Select Portfolio Servicing, Inc Mortgage Complaint

Select Portfolio Servicing, Inc Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure Illinois

On -/-/16 I submitted an offer to purchase a short sale property serviced by Select Portfolio Servicing. There seem to be numerous delays by the servicer in review of the short sale that I would like to have investigated. After my offer was submitted, a BPO was not ordered until -/-/16. Results of the BPO were not processed until -/-/16 at which time a counter offer was requested. An updated purchase contract/counter offer was given to the servicer immediately and it took until -/-/16 to get a final approval even though there was no other negotiating. I immediately completed an application with a lender, ordered and paid for an appraisal and inspection. A title search by my lender showed there was an outstanding - lien on the property. Negotiations with the - lien began on -/-/16 and ended on -/-/16 with them requesting a $ - settlement. The selling agent immediately went back to Select Portfolio Servicing on -/-/16 to get an updated approval including the $ - settlement to the - lien and it took SPS until -/-/16 to order the BPO again as the first - had expired. I understand BPOs are only valid for 90 days, however I do n't understand the delays with ordering the BPOs and providing approval documentation. I unfortunately am now at jeopardy of losing $600.00 for the appraisal I obtained if we do not close by -/-/16 since appraisals are also only valid for 90 days. I am hoping they will rush this second review, but am not hopeful. The purpose of my complaint is to obtain confirmation that SPS has maintained compliance with CFPB regulations and required timelines in review of this short sale.