Select Portfolio Servicing Review
Author: Rob K. Blake | Date: August 26, 2008 | Filed In: Mortgage Servicing
Select Portfolio Servicing, Inc. (SPS) is a mortgage servicer of residential prime and subprime mortgage loans acquired by Credit Suisse First Boston (USA), Inc. in 2005. We uncovered seven phone numbers, their website, a bad customer complaint record as well as two additional DBA names of Fairbanks Capital Corp and Fairbanks Capital Corporation for SPS.
Select Portfolio Servicing, Inc. Website and Phone Contacts
Select Portfolio Servicing, Inc. Website: http://www.spservicing.com
Select Portfolio Servicing, Inc. Phone:
800-258-8602
888-818-6032
(801) 293-1883
(801) 293-3848
(801) 293-8830
(904) 702-7691
(904) 722-7691
Fax: (801) 293-1297
Address: 3815 South West Temple, Salt Lake City, UT 84115
Select Portfolio Servicing, Inc. Review
Select Portfolio Servicing, Inc. services mortgage loans and according to past customers and the BBB, is not very good at customer service. You can get a loan modification…but it won’t be easy.
If you are facing foreclosure, you need information (before you call) on just how to deal with these “bad custormer service” mortgage servicers to get your loan modification, click the link to learn more, Stop Your Foreclosure Now!.
When I search for complaints against Select Portfolio Servicing, Inc., I found the worst complaints a mortgage service can get levied against them. Click here to see all the Select Portfolio Servicing, Inc. complaints listed in Google.
BBB Activity on Select Portfolio Servicing, Inc.
“Based on BBB files, this company has unsatisfactory record with the BBB due to unanswered and unresolved complaints.
The BBB processed a total of 136 complaints about this company in the last 36 months, our standard reporting period. Of the total of 136 complaints closed in 36 months, 59 were closed in the last year.”
See Comments Below to Add/Read Customer Opinions On Select Portfolio Servicing, Inc.
We would really like to hear your experience with Select Portfolio Servicing, Inc. , so put your comments in the section below.
Thanks again!
Author: Rob K. Blake
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I have a $13.5 million racketeering action filed against Fairbanks/SPS. That should indicate my experience with Fairbanks/SPS…
Feel free to stop by http://www.getdshirtz.com for a more in-depth picture of the last seven years of my life.
Mike Dillon
Manchester, NH
This company is not only bad in customer services but they dont help you get out of your morgage problem they get you deeper in to a financial cisis. Everytime i call i get diffrent answers.
I got letter stating my taxes weren’t paid and they imposed penalties, I call sps and they stated that I sent in a letter canceling my escrow account and that I would pay my PMI insurance and taxes myself. I asked for that letter. I received the letter and The letter is not my handwriting nor my signature. This letter was written on notebook paper not even notarized. I was never contacted requarding my escrow account had been canceled nor did i receive any letters. If any one has any advice as to legal action please post a comment.
Dave,
I’d contact a real estate attorney….that sounds fishy. They have obligations to you to pay the money you forward them in your PITI payment on to the taxing authority. Mortgage companies have lost mulit-million dollar settlements for mis-handling escrow accounts.
Look into it,
RKB
Dave,
If you can prove that the letter sent was not authored by you, you’re also looking at potential fraud issues. Depending on what your credit report and your monthly mortgage statements look like you may also have FDCPA, FCRA, Reg Z, etc. issues in which case you may need more than just a real estate attorney. A consumer protection specialist with litigation experience may be in order as may be a forensic accountant or CPA/CFE.
Go dig through your county registry ASAP to see what is on file there with regard to your property. You may find odd, extra papers, you may find that docs are actually missing. Compare everything filed there to what you have in your possession. Also, take a look under the names of all of the entities involved with your loan to see if any POAs or LPOAs have been filed. If you don’t have any filed in your county, I would be willing to bet that they’ve been filed in other counties somewhere in the country.
Documents absolutely have a way of being fabricated in these situations. I’ve come across these situations in my own case. Be extremely suspicious of any docs associated with Fairbanks/SPS that have a Mendota Heights, MN address associated with them as well.
Dave, Olga and anyone else dealing with Fairbanks/SPS, please feel free to contact me through my website if you have any questions.
Mike Dillon
Manchester, NH
Have had difficult time with them; I pay by the late date every month but they call me on the 2nd every month tobug me about the payment. They charge a fee for everything they do even electronic payments. I am going to change mortgage companies; i have great credit and just want to get away from them; don’t know how they ended up with my loan but they Suck!
