Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account New York

Hello : I have recently received a letter stating my loan was transferred to SPS ( and during a previous attempt to satisfy my -/-/- payment via - - ). A fixed 20 year term - Mortgage Loan. With a new loan Number within SPS of -. My due date is the - of each month and a grace period of fifteen days. At - I contacted SPS and spoke with a representative, whom stated a payment by phone, online, and or mail will not be applied to the account until the eleventh of the month ( at the earliest ). Claiming our account information has not fully uploaded from - - to


And if a payment is received, it will not be applied to the account until -/-/-. Here are my concerns : We will continue to accrue daily interest, due to SPS not having the capability to upload any mortgage information, until the eleventh ( transfer date occurred on - -, 2016 ). When the representative was confronted of my concern, she responded by stating, SPS was in compliance of RESPA. QUESTIONS : Does the correspondence, advise the borrower of the delay to apply credit to the loan, ( I have read the correspondence and saw no verbiage )? Why would your system take eleven days to upload from - to SPS? If there are system limitations, do you feel you have the opportunity to upload mortgage loan in increments? Is SPS in compliance of REG Z ( Are you back dating payments? ). What does RESPA have to do with the transfer of my loan? Overall, I feel this appears to be unfair and deceptive practices. As stated earlier, I am concerned due to SPS not having my loan information immediately after transferring the loan, I am negatively impacted with accrued interest. Sincerely, - - -