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Select Portfolio Servicing

United States

Consumer complaints and reviews about Select Portfolio Servicing

Trickdewey Send email
Jan 26, 2016


I to have my loan servicing transferred to SPS, this happened shortly after I received modification from HSBC mortgage. According to my 1098 tax statements in September 2014 I owed $123,000 on my house. October sps took over, I have not missed any payments they have contacted me numerous times to raise my payment amounts because of my escrow account was short (taxes went down insurance hasn't changed) and now I come to find out that the principal on my house is 1190000 but the payoff is $172,000 when it was 133000 prior to sps getting involved. Scandalous criminals....... someone please explain how they can get away with this....
szakariaei Send email
Dec 28, 2015

Loan Modification

We are also having the very same experiences with this company that all of the above have posted here.My mortgage was sold to Select Portfolio Servicing about 4 years ago,after years we got 3 payments trial modification payment, they are not explain how much is payment after modification trail payment,just send letter and SPS said Congratulation,after we paid 3 months trail modification payment each payment more than was we paid ,to salve the problem we got worse modification with short term and high rate and payment.we not accept the loan modification ,because after 4 years we not received help or any benefit not lower rate,not forgiveness,not increase the term,not lower payment and they are don't want to help and keep saying NOOOOOO other plan or help.and don't refund the money. IT LOOKS LIKE NO HELP WILL EVER COME ALONG!!!! WHAT IS WRONG WITH OUR BELOVED COUNTRY!!!! THAT COMPANIES ARE ALLOWED TO DO THIA AND GET AWAY WITH IT?Select Portfolio Servicing is the most problematic loan services .The soon to be filed lawsuit can be amended to a Class Action.
Peter Berkman Send email
Dec 13, 2015

Lack of Good Faith Dealing regarding Short sale

I am an attorney and real estate broker. I have been attempting to facilitate a shortsale on a property I am listing for a client. After over four months of receiving requests for documents I have previously submitted, and after SP Servicing REFUSING to counter to not one, but two offers, I am at wits end. I will be filing a lawsuit shortly. The lender continuously LIES, making representations they don't deliver on, constantly saying the issue is being escalated, fast tracked, or otherwise being sent to someone [higher up] to look into complaints. Two BPO's were performed. The first was about 10-20,000 too high. I disputed it (BIG MISTAKE) and they took 30 days to respond that they stood by their BPO, despite me providing sales of IDENTICAL floorplan properties within 100 feet of the subject. Then, because the BPO had been over 6 months old, they performed another. This time their valuation went up by $8,000, despite additional sales of IDENTICAL floorplan properties (its a very popular floorplan in the neighborhood) selling for 5000 to 10,000 less. Plus these other properties had amenities such as granite countertops, swimming pool, corner lot, fenced in yard, etc, which the subject property had NONE of.
THESE PEOPLE ARE EITHER MORONS or they are intentionally perpetrating a fraud, violating numerous laws and regulations. I wouldn't be at all surprised if they are intentionally frustrating a short sale, so they can foreclose and get another realtor to sell the house, thereby receiving illegal kickbacks.

IF YOU DO attempt to negotiate a short sale, if they begin by telling you it will very possibly take 4 to 8 weeks, you're in trouble. That's the first lie. The customer service relationship manager will also constantly present inaccurate information, even to very simple, specific questions. This is either due to the fact they are inept MORONS as well and don't have a clue about what they are saying, or they are being systematically deceived by their superiors and think they're telling the truth. One final explanation is they are being instructed to give evasive and or inaccurate responses, or worse yet, to out right deceive the borrower.

Bringing complaints to the Ombudsman are equally futile. I never thought I'd say this, but there is a WORSE company than OCWEN. Select Portfolio Servicing is the most problematic loan servicer I have had the unfortunate opportunity to work with.
If you would have any questions or more information regarding SP Servicing and their illegal business practices, please contact me at peter@peterberkmanlaw.com. The soon to be filed lawsuit can be amended to a Class Action.
Leadville2015 Send email
Oct 12, 2015

