Consumer complaint received 2024-07-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Payment process
Company: SELECT PORTFOLIO SERVICING, INC.
State: MD

Complaint narrative:
I settled on a mortgage on XX/XX/24 of this year with XXXX XXXX. My 1st payment was due XX/XX/24. I mailed 2 checks when I sent in the 1st payment. Check # XXXX for XX/XX/XXXX and check # XXXX for XX/XX/XXXX so that I could be a month ahead on payments. Each payment was in the amount of {$4200.00} which included some principle payment. XXXX deposited check XXXX and it cleared on XX/XX/24. They then sold the loan so Select Portfolio Servicing in XXXX. I monitored my account to see if check # XXXX had cleared throughout the for half of XXXX and after 2 weeks of that month it still hadn't cleared so I called XXXX and they notified me that the loan had been sold and gave me the name of the company that now has the mortgage. I called them to get an account number so that I could make a payment before XX/XX/24, in case check number XXXX had gotten lost or misplaced. After several calls over several days, I finally got an address and an account to mail another check off for XX/XX/24 's payment and I sent in check # XXXX for {$4200.00} made out to Select Portfolio Servicing, that was dated for XX/XX/XXXX. I continued to watch for what was now 2 checks, to see if they cleared and nothing had cleared by the end of the month, so I called SPS to check on the status of the new account number so that I could set up an online account. They informed me that the sale still had went to settlement and to check back in a week. I was finally able to set up online access and I made a 3rd payment for the month of XXXX on XX/XX/24, for {$4200.00}, so that the account was in good standing, due to the fact that the 2 checks that I had sent in, still hadn't cleared my bank account. Finally, on XX/XX/24, both of the checks had cleared my account, and both checks had been deposited by SPS, including the check written out to XXXX, but endorsed by SPS. So for the month of XXXX, XXXX payments were made. 2 in the form of checks, and 1 online. However, during transfer of the mortgage between XXXX and SPS, XXXX initially sent a payment from their bank account and then decided to stop payment on the check and send them my check. SPS initially credited the account from the XXXX payment, and then reversed it after the payment was stopped. However, they did not apply the payment to the account for the check # XXXX, even though it was deposited and cleared my account. Based on the number of payments that I made for XXXX and XXXX, which was a total of 4 payments, my next payment wasn't supposed to be due until XX/XX/XXXX. 

I went online on XX/XX/XXXX to just check and confirm that my payment wasn't due until XXXX and when I looked, it said that the payment was due on XX/XX/XXXX. At that time, I called into SPS to see what was going on and they said that they had to investigate their matter. I went ahead and paid another {$4200.00} just to make sure that the mortgage payment was on time and assumed that they would have it rectified for the following month and then I would just be ahead of the payment schedule by 2 months. I called once a week for 4 weeks to check the status and they kept closing out the case, so I had to make another payment on XX/XX/24 for {$4200.00} so that, based on their records, I wouldn't have a late payment. However, they still have not credited me for the {$4200.00} payment for check number XXXX after a month and a half, and when I called in today to check the status again for the XXXX time, I was told that the XXXX payment was due, and I'm not supposed to have another payment until XX/XX/XXXX! 

I have made 6 contractual payments on this loan since it's inception. That would give me a due date for the next payment to be XX/XX/24. I have also made large principle payments after I sold my previous home, which as it stands, I have been credited for. But I need someone to light a fire under their feet to get me the credit for the {$4200.00} payment that they haven't applied so that I can just pay off the balance with an equity line of credit that I applied for with another company and get this loan closed out so that I don't have to deal with their incompetency! They have received all of the documentation from my bank statements showing all of the information stated.

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