- Who is Select Portfolio Servicing?
- Is Select Portfolio Servicing a Scam?
- Select Portfolio Servicing Complaints?
- Can Select Portfolio Servicing Sue Me or Garnish My Wages?
- Select Portfolio Servicing Lawsuits
- Select Portfolio Servicing Calling?
- How Do I Stop Select Portfolio Servicing Debt Collection Harassment?
- How Can I Delete Select Portfolio Servicing from My Credit Report?
Select Portfolio Servicing or SPS is a third-party loan servicing company; they do not issue loans or lend money. SPS states in its Frequently Asked Questions section for new customers that it “is common practice in the mortgage industry to sell or transfer the servicing of a loan.” Like many loan servicing companies, SPS sees the benefit of this service as a more effective and profitable means of loan servicing. However, these loan transfers often occur without the knowledge or consent of the homeowner, which is often the source of many complaints.
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Select Portfolio Servicing headquarters is located in Salt Lake City, UT. SPS has additional payment processing centers in California and Ohio. The BBB indicates that SPS was founded locally and incorporated in 1989. BBB did not open its file on SPS until 1997. Buzzfile estimates SPS’ staff size at 600 and its annual revenue at $151.7 million.
Select Portfolio Servicing is a home loan servicing corporation, not a collection agency. However, SPS provides “solutions to our customers to assist them in resolving delinquency and avoiding foreclosure,” such as loan modifications, payment deferrals, short sales, and title transfers; thus, like collection agencies, their business activity results from servicing delinquent debt.
Home loans typically originate with banks or other lending institutions after someone successfully completes the mortgage application process. A bank’s lending managers assess the borrower’s ability to successfully assume a mortgage, and the bank exercises its professional judgement to either approve or deny the loan. New homeowners typically pay off home loans over a thirty-year period. By providing this service, the bank benefits from interest income; the potential for refinancing based on property improvements and appreciation; and the possibility of acquisition in the case of default.
The Better Business Bureau lists 241 complaints closed against Select Portfolio Servicing in the past three years, with 84 closed in the past 12 months. Complaints are fairly evenly split between billing and collection issues and problems with customer service. Only 33 complaints have been resolved to the satisfaction of the complainant. In addition, there are 39 negative reviews of SPS, many of them indicating problems with billing or service after the loans were transferred from the previous lender. Justia lists at least 58 cases of civil litigation naming SPS as a defendant.
Select Portfolio Servicing, Inc – SPS Contact Information
3217 S Decker Lake Dr
Salt Lake Cty, UT 84119-3284
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely Select Portfolio Servicing would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
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Absolutely. Here’s an example of a case filed against Select Portfolio Servicing in federal court.
In April 2016 in the Court of Appeal of the State of California, Sixth Appellate District, a judge reviewed a case alleging fraud, misrepresentation, violations of civil codes, and unfair competition against four defendants: Select Portfolio Servicing, Bank of America (BofA), U.S. Bank, and Recon Trust Company. Initially, the plaintiffs obtained a home loan of $650,000 from SCME Mortgage Bankers in 2005. Countrywide soon took over loan servicing, and in 2008 the plaintiffs appealed to them to refinance the loan. Countrywide declined, stating that Bank of America was in the process of acquiring the loan.
In December 2008, the plaintiffs contacted Bank of America about refinancing the loan. What followed was several years of Bank of America stringing the plaintiffs along about the possibilities of loan modifications that never materialized. The plaintiffs submitted the necessary documents, but BofA both confirmed and denied receipt. BofA also counseled the plaintiffs to alternately to make lower monthly payments and intentionally fall three months behind in order to make the loan a better candidate for refinancing. But BofA never made an offer to modify the loan, instead ultimately selling it to U.S. Bank and then SPS for servicing. The complaint’s central charges were that BofA willfully misrepresented their intentions with regard to refinancing; deliberately misled the plaintiffs; caused the plaintiffs financial harm; and forced the plaintiffs to risk foreclosure, all for illegal financial gain. The plaintiffs included subsequent loan servicers including Select Portfolio Servicing as jointly liable because they, too, ultimately realized financial benefit from the transaction. The judge found merit to all the plaintiffs’ charges, but also gave instructions to the plaintiffs to amend their complaints before continuation in superior court.
The Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). The FDCPA regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt.
The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA). The complaint above illustrates how these laws can be extremely effective tools to hold accountable collection agencies who fail to adhere to their provisions.
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Seek legal assistance to find the relief you may be entitled to if you are having difficulty resolving disputes with a debt collection agency.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are recieving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
We can make them STOP!✋
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call ? 844-685-9200 NOW.
What Our Clients are Saying
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“Thank you for standing with me Lemberg Law. I was so afraid I could lose my job because of a caller who called my job number 4 hours straight back to back. He not only harassed and threatened me but also abused workmates who received the call when I wasn’t around. Since I solicited for your services, I’ve had a peace of mind, and I’m happy because of the few dollars I got as a settlement.”
“I just called in to thank you for the incredible help you offered to my sickly father who was bothered with frequent calls from scammers. At a point, he just wanted to pay them to get rid of all the annoyance, but because of Lemberg Law’s assistance, he got free help, and the bothering calls ended immediately.”
Chances are we can. Call us to today and we’ll tell you how we can help.
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