Ongoing problems

I am following up to my ongoing unsuccessful requests and resolution to our ongoing problems with Select Portfolio Servicing based in Salt Lake City, Utah. we are going on 2 years of asking for the same information, copies of payments, taxes paid, correspondence they supposedly mailed outlining resolution and or status to the multiple requests. We receive in a daily basis, correspondence containing requests asking for information sent to them multiple times, receiving calls from incompetent representatives who are completely clueless about the ongoing requests, status or anything pertaining to our ongoing dilemma. I have had over 20 calls in the last 3 months, to attempt to clear up problems SPS created my their mismanagement ability, back office follow-up and poorly trained representatives from this company. Based on the number of ongoing issues I have reached out to the Law Firm who recently won a multi-billion dollar lawsuit against another mortgage company having the same behavior and poor service SPS represents. I will continue to outline and document our ongoing unresolved requests and problems created by SPS.
Carmie Send email
Sep 14, 2015

Select Portfolio Servicing

I am also having the very same experiences with this company that all of the above have posted here. This is after going through the same crap with Citimortgage prior to May 1st of this year. It is always the wrong box checked or more documentation, etc. I ABSOLUTELY NEED TO GET MY INTEREST RATE LOWERED AS I LIVE ON A VERY FIXED AND LIMITED INCOME ALONG WITH SUPPORTING A SICK DAUGHTER AND I AM 68 YEARS OLD!!! IT LOOKS LIKE NO HELP WILL EVER COME ALONG!!!! WHAT IS WRONG WITH OUR BELOVED COUNTRY!!!! THAT COMPANIES ARE ALLOWED TO DO THIA AND GET AWAY WITH IT?
vbliss123 Send email
Jun 2, 2015

7 months and still need more documents for my modification laon

I filed for a modification in November of 2014. I have sent in everything thru via certified mail because, 4 fax numbers do not work.
The online system does not let you load up documents, says they are too big. The email, well they never get them even tho I
get a confirmation. Delay, Delay and more Delay. It is 7 months later and they still need more documents. urrrr.
On top of that I was dumb enough to get an arm loan in 2006 and they have raised my interest up twice in 6 months.
I have been running about 33 days late due to my payment going from $667 to $890 within the last 6 months.

So, I get a letter in the mail saying they will pay me $10,000 to move if I foreclose on my home.

I get high blood pressure just thinking about it.

PLEASE HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
grannaman Send email
May 27, 2015

Operation of SPS

My loan was transferred to Select Portfolio from Springleaf - this is a loan for land only -no dwellings or structures - the first thing they did was tell me they were going to bill me for insurance because I did not have any on the loan and it was required. I called them and told them it was not required - no dwellings or structures and it had never been required and to look at the loan papers and they would see that. They said they did not have access to them - how could they take over a loan and not have access to the original terms? They said it was up to me to verify that there was no structures - after 3 phone calls and talking to 3 different departments I finally got it straightened out. Another problem they will charge you $15.00 if you make a payment online. My payment is due by the 7th of the month and I don't receive a statement until the 1st day of the month it is due. I go in and print off my statement and send the payment overnight so they can't say they didn't receive it. When I have mailed it in the past 10 days before it was due they said they did not receive it by the due date. I told Springleaf this was the worse thing they could have done to transfer this to SPS - never again.
Leadville2015 Send email
May 22, 2015

Violation of Fair Reporting Act

After reading the many complains I felt it is time to also express our concerns. Our Loan was sold to SPS several years back. Once this has occurred we receive several calls daily from several different locations SPS houses their Customer Service offices. We continually have to provide validation of our payments which they claim having to record of. Listing us as delinquent of 30 - 120 days depending on the month. Each time an explanation is provided to one of their many incompetent service representatives whom have never documented our conversations leaving us with continued harassing calls daily and at all hours starting at 8am MDT and as late as 10pm MDT. Enough is enough and a wide customer consumer lawsuit is needed before several individuals begin to lose their homes due to an extremely bad company responsible for handling home loans.
patg Send email
Jan 2, 2015

Violation of Fair Credit Reporting Act

My loan was transferred to SPS from BAnk of America on Oct 2012. BofA had reported it 120 late but it was never that late. They eventually corrected their listing and sent SPS $2246 they had failed to send when transferred. SPS continually showed me 90-120 late even after they received the monies from BofA. This cleared up my arrears but SPS continued to do a modification and never posted any payments although they were never late for over 18 months. They said they could post whatever they wanted and for me to go to Hell. After several dozen letters they corrected it and properly corrected the reports. Then after about 5 months of doing it right they are now again in violation of the Fair Credit Reporting Act. What does it take to make Matt Hollingsworth and Credit Sussie of Boston and Credit Sussie of Switzerland to understand the liabilities of this fraud. Sure hope to find an ambulance chasing lawyer to get an eight figure settlement for me.
mrzkmp10 Send email
Dec 19, 2014

Possible Loan Modification fraud

My wife and I split up. She asked me to quick deed her the home so she could get mortgage help. I did. I later filed Chapter 7, which included the Bank of America Loan.

