition, I had made numerous principle only payments in the few months that XXXX serviced the loan ( XXXX ) and these were initially not reflected on the SPS balance and showed up as refunded payments. It was very shady and convoluted, but was for the most part ( minus my final XXXX payment ) corrected after a couple of months. But, it still appears that my final XXXX payment was never correctly applied. Ive been attempting to resolve this for close to a year and half with no resolution and just a lot of run around. This has been made more difficult because SPS transferred the loan to XXXX servicing after only 3 months of servicingso now Im dealing with two servicer who no longer service my loan. A lot of ill look into this and call you back today or tomorrow only to never receive a call and have to make a monthly call to both servicers, speak to a supervisor ( I can never get a hold of the same one ) and start over from zero. For the first XXXX months, I couldnt get anybody to acknowledge the mistake. I would repeatedly open a claim with SPS, which they would say takes 30 days for a resolution only for them to send me an extension letter followed by a letter stating that it was an accounting error on XXXX  side. Finally, after a year I was able to get XXXX to provide me with a wire confirmation # and amount ( XXXX, escrow balance + final monthly payment ) that was transferred to SPS that they werent accounting for. Only after this did SPS take accountability for the error, but they wouldnt refund me this money or pass it on to the current servicer because they needed to figure out where the money went. Why this is my problem, and why I need to sit around while they get their accounting in order is beyond me. Are they going to pay me interest on this money while they figure it out at the same rate theyre charging me? Then in XXXX of this year, I was told by SPS that they sent a check back to XXXX. Nobody made me aware of this, and I only found out by make one of my frequent calls. This was also only for the escrow amount, and not that total amount for some reason. Now why they would send the money backwards to an old servicer rather than to me or to the current servicer is beyond me. They then told me they would try and get it back, which hasnt happened. Ive also repeatedly called XXXX and they also keep opening claims to try and located these now supposedly returned funds. How there can be such institutions of this size, managing loans of this amount can be this inept is beyond me. After this length of time, and this amount of calls, the fact that this hasnt been resolved by now leaves me with no other choice but to believe that this is a strategy to scam people out of money by hoping that theyll just give up. And XXXX sure this will be followed by a letter of acknowledgment, followed by a letter saying they looked into this and that its been resolved or that it was an error on XXXX 's side. But it's pretty simple... Wire reference # XXXX sent on XX/XX/year> in the amount of {$11000.00} from XXXX financial to Select Portfolio Servicing. I've attached the statement dated XX/XX/year> from XXXX and the SPS statement dated XX/XX/year> along with the following statement. Those funds are unaccounted for.

Company response to consumer: Closed with explanation