Select Portfolio Servicing Inc or SPS is a residential mortgage servicing company based in Salt Lake City which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.

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What is Select Portfolio Servicing – SPS?

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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The harassing company pays our fees.

Is Select Portfolio Servicing a scam?

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.

How many Complaints are there against Select Portfolio Servicing – SPS?

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
Telephone: 1-800-258-8602
Website: https://www.spservicing.com/

Can Select Portfolio Servicing Sue Me or Garnish My Wages?

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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Can you help me file a No Fee Lawsuit against Select Portfolio Servicing?

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.  

Select Portfolio Servicing SPS Calling You?

Understand your debt collection rights

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.

Want to Stop Select Portfolio Servicing Debt Collection Harassment Now?

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

“I was almost going nuts receiving calls every afternoon from a person using profane language to push me to pay debts I don’t owe. Someone I trust referred me to Lemberg Law, and I don’t regret having contacted them. The attorneys were very kind and always available when I needed them.”

“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.”

Can You Help Me Delete Select Portfolio Servicing SPS from My Credit Report?

Chances are we can. Call us to today and we’ll tell you how we can help.

Sound Off!

Have you had a bad experience with this agency’s debt collectors? Sound off and share your experience with other visitors in the comment box below.

14 COMMENTS
  • Kevin Sorbello

    Reading the history above gave me Deja Vu…BofA strung me along for months, then told me to get behind in my payments so I could qualify for a HAMP modification…I did, then they sold my loan to SPS. SPS asked for documents, said they lost them or never received them, and in short, strung me along for “years.” They actually began foreclosure proceedings, which were later cancelled when the HAMP modification was finally issued. However, the modification required all missed payments to be added to the back end of the loan as a balloon payment, my principle balance was not reduced, and the amount saved on a lower interest loan was insignificant. The bottom line is that instead of bringing my loan in line with the value of the property, it is now over $60K deeper underwater than before. In other words, SPS benefitted financially through their mishandling of my HAMP request, ruined my credit by being years behind in payments, and showing a foreclosure on my credit report, even though the foreclosure never went through. Not sure I have any recourse at this time…but it would be nice to see them punished for their abusive practices.

  • Karen L Heaney

    My mortgage was sold from Chase to SPS. I am disabled and have always made payments at a drive through window at Chase. Now I am told (since there are no SPS branches in Phoenix) that I will be charged a fee of $5.oo a month or $15 a month if after the 10th of the month if I pay by phone. I have read horror stories about SPS holding checking and not applying funds as received. Please add my name to a Class Action suit. Please be aware this is discrimination to seniors, disabled and those on Disability that are not able to get around freely.
    Thank you Sincerely Karen L Heaney 480-924-3323

  • Bonnie Discuillo

    I too have had my mortgage with Chase for years with no issues. Now my mortgage has been sold to SPS. Made my first payment by check because I couldn’t get the web page to allow registration. This month I am trying to make my second payment, after finally getting registered and all bank information set up a couple weeks ago. OK today is the first ….the day my mortgage is due and their website is down and there are no humans answering their phones. Therefore I cannot make my payment. I hope that my mortgage is moved onto another company soon. I do not like this loan servicing company at all.

  • My name is Linda Barr is. My friend is Linda fink

    My friend is disabilied. Her loan was from habe mortgage. In the state of Iowa a person on sis from the state can qualify for tax suspension which means that you don’t have to pay your property taxes until you sell your home. Basicly hsbc sent her a letter and a check for 5 thousand dollars. My friend doesn’t understand the mortgage lingo. But hsbc said if she signs the paper ,she would have the 5 thousand dollars. Hsbc did not tell her in simple language that they were changing her loan deed. Then this year they gave it to sis. Spas has not offered her any thing like a refinance . They say they want 15thousand dollars .She had been making her normal monthly house payment of 560. Now they are sending it back. Help

  • Brandi Baker

    paid my mortgage on time for 12 years and was transferred to this joke of a company. I was told my terms and conditions were the same as my previous lender, ONLY THEN , to be told to make my payment ontime online Id pay 15/mth or 180/yr. “Maria & Lemer” only talk in circles. It’s extortion and feels like a slimey scheme of a company. 21st century and you can “mail in a payment”. Ridiculous.