I received a modification package which was sent to my ex wife house but my son saw may name and gave it to me.

I called SPS to let them know I was not signing loan papers and if they got some they were forged.

I emailed the person who was handling the loan and told him the same.

I give received my payment book. Can you believe this?

I am going to the Feds
Michelle Urbani Send email
Oct 28, 2014

SPS scam

My lender just had my loan with Springleaf Financial transferred to Springleaf Mortgage and then within a month it was transferred to Select Portfolio Servicing, Inc. They tried to tell me that according to my loan my principal portion of my $1,026.40 was $3.05 and the rest went to interest. I called them immediately and got some young girl who was trying to tell me how my loan was structured and I told her that she was wrong, giving her the gest of the loan agreement. She put me on hold for several minutes and then came back with I was right and a new statement reflecting the correct interest/principal would be sent to me. They also told me initially when I made my house payment by phone (they have no way to pay it on line) that I owed $15.00 more each month for "Charges/Fees". They also said I owed an additional $45 and when I asked what that was for, she just gave me a lot of mumbo jumbo and said I really didn't have to pay it at that time. That's when I went on line to see if there were any other complaints about this company and was horrified at the hundreds of stories which far exceeded the scam they were trying with me. I am retired and frightened by some of the stories where people had their homes sold out from under them without any notice of any kind. Why aren't they being attacked by the powers that be.
patg Send email
Feb 7, 2014

Low life company with Matt Hollingsworth as CEO

My loan was transferred by Bank Of America to Select Portfolio Servicing in August 2012. I had been working on a modification for over 5 years with BofA and was one payment behind with them. Select took over and immediately told me I was three payments behind. I sent them proof but they insisted on another modification. I went ahead and they continued to show me from 90 days in arrears up to 120 in arrears. I sent their legal department proof of all my payments and factually made them aware I wasn't behind over 30 days. After over one year Bank Of America finally sent them the two payments I had told them about. SPS finally finished my modification and did apply the two payments but have never changed the credit bureau to be factual. Many phone calls and letters failed to help. Have just recently sent letters to Switzerland to the owners of SPS to get this straightened out. Letters to Matt Hollingsworth, CEO of SPS went totally unanswered. They are among a list of 4th rate organizations that you should stay away from. This poor reporting on the bureaus are a direct violation of the Fair Credit Reporting Act but they could care less.
THUNDERBIRDR7955 Send email
Jan 22, 2014


I received assistance to get my mortgage current. I am trying to find out now why BOB doesn't know why RALPH {not correct names} has no idea what's going on with my loan. It is current however they{select portfolio} state that I am still behind by 1 month???????????? They also keep charging my account a late fee and if you did not know they check to see if the house is still there on the property standing. Whoops another fee. HOW CAN U B CURRENT TO SELECT IF THEY REFUSES TO B HONEST? They are NOT
ChasityM Send email
Mar 21, 2012

Dishonest/Deceptive Practice

I JUST satisfied my lien with SPS. It was a long trying process but I picked up my SATS docs (lien satisfaction) today at my county courthouse. A few months ago I got a call/ call back from SPS and the rep explained the short pay process. It's kind of like a short sale but I'm the only bidder. I offered somewhere around 10% of the remaining balance. I wrote up an offer with all the right info in it, a hardship letter, a short list of flood damage to the property (to prove it could never be sold full price- as is, ) and an explanation of how I was going to get the money. At this point I was significantly behind (actually farther behind then the 10% I offered.) Originally my offer included 60 days to get the money and wire it to them, but the accelerated the time frame to 28 from the day they agreed- giving me slightly less time. Getting a few grand together in 20 some odd days was TOUGH but I did it. Mine was timed around a tax refund. I just went to court house this afternoon and explained it all to the Recorder of Deeds and she got a very big smile and said 'Well it's done now Baby.' When I asked about loop holes and scams and 30 years from now and what not she simply said "It's recorded. It's done."
Yeah, it's done.
R Donner Send email
Feb 23, 2012

