Complaint #1423674 submitted on 06/16/2015 relating to Select Portfolio Servicing, Inc. Complaint relates to Mortgage Conventional adjustable mortgage (ARM) - Loan servicing, payments, escrow account .
Complaint was submitted via Web and sent to the company on Tuesday 16th June 2015.
I have a variable rate and I understand completely that they can increase or decrease my rate at any given time. However since my credit is not good what I 've done is send in additional payments towards my principal to pay off my loan earlier ( since my loan did not have a prepayment penalty ). Now Select Portfolio is reducing my principal to elongate my loan term to the full 30 years. Keep in mind they are not increasing my interest simply adjusting the amount that is applied towards the principal, which is unheard of to everyone I 've discussed this with! As previously mentioned I fully understand they can adjust the rate but can they Legally reduce principal payments to maximize their profit? It is hard to belief this can possibly be legal, can someone please call me to explain.
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| Company | Select Portfolio Servicing, Inc |
| Complaint ID | 1423674 |
| Date Received | 06/16/2015 |
| Product | Mortgage Conventional adjustable mortgage (ARM) |
| Issue | Loan servicing, payments, escrow account |
| State/ZIP Code | TX 770XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company believes it acted appropriately as authorized by contract or law |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 06/16/2015 |
| Result | Timely Response: Yes, Consumer Disputed: Yes |
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