- Report: #285240
Report - Rebuttal - Arbitrate
Complaint Review: Select Portfolio Services
Select Portfolio Services315 South West Temple Salt Lake City, Utah U.S.A.
Select Portfolio Services Added significantly monthly charges without explation for unknown purposes, refusing to provide minimal documentation. Salt Lake City Utah
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Today I went online and got a breakdown of the charges. I called my insurance agent and inquired as to the total amount that SPS remits annually in accordance with my loan. The numbers did not add up. My agent quoted me 1801.00 per year for flood/hazard and homeowners. And she was adamant that is the full cost for coverage for my house, which is in disagreement with the amount, $2,479.00, which SPS claims they pay in my behalf.
In addition to being fraudulently overcharged for insurance SPS has also added a monthly "shortage charge" of $113.56 which nobody is willing to justify or explain. With the insurance and the "shortage charge" that total annual amount in discrepancy is $2,041.72, which has fraudulently inflated my payments by $170.14 per month.
On top of all this I received a letter that in Jan my mortgage is going to go up another $400.00 a month due to the rate reset, that is another 3 points which is not in agreement with the industry maximum of 2 points.
I have a sterling payment history and can not attribute the actions of SPS to anything but corporate fiduciary malfeasance.
Big Bear Lake, California
This report was posted on Ripoff Report on 11/16/2007 09:12 PM and is a permanent record located here: http://www.ripoffreport.com/r/Select-Portfolio-Services/Salt-Lake-City-Utah-84165/Select-Portfolio-Services-Added-significantly-monthly-charges-without-explation-for-unknow-285240. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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