Dishonest/Deceptive Practice

My husband and I have been trying for several months to get some resolution on our loan with Select Portfolio Servicing. Each time we speak to a different representative who will not give out and extension to be able to deal with the same person. They ask us for certain documents which we provide. They eventually send us paperwork, which we complete and return. The next month, it's the exact same thing. They have some lame excuse why everything needs to be resubmitted. They can't use the documents we've already sent them, we have to send new ones. The next month, it starts all over again. This has been going on for months! In the meantime, our payment keeps going up and up and up. It doesn't matter how many times you contact them or who you talk to, there is never any resolution made.
Oldmomrocker43 Send email
Feb 23, 2012

Dishonest/Deceptive Practice

My loan just went up another $500.00 per month. When I asked Ms. Moody, who was incredibly rude (typical of SPS reps), how this could be happening when interest rates are the lowest in history, all she would say is read my contract and suggested credit counseling!!! They inundate you with inscrutible paperwork, then when you question what they've done, you can NEVER get the same answer from a different rep. When they took my loan over last October, they claimed I owed a payment to my prior servicer that was clearly indicated on my bank statement, which I submitted to them. After fighting with them until January, they said they finally reviewed the matter and I owed $300, hardly a month's payment and an amount I knew was wrong, but was just tired of fighting with them. So my credit rating got slammed because no one there would take the time at the documents they had before them. After reading all of the complaints against this company, it is unbelievable they haven't been sued yet. It's criminal!
Foster Send email
Feb 23, 2012


Where do I begin? I guess at the beginning. Hope everyone is ready for a true horror story worse than anything Hollywood could dream up. We purchased our home in 1998 from my parents. This is our family home that has been in my family over 35 years. We can afford our home and have paid faithfully for our home. In July 2005 we refinanced with Countrywide. No problem paid our payments until about 9 months later we got a letter from Select Portfolio Servicing saying that we were in default and they were going to foreclose. SURPRISE, who the h**l is Select Portfolio Servicing. Apparently they had bought our mortgage and low and behold we were told absolutely nothing about this transfer. We had been paying mortgage payments to a company that no longer owned our mortgage yet kept the money.

So begins our relationship with Select Portfolio Servicing. So we worked this out with them so we thought and paid inflated payments to make up for the payments that were somehow just lost in limbo somewhere. We never recovered those lost payments either. We kept paying our mortgage and about once a year we have to fight with them and show proof that we are paying our payments and go through the whole you now us fees etc... We paid these and kept hoping that eventually they would stop their games. No such luck.

Then in 2008 we get a notice that we have five days to move because they sold our house. What the F***. We call them and they refer us to their attorney who says that we had not make payments for six months so they foreclosed and sold our home. News to us because we had proof of our payments and were never notified of anything from Select Portfolio Servicing.

We went rounds with him and found out they sold it to their own bank. We sent all our proof and they agreed to settle if we gave them $26, 000. So we cleared our 401k and sent them themoney . Their settlement stated that they would admit no wrong doing just that we contested what they said. They set our payment at $1515 a month with a fixed interest rate of 8%. Not great but manageable. We paid these payments and then in Sept. 2009 we got a letter that they were raising our payments to $2200 a month. When we called they refused to give us an answer as to why. We struggled to make these payments and in April 2009 they suggested a loan modification back to where we had originally settled on a payment. They said that if we paid the payments for three months it would become permanent. So we paid and paid and paid and have been paying this payment every month since last April.

Then on 2/26/10 we got a letter from Select Portfolio Servicing that was sent on 2/22/10 that we had until 2/23/10 to pay them $55, 000 dollars or they would foreclose. No explanation just that they wanted $55, 000 three days before we even got the letter. But wait this gets better. On 2/27/10 some man shows up at our home that we have been paying for for 12 years and said he bought our house. Again what the F***. So first thing on Monday morning 3/1/10 (which was my birthday --Happy birthday to me -- not) we contacted an attorney. Yes I know we should have done this a long time before but we are honest and paid our bills and just expected the same in return.

Anyway come to find out they did sell our home on 2/25/10 to a third party, a day before we got their latest extortion demand letter. No notice of foreclosure, no sale date posted, just decided to sell it. Needless to say our attorney is filing a lawsuit first thing this morning and we are going after them with everything we've got. We owed $183, 000 on the house and got nothing but BS from them about everything yet they illegally sold it to some bottom feeder for only $72, 000. Makes not sense to me.

My warning is to anyone dealing with Select Portfolio Servicing, do not deal with them. Pay the money and get an attorney. They may act nice on the phone but it is all an act. They are out to *** over. You will never get the same person twice and never get the same answer twice. I do welcome and appreciate any advice anyone can give me on how best to attack these vultures.