I think they are the worst I have ever dealt with. I am on a forebarence agreement with them but I can not even tell you the amount of time I have spent on the phone trying to get help. I tried to get a loan modification and they told me that my loan is not eligable to modify. Is that true; some loans can not even attempt to be modified? Do not trust them; follow up on everything with them or you will fall throught the cracks. If I had better credit I would refi and get out from under them. I feel like even with all the bailout help from the Gov. they are not going to help me. All I need is my rate dropped and I would be fine ~ very frustrating!!!
This company is not only bad in customer services but they dont help you get out of your morgage problem they get you deeper in to a financial cisis. They don’t know how to handle escrow accounts. I was trying to modified my loan at the beginnig they told me I was qualified and after 5 waiting long months they finally called and said that I am not qualified and they mailed me a short sale package asking me to sell my house.
SLS is the worst
I NEED HELP ON MY MORGAGE BUT KNOW ONE WHATS TO HELP .I FILE BANKRUPTCY FOR MY PAYMENT TO GO DOWN BUT THEY DIDN;T I DON’T KNOW WHATS TO DO I PRAYER EVER DAY HOPE FOR A ANSWER
WHO IS YOUR MORTGAGE COMPANY??
you can call me at this no 864-431-7875 and I HOPE THAT YOU CAN HELP ME WITH THIS . I KNOW THAT WE ALL NEED HELP .PEOPLE ARE DIES ABOUT LOSING THERE HOME BECAUSE THEY HAS PUT THERE LIFE SAVING IN TO IT ALL. IJUST WANT TO BE ABLE TO KEEP MY HOME .I REALLY NEED SOMEBODY TO GIVE ME A SECOND CHANCE
I have had my mortgage with Select for 10 long years. I was forced into filing bankruptcy to save my home. My pay off balance is far exceeding my principal balance. I am charged with late fees every month regardless of on time payments. I am desperate to get away from this company. Unfortunately I am unable to do anything until my Bankruptcy is discharged.
I need advise. Please help me.
I am with Select Port Folio and was forced into Bankruptcy. I am being charged for other fees, and late fees every month. I would love to get away from this company but I am finding it hard to refiance due to my Bankruptcy. PLEASE HELP!
Anita, if you’ve been dealing with SPS for 10 years were you notified of the USA/Curry v. Fairbanks class action that was settled in 2004? You can check out some of the details at http://www.ftc.gov/fairbanks.
You may want to make sure that your current bankruptcy attorney is aware of the issues that you are facing with your account as they are potentially not uncommon. You may also want to consult with a bankruptcy attorney in your area that has attended Max Gardner’s Bankruptcy Bootcamp as they may have additional knowledge that your current BK atty may not have.
Feel free to drop me a line directly if you have any questions.
Select Portfolio is the worst they post that they could help you to avoid foreclosure, you call their loan officers for help and I was told that whoever their investors are they are not allowing anyone to loan modify. I was told to find another bank and re-finance, what kind of help is this I have called numerous times and you get the same answer we are sorry we just service the loans.
I ran into the same treatment as Connie Rotolo. This is my advice, go to the following HUD government website and find a HUD approved housing counselor. They will haggle with them for you and often have much better results. Their services are free of charge:
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
That’s an interesting piece of info, Connie and Ben. I wonder why SPS bothered to become a member of the “HOPE Now” alliance if they never intended to/could not modify any loans.
Depending on the terms of the PSA that your note has been securitized into, SPS may very well have the authority to make modifications without consulting with the investors of that particular tranche. Some trusts allow for a certain percentage of modifications at the discretion of the servicer. Of course, again depending on the terms of the PSA, the servicer also receives the associated modification fees as what is commonly referred to as “additional servicing compensation”. The prospectus info should be accessible at http://www.sec.gov should you want to take a look at it. Contrary to popular claims of confidentiality made by servicers, prospectuses are publicly available documents as they are a filing requirement with the SEC.
You may want to start looking for a good consumer protection attorney to take a look at your case. You may also need a good CPA/CFE or forensic accountant to audit your loan.
I know this compnay has a nasty reputation, but so far I’ve been lucky - I’m in good standing and they leave me alone. But I noticed after a review of my statements that they are keeping an enormous amount of escrow - even when you net out a three month reserve. When the taxes on the property went up, so did my mortgage payments, but then the state passed a tax credit and by my calculations, they owe me $2,800. When I called, they told me I’m due $115.00. WTF?!?! They put it in for review, but given their rep, I’m almost afraid to stir the pot. Has anyone else noticed them over-escrowing funds?