  • Jade

    My mortgage has been transferred to SPS as of September 30th. I have not received any notification and have only received notice from Bank United today in the mail. I am current on my mortgage, after being in foreclosure 3 years ago when Bank United attempted a HARP loan but had accidentally doubled my property taxes and my payments were going to be $200 more per month than I actually owed therefore I didn’t qualify after hours of paperwork submitted. I am horrified about the issues SPS has…charging late fees, holding checks. HELP

  • Jade

    I am sick my mortgage has been sold to these incompetent & immoral company. I read both the seller and the buyer must notify 15 days before the transfer takes place with is in 9 days. NO word from SPS. Bank United said I should call them maybe they have the wrong address. The mortgage is on my residence AKA my mailing address. The nightmare begins and there doesn’t seem to be anything I can do except put up with this expensive, incompetent company.

  • Beatrice Hall

    Our mortgage was sold to SPS in late 2016. It has been an absolute nightmare since then. Payments are not credited in a timely manner, they are constantly saying our homeowner’s policy is “not adequate” How is a $150,000 replacement policy NOT adequate for a $18,000 balance? I made a payment on September 13th which cleared my bank on the 17th. For what ever reason, SPS resubmitted the payment on the 20th, and it was returned by my bank. As of today, October, 22nd, the payment has not been credited to my account. Today I received a foreclosure notice for an account that is one month behind, due to their error, not my failure to pay.

  • Dan hogan

    Sps has been fraudulent on their website and when I call to pay my monthly payment.stating I owe I certain amount and after I pay that amount it’s incorrect I am now loosing my home!

  • Patricia Sloan

    SPS is a scam – We have been trying for 8 months to get our loan altered. They keep stringing it out. With stupid questions or Questions that we have already answered. There needs to be a class action lawsuit against them. In another related matter – They cashed an insurance check and kept proceeds for 3 weeks before they sent a check to our contractors. I called and said I was going to sue them if they didn’t send the check out. Still took them another week.. So it was 3 weeks that SPS got interest on over 40,000.00.
    They are the worst. I am going to file a BBB complaint. Not that it will do any good.

  • JINX L FINCH

    Our mortgage has been sold 4 times and when it was being serviced by Fay Servicing, we were told that in order to get a HAMP loan we had to get behind in our mortgage and not make payments on the mortgage until our paperwork was submitted. Suddenly our mortgage was turned over to SPS. We were getting calls and collection letters threatening foreclosure. We asked for an accounting as we intended to bring the mortgage current since we had an incomplete HAMP apparently through Fay. We received a statement and sent checks to cover it but Select Profile Servicing claimed to have not received them. They demanded a telephone payment which we made and suddenly, the same day we made the telephone payment, the “lost in the mail” checks were suddenly cashed. SPS wanted to apply them to a mortgage paydown and we refused, demanding that the money be applied to future payments. That was done, but when I asked for a complete accounting, it appeared that SPS was charging late fees on payments that had been made to Fay Servicing prior to SPS obtaining the mortgage. Recently I made a payment online and SPS took the payment out twice. We demanded that the extra payment be reversed as we ended up with bounced payments. I also demanded that SPS pay the bounced fees, which they did. They are horrible and our interest rates keep getting raised about every 4 months and they claim it’s because we hadn’t had our interest rates increased during the periods of time our mortgage was owned or being serviced by other companies.

  • Lisa Walker

    Sps takes additional principal payments and puts them in unapplied funds for no reason. Then takes them off your next payment.
    Not fooled by this servicer.
    I called and they couldn’t tell me why they did that. So they applied the funds to principal after calculating the next months payment.
    Asked for an am schedule, their policy won’t let them do that on modified loans, even though they didn’t modify it, it was done years ago.
    The fact that they failed to apply additional principal only payment to principal violated my note agreement.

  • Ly

    They just became my modification loan servicer 1 month ago. After reading the comments..I’m scared.

  • Shondricka S Kelty

    SPS purchased my loan from BofA in late 2013 and I have been in a nightmare ever since. Years and months of going back and forth with them in trying to get approved for a modification. Only to be denied each year and month. I have had numerous foreclosure hearings and sale dates. I am currently on another sale, and denied yet another Short Sale and modification request. SPS will only offer me “Cash for Keys” with a sad $3000.00 relocation assistance attached to it. Which I think is another one of their games because it said that “SPS” have to inspect the home and make sure it is left in “broom swept” condition in order for me to receive the $3000.00. I truly have no hope in that promise.

    At this point I trust nothing they tell me, and I do not know what is going to happen because I will not be signing Cash for Keys and I think I have exhausted all resources to stop the foreclosure.

    I have contacted and research numerous programs, lawyers and website and all say the same thing, “it is nothing we can do for you”.

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