Best of luck to you all, the best thing you can do is get away from Select Portfolio as soon as possible because they are CROOKS and terrorists !!!
Predator Killer Send email
Feb 23, 2012


My best advive to anyone dealing with Select Portfolio is to get rid of them ASAP. Because they will DEFRAUD you out of thousands of dollars, then hire lawyers who rely on a persons lack of knowledge of laws to defraud you out of your property. I know because I'm going aftem and the law firm they hired.
Fernando Send email
Feb 23, 2012

Awful company

SPS is worse than fairbanks. and they have all these states hoodwinked into thinking that they are helping customers stay out of foreclosure with these 90 day 'stays'. i am now getting an attorney because they violated just about every term and condition of the settlement back in 2003. they are supposed to be open 7am-8pm EST monday through friday. well guess what they don't open til 7am MST which is 9am EST! and they are supposed to have staffed at all times a dedicated phone number for disputes-its a recording. the list is endless and now i am looking at circling the wagons for national class action suit. contact the press in your area your state senators your governors office and the FTC. there is a myspace account set up for victims of sps. time to take these same people that allowed fairbanks to run amuk down.
Autobodydoc Send email
Feb 23, 2012

Awful company

I have tried for over two years to have my mortgage modified only to be told i needed to give them $5, 000.00. In good faith for the loan and only two days to do so.I to have had to do endless paperwork several times over and have been told different things each time we enquired. The best one was not to pay our credit cards till we reached a deal for modification which has led me to bankruptcy for the credit companys have gotten judgements against me.and still the best part is i can afford my mortgage and pay my cards but when your mortgage i$s 675, 000.00 and your home is only worth285, 000.00. And your still willing to stay but sps still wants.to.foreclose.CAN ANYONE EXPLAIN HOW THAT MAKES SENSE
J M R Send email
Feb 23, 2012

Stalling on HAMP Refinance

As a follow up to my dilemma with Select Portfolio Services(SPS): I did send a letter to the Federal Reserve and cc'd SPS. The Fed responded to my letter and sent a notice of grievance letter to SPS. SPS responded that it was my fault, mentioning the "30" day period and that they have been trying, in vain, to work with me. BUT, low-and-behold, within thirty days SPS had readjusted my interest rate by cutting it almost in half. So if anyone is having similar problems I would suggest sending a letter to the Federal Reserve Bank in New York City. Wish you all the best! JMR PS: (to TWDJ) thanks to the devaluation of just about all homes countrywide, my current loan to value ratio is approximately 15%.
J.M.R. Send email
Feb 23, 2012

Stalling on HAMP Refinance

My mortgage was sold to Select Portfolio Servicing about 4 years ago. In may of 2009 I contacted SPS in order to apply for a refinance with the Federal Government HAMP Program. this company has been giving me the run around ever since. They insist I do not qualify for the program. Yet, If I go on the HAMP website, I meet every qualification. When pressed, SPS has informed me they did not submit my paperwork because it took over 30 days for me to send them the paperwork they requested. The 30 day period is their self-imposed window to review a mortgage holders' documents. Over the course of the 30 days, they kept saying they need additional paperwork, I send the document in, a few days later they need another document, etc, even though I submitted all documentation at the onset. Then, lo and behold, 35 days after I initiated the process, they call to inform me the 30 day window has elapsed and I do not qualify for them to submit the paperwork to HAMP. That was the first time any mention of a 30 day period was disclosed. Ever since then, they say they have in-house programs I may qualify for. I have lost count with the number of document requests they ask for, and re-ask for the same info i sent them a few weeks prior. In December I qualified for their 3 month trial Forebearance Program. If all 3 payments were made on time (which they were) and the submittal of, yes, you guessed it, additional documents at the end of the 3 month period, then the payment would be permanent. Well, wouldn't you know, they never asked for additional documents and turned me down for the permanent payment. So now, I get to go throught the whole process all over again. This circus show has been going on for just about TWO YEARS! What a quack outfit to deal with! I have contacted the OCC, Office of the Comptroller of the Currency, which suggested I contact the Federal Reserve Board. So, at present, the Federal Reserve has my complaint and hopefully they can render assistance with this problem.
TW DJ Send email
Feb 23, 2012

Stalling on HAMP Refinance

I wonder how many other of the loans that are chronically stalled have a good loan to value ratio. We have about 40% equity in our house and it would be a good deal for BOA to foreclose as they would make $$ on the deal.
What kind of equity do you other HAMP applicants have?

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