Jen,
Over escrowing is illegal. Fleet Mortgage and other lenders and their servicing companies got sued about a decade ago for over-escrowing. They had to return the monies and pay mulit-million dollar fines. Get an escrow accounting from the lender and if they have more than 3 months, bring it to theri attention. They will fix it quickly. If not, call a lawyer.
You’re off and running, Jen… Assuming your calculations are correct, hey may be pocketing the interest on your escrow account. It doesn’t sound like much when you think about just your account… But multiply it by 10, 50, 100,000 and you start talking about real money.
Rob’s suggestion of getting an escrow accounting is a good one - just don’t expect it to be accurate. If you suspect problems with the accounting, you may want to have a forensic accounting performed on your loan in order to track every penny and make sure that you’re properly credited. If you’re having trouble with escrow, there may be other issues going on as well. Keep an eye out for the dreaded “suspense account” as well. You never know when payments may be diverted there for some reason - especially if you attempt to do something silly like pay extra principle.
Better to be on top of the situation now instead of trying to get up to speed a year down the road if/when you suddenly find a Notice of Default in the mail and you have no idea why…
SPS put my account in for escrow review, so I should hear something in 5-7 business days. I was talking with a couple of coworkers and I’m wondering if it’s possible not to have an escrow account at all, or if SPs could impose it as a requirement. Guess I’ll have to read my agreement with them. I would much rather just pay my taxes and insurance myself than let them reap interest on my cash. Has anyone ever had success closing an escrow account?
Once an escrow account is forced open, Jen, I can only imagine that it’s a bit of a task to get it closed again. I haven’t heard of anyone going after it yet. Definitely a good idea to go back and read your original mortgage to see what the terms are concerning escrow accounts - whether “forced” or not. You might want to invest in an hour or two of legal counsel as to the best way to handle that.
As for SPS, or any servicer for that matter, making a profit on the account interest - that’s just a foregone conclusion in the industry regardless of whether an escrow account exists. I believe that the correct term for it is “float”.
Servicers, especially third party servicers handling REITs, will usually get to play with borrowers’ money for a few weeks every month. It is suspected that this is *one* of the reasons for fraudulent foreclosures. I.e., say that borrowers’ monthly mtg payments are collectively due in a specific REIT on the 1st of the month. The terms of the Pooling & Servicing Agreement (PSA) for that specific REIT may stipulate that the servicer has to remit those payments by the 25th of the same month. Therefor, a servicer may actually get the *USE* of that collective amount of money for 24 days. Doesn’t sound like much on an individual loan basis, but when you take into consideration that they may be sitting on $100 million +/- at the beginning of every month the interest tends to add up…
NOW, imagine that, instead of just “sitting” on that $100M every month, the servicer actually *uses* that money for its own investment purposes. As long as $100M is available for remittance by the 25th each month no one cares what the servicer does with the money. The big question, here, is “What happens when $100M is NOT available for remittance?”
If you are actually curious about this, Jen, you can find the prospectus for the trust that your loan has been securitized into at http://www.sec.gov. All you’d need is the name of the trust which, IF the proper assignments have been timely filed, should be readily available at your county registry of deeds. You may even be lucky enough to have internet access to your county registry so you don’t physically have to make a trip there. Feel free to drop me a line directly if you need any help digging through the SEC’s site.
I hate to be the bearer of bad news, but thats how they start. You should get away from this company asap if you still can!
SPS is one of other style mortgage companys that helped cause the economic collapse.
The question should be. Why the government, even after becoming aware of the unlawfull practices of SPS as early as the late 90’s when the U.S. supreme court mandated that they be placed under observance and strict controls, why were’nt they?
The answer is scary to say the least, and that is that the government new and has allowed SPS and other mortgage service companies to operate in violation of the law and on the other hand made it even harder for the average homeowner to get justice from these predatory style companies because the greedy were getting filthy rich off the backs of strugling homeowners.
Now look where its got us, and also look who the government is helping, it’s not the homeowners that for sure!
Last question: Can we please get a bail-out?
Devin,
Is it any wonder that now the servicing companies are stonewalling any efforts to implement wide spread loan modifications? Greed is a virture in this industry.
Sheila Blair of the FDIC is screaming at the top of her lungs that her mass mods work, but Wall Street and those subprime mortgage investors don’t want to lose even one dime of the money promised, so they’d rather push millions of families out of the homes than modify the mortgages.
So don’t expect any “home owner” bailout….it’s not coming with the current Washington thinking. Maybe Obama and the New Treasury Secretary can change it, but I doubt it.
