Consumer complaint received 2023-05-24 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA

Complaint narrative:
XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX CA XXXX XXXX XXXX XXXX Consumer Financial Protection Bureau Subject : Complaint Regarding Mortgage Terms Change Dear Consumer Financial Protection Bureau, I hope this letter finds you well. I am writing to file a complaint and seek your assistance in addressing a concerning issue related to the change in terms of my variable rate mortgage. The mortgage in question was originally held by XXXX XXXX XXXXXXXX and was subsequently sold to Portfolio Financial Services ( PFS ) in XX/XX/2022. 

Since the transfer of my mortgage to XXXX, I have experienced significant alterations in the terms of the agreement, specifically in regards to the amortization schedule. Despite multiple conversations with representatives from both XXXX  XXXX XXXX and XXXX, I have been unable to find a satisfactory resolution to this matter. 

Additionally, I would like to bring to your attention the significant difference in the frequency of interest rate changes since Select Portfolio Services ( SPS ) took over my mortgage. For over 15 years, the interest rate was adjusted once a year. However, since the transition to SPS, I have been informed that they have the authority to change the interest rate on a daily basis. This sudden and frequent alteration in the interest rate further exacerbates my concerns and adds to the overall instability and uncertainty surrounding my mortgage agreement. I kindly request that you investigate this matter thoroughly and address the issue of frequent interest rate changes imposed by SPS, as it greatly affects the affordability and predictability of my mortgage. 

To provide you with a clear understanding of the situation, I have enclosed the monthly statements from XXXX XXXX XXXXXXXX dated XXXX XXXX XXXX According to these statements, the principal amount was {$690.00}, the interest was {$460.00}, and the escrow was {$260.00}. However, the most recent statement from XXXX reflects a principal reduction to {$220.00}, an increase in interest to {$1000.00}, and an escalation in escrow to {$280.00}. 

The substantial discrepancy between the original terms agreed upon with XXXX XXXX  XXXX and the current terms enforced by XXXX is highly concerning. Despite assurances from representatives at both institutions that the amortization schedule would not be altered, I am now faced with a significant financial burden that I did not agree to or anticipate. 

I kindly request your intervention in this matter to ensure a fair and equitable resolution. I believe that the change in the amortization schedule, without proper explanation or notification, violates my rights as a borrower. Furthermore, the conflicting information provided by representatives from XXXX XXXX  XXXX and XXXX has only added to my frustration and confusion. 

I would greatly appreciate it if you could thoroughly investigate this issue and take appropriate action to rectify the situation. The lack of transparency and the substantial change in the terms of my mortgage have caused undue financial hardship and stress. I trust that the Consumer Financial Protection Bureau will be able to provide the guidance and assistance needed to resolve this matter. 

Thank you for your attention to this urgent issue. I look forward to your prompt response and a satisfactory resolution to this complaint. 

Sincerely, XXXX XXXX

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