Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker Florida

- and - - ( hence - '' ) hereby submit a complaint to the Consumer Finance Protection Bureau pursuant to 12 USC 2601 et seq. ( The Real Estate Settlement Procedures Act ( RESPA ) and 12 CFR 1024.41 ( Loss mitigation procedures ) because the - ( hence Bank '' ) failed to provide a proper review of a loss mitigation package for a modification and reinstatement of the subject loan. Summary : - defaulted on the mortgage in -/-/-. - has sought a loan modification since -/-/-. The Bank continues to request more and more documentation, yet fails to consider 99 % of the - 's income in the review. Accordingly, the Bank continues to deny a modification without basis. Background : On - -, -, four-month-old - - was severely injured when his baby carriage was struck by a taxicab in -. This left - with


The real property at issue was purchased and a house constructed at the height of the market in - when everything was at its most expensive. Further, the mortgage is at a premium interest rate for the period of time in question. Due to a reduction in the LLP income, tax issues and poor planning ; the mortgage was defaulted upon in - -. By -, corrective steps were put in place to remedy the problems. Since -/-/-, by and through our attorney, - - Firm P.A. and - -, -, - has sought a modification and reinstatement of the loan. After submitting the initial loss mitigation package, the bank has made numerous requests to obtain additional financial documentation over and above what was submitted. Over the period in question, approximately one dozen supplements were requested and provided to the Bank. See Exhibit A for a historical timeline of events. -/-/- Loss Mitigation Efforts : The latest loss mitigation package was submitted in - -. The third request for additional information from the Bank was submitted on -/-/- to include an Affidavit from The - - - -, - ( - - ) dated - -, - signed by - -, managing director, explaining the distributions only applicable to - - for the years -, - and year to date - as well as providing the projected distributions for - ; again submitting updated bank statements to include - - - - - - bank statement account ending in - from - -, - through - -, -, - - account ending in - from - -, - through - -, -, - - - bank statements for account ending in - and - good through - -, -, and - - - bank statements for account ending in - good through - -, -. See Exhibit B for a timeline of events as to - only. The servicing agent, Select Portfolio Servicing Inc. ( hence SPS '' ), via correspondence dated -/-/-, denied any loss mitigation options for - indicating that the account is not eligible for a modification. SPS states the reason being that the NPV results showed that the modification is not in the financial interest of the investor that owns your account. SPS indicates that the NPV value is based on the unpaid principal balance before modification, interest rate before modification, remaining term, principal and interest payment before modification, monthly real estate taxes, monthly hazard and flood insurance, homeowners association dues, how many months past due, mortgage insurance coverage, monthly income and other factors. However, SPS only considered the monthly gross wages of - - in the amount of $1300.00 and n