I have been current with my house payment for 3 years and have asked my mortgage lender Select Portfolio Servicing about Refinancing and about Interest Modification but told they cannot not help me on either. They have since sent me
a letter informing me that they will be increasing my interest rate up higher, I have already survived one of their interest rate hikes last year and don’t know if I can survive this next one coming up. I don’t understand how they can keep increasing their interest rates when others are lowering theirs. I also have been finding a lot of complaints about Select Portfolio Servicing from other people around the country. I did not originally sign up with Select Portfolio Servicing but my original lender sold our mortgage loan to them without my knowledge. I am a first time homeowner and was unfamiliar with interest rate hikes. I would rather have a lender like BofA or Washington Mutual who are working with distressed homeowners than Select Portfolio Servicing. Any advice, suggestions or insight on this situation would definitely be appreciated. Thank you so much
for your time.
Larry, it’s important for you to understand what most likely happened with your note. The likely scenario is that your original lender/note holder either still owns the note and securitized it or sold it to another entity. Either way, SPS more likely than not, merely owns the *servicing rights* to your note. Servicing rights are sold as a separate commodity and, per RESPA I believe, the only time that you would be notified that any part of your loan had been sold, assigned or transferred would be if the servicing rights transferred ownership. Meaning that the note itself could be sold 1000x and as long as the servicing rights stayed with the same entity you would not have to be notified.
Re: the interest rate hikes and any other issues, you need to go back and read your entire mortgage to determine what SPS can and cannot do as far as any fees, actions, etc. that they may be allowed to take with regard to your note. The rate hikes may be as simple and legitimate as you having an Adjustable Rate Mortgage (ARM) and that your rate is adjusting accordingly. SPS may have forced open an escrow account that you originally did not have or tacked on potentially unwarranted fees thereby increasing your payments.
You also want to do some research on SPS’s history. Prior to July 1, 2004 Select Portfolio Servicing, Inc. was more infamously known as Fairbanks Capital Corp.. Once you begin your research, you will quickly come to understand exactly WHY they changed their name.
Start gethering every scrap of paper you can that has literally anything to do with your loan. You’re going to need it eventually. Start working on a time line from literally Day 1 of Fairbanks/SPS obtaining the servicing rights to your loan. It will help you remember things in the future as well as keep you focused if/when the time comes to speak to anyone about your loan.
Feel free to drop me a line directly if you like. I’ll be more than happy to help in any way that I can.
I paid off my mortgage loan to SPS on 8-30-08. Received a congratulatory letter from SPS Payoff Dept. on 10-13-08 acknowledging payment of loan in full. Letter stated information would be sent to local county office for recording; upon receipt of documentation (deed) from county office, SPS would forward document to me. Subsequently, I placed three telephone calls to SPS during late October, November & December re: the status of the sending me the deed to my property. I was told the county had not yet sent the information. I called the Fulton Co. Dept. of Records and Deeds. A representative in that office was very helpful to and candid with me. The county did receive a letter of satisfaction for my mortgage loan; she gave me the county book and page numbers in which the payoff information was officially recorded. The county did return by mail the official document on 10-17-2008 to an address as instructed by SPS—not to SPS but to DOCX, LLC. I was informed that the DOCX, LLC location (I was provided address, name of person in charge and telephone number) is a WAREHOUSE.
My two followup calls to SPS in December in which I talked to first-name only SPS representatives re: the information I received from the county was challenged, i.e. “why didn’t the county mail you the deed?”; “only ‘Gloria’ can help you get your deed”; “perhaps we can locate and send you a COPY of the deed.” I insisted I want the ORIGINAL deed; I did not send copies of checks to make on-time mortgage payments. Informed “Nathan” that I would not call SPS again. Am turning the matter over to my highly experienced, very ethical and highly respected attorney.
Robertia, you’re on the right track in insisting that the *original* note is returned to you. You’re also correct in ceasing further telephone communication. The paper trail is going to be extremely important in dealing with them and there are one or two specific docs that Fairbanks/SPS generates that may help you in establishing that.
I am actually embarking on a similar road with Fairbanks/SPS re: original notes and I would very much appreciate it if you would keep me updated as to the status of this issue. Please do not hesitate to have your attorney contact me if there is anything that I can do to get him up to speed with regard to Fairbanks/SPS. Feel free to drop by my website or run me through your favorite search engine to establish my authenticity as well.
Robertia, You should also do some digging around DOCX and their parent company Fidelity National as well…