Have a complaint against SPS? We want to hear it
Yes, SPS is a real company. The company was founded in 1989 when it went by then Fairbanks Capital Corporation. Today they are headquartered out of Salt Lake City, Utah, with an office in Jacksonville Florida.
SPS definitely is a real company, but real companies sometimes do unfair things. If you have complaints about SPS, you can share them.
SPS is primarily a mortgage loan servicer. In fact, they specialize in foreclosure prevention options based on your situation through things like modifying your mortgage, payment deferral, or repayment plans. A mortgage servicer is a company which sends you mortgage statements and manages the loan you have with a mortgage lender. A mortgage loan servicer can manage mortgages that they’ll end as well as mortgages from other companies.
SPS is not a direct lender. A direct lender is the financial institution that loans you money for your mortgage. This is different from a loan servicer in that a lender only gives you the money but the servicer is in charge of repayment and managing the mortgage.
SPS is not a debt collector. A debt collector purchases an existing debt from a company like a mortgage lender when the mortgage lender cannot collect. Then the debt collection company buys it for a fraction of the total amount and takes over trying to collect money from you on behalf of that debt. However, SPS manages mortgages usually in a delinquent state so they will contact you regularly and reach out to you to help you manage repayment in a multitude of forms.
Mortgages are typically transferred to SPS once they reach a delinquent status on their payments. Direct mortgage lenders tried to protect their brand against things like foreclosures so if a mortgage is more than 60 days past due it might be sold to SPS so that SPS can handle the remainder of the repayment.
As of 2022, the CEO of SPS was Archie C. Black. He has served as CEO since 2001 prior to which he was the senior vice president and CFO for the same company.
Credit Suisse owns SPS. SPS has operated for more than 30 years for residential mortgage loans and is part of the residential mortgage branch of Credit Suisse.
SPS is headquartered in Salt Lake City. Their address is: Select Portfolio Servicing, Inc. P.O. Box 65250; Salt Lake City, UT 84165-0250
SPS’s main phone number is 1-800-258-8602. They have a fax number for General correspondence of 186 867-3019. There are separate fax numbers and phone numbers for hazard or flood insurance as well as property tax bills. There are individual mailing addresses for insurance documents, property taxes, overnight payments, and general correspondence. If you have documentation you need to provide, there is an online portal through which you can submit your documents to SPS.
The best way to speak with a human at SPS is to call the customer service number: 1-800-258-8602, during regular hours of operation. They are available Monday through Thursday from 8 a.m. through 11 p.m. eastern time, Fridays from 8 a.m. through 9 p.m. eastern time, and Saturdays from 8 a.m. through 2 p.m. eastern time. You can submit a complaint about bad customer service too.
SPS stands for Select Portfolio Servicing, Inc.
Yes, Select Portfolio Servicing is another name for the mortgage company SPS.
FairShake complaints about SPS have to do with late payment fees, false advertising, and misleading marketing.
In addition, the Consumer Financial Protection Bureau has settled with SPS company for violations of HMDA and Regulation C, by submitting inaccurate information on sex, ethnicity, and race intentionally because certain loan officers were told that “non-Hispanic white” should be selected for race or ethnicity even if it was not true.
Other complaints have to do with how the term “loan servicer” was interpreted and whether SPS has the right to sell or transfer consumer mortgages between companies or collect payments on other mortgages.
You can pay SPS online with a one-time payment as the person with the mortgage or as a guest for a fee. You can also set up recurring payments through the website. You can pay over the phone at 800-258-8602. There is an automated system through which you can make payments or you can talk to a representative and have money withdrawn directly from a bank account. They do not accept credit cards or debit cards. If you use a representative or pay over the phone with an extra fee of $15. You can send a check, money order, or cashier’s check to: Select Portfolio Servicing, Inc. P.O. Box 65450 Salt Lake City, UT 84165-0450.
A payoff letter tells you the exact amount of money you owe in order to pay your mortgage and you can get one in many ways from SPS. The payoff explains the outstanding balance as well as any fees or interest owed.
If you believe you are owed a payoff letter you can request one online through the website, over the phone, via fax at 1 801-269-4269 or you can mail a request to: Select Portfolio Servicing, Inc. Attn: Payoff Dept. P.O. Box 65250. Salt Lake City, UT 84165-0250.
There may not be public information out there about all current legal proceedings.
We do know that SPS is involved in a lawsuit over abusive debt collection practices.
You can send a complaint against SPS to the Consumer Finance Protection Bureau, the Federal Reserve, or a regulatory agency for SPS. You can also make a complaint against SPS with FairShake.
You can make a claim against SPS in different ways depending on your situation. If the company is guilty of a breach of contract, for example, you might have legal protection depending on the situation.
There are many ways you might be able to sue SPS depending on your contract with them and the size of your complaint. The monetary value will determine whether you can sue SPS in small claims court, use arbitration, or a traditional court case. You should consult with a lawyer over your specific situation. Should you submit your complaint to FairShake, it will be shared with eligible lawyers who will review your situation.
This is a question for a lawyer. Class action lawsuits may or may not be allowed in your situation based on the terms of your contract. Class action lawsuits are designed for groups of people who have all suffered the same relatively minor harm from the same company.
This is dependent on the situation. A lawyer can determine if you have a case after they consider things like whether SPS violated their obligation to you, whether you have evidence of this, and how much money is involved. If a lawyer determines that you have legal grounds they might be willing to represent you.
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