Consumer complaint received 2024-02-17 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: SELECT PORTFOLIO SERVICING, INC.
State: CO

Complaint narrative:
Select Portfolio Servicing ( SPS ) purchased my loan from XXXX XXXX XXXX XXXX in XX/XX/XXXX, less than six weeks after I closed on the loan. The initial payment was {$3900.00}, including {$360.00} in escrow. This amount was based on a reassessment of my property taxes and I knew once XXXX XXXX XXXX had approved my application for the Prop 19 Parent-Child Exclusion, my taxes would be amended and my escrow would be decreased. XXXX XXXX XXXX approved my application in XX/XX/XXXX and the taxes were revised in XXXX for the new tax year XXXX. SPS performed an escrow analysis which increased my payment to {$4800.00}, including an increase of my escrow to XXXX. This was an increase of {$870.00} even though my property taxes went from {$10000.00} to {$920.00} in the County 's correction. SPS did have this information because they paid my XX/XX/XXXX property tax installment of {$460.00} on XX/XX/XXXX. I contacted SPS, but they told me another analysis wouls not be performed until the year anniversary of my account. I continued to call until I spoke with a representative on XX/XX/XXXX. She researched my account and discovered that everything I had been saying was true. She told me that the overage on my account, approximately {$6000.00}, would be mailed in the form of a check and I would receive it in five to seven business days. She also told me that a new escrow analysis would be performed. I waited two weeks and received no payment. When I contacted SPS in XX/XX/XXXX, they told me that no such notes were on my account and a request had been opened on XX/XX/XXXX for an escrow analysis. No refund would be processed until the analysis was complete and the {$6000.00} amount was not a valid number. I received the new escrow analyis on XX/XX/XXXX and even though it was completed on XX/XX/XXXX, nothing has happened. I have contacted SPS at least ten times since XX/XX/XXXX and each time I get a different answer about the escrow analysis and my refund of {$5400.00}. And no one can tell me what the refund includes or how it was calculated. I also know that they will do another analysis in XXXX and I will have to wait a month to request another refund of any amount that is not included in the current refund amount, which will be approximately {$3300.00}. Today, XX/XX/XXXX, I spoke with XXXX XXXX, supervisor. She told me I was not alone, that many, many customers were in the same situation as I am in with the company. There are no notes on my account and the refund has not processed. She has no way of finding out when the refund will process. She gave me the email and phone number of the Ombudsman 's office for the company and told me to keeo calling back. She also told me that my amount was small and was easily overlooked by the system. I am battling XXXX XXXX XXXX for close to {$28000.00} for the same refund issue and the fact that SPS can continue holding my money, yet expect me to submit my monthly payment on time, without a penalty is egregious.

Company public response: Company believes complaint is the result of an isolated error
Company response to consumer: Closed with explanation