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Select Portfolio Servicing
Select Portfolio Servicing
Overall Satisfaction Rating
1.32/5
  • 5 stars
    6
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    2
  • 1 stars
    73
Based on 81 ratings submitted in the last year
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Select Portfolio Servicing

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598 Select Portfolio Servicing Consumer Reviews and Complaints

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Page 1 Reviews 1 - 30
Rated with 1 star
Verified Reviewer
Original review: April 12, 2019

Refinanced our home and with legal paperwork the "new loan" was not due until June. However 2 weeks after closing on our house this company pulled a 531.78 payment out of our account which is not even the accurate payment.

2 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: April 11, 2019

We asked for help with our payments. They said, "No problem. Send us paperwork to fill out." Sent in. Was told not filled out right. So went over all the paperwork with lady at the co. She said it was right and everything was there. That was in Oct. 2018. It is now April 2019. Every time we called to check on the paperwork the lady was not there. Off that day. Always. Finally got hold of someone today and they said all of the paperwork was not there. They said they sent us info about it, never received. They told us they tried to call. Never did. Now they say we have to start all over again. They have our address and we never received anything from them. We have requested several times a history report of our mortgage because they say we took a 25,000 loan against our mortgage years ago. We did not never. All we ask is a copy of the canceled check. They said they have sent all that. Never received it. They just say what they want you to hear.

I am going to call around and see if it is possible to have them investigated. People please call around and have this happen. I pay enough. Sometimes I can't go to the store for food. I can't pay my medical and my health has suffered. No co. should have this power. I am sure no one will read this because they will take it down.

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Rated with 1 star
Verified Reviewer
Original review: April 7, 2019

Representatives ill-informed and don't really have any idea what they're talking about. Keep sending me unwanted and unsolicited info I have not requested. They do not send statements in a timely manner. Utterly clueless and out of touch with customers. Not helpful and at times can be very rude. Who told them they give excellent customer service as stated on their website?

3 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: March 30, 2019

Customer service personnel provide contradictory answers that suggests they aren't well training. SPS charges for all online payment - to include ones made on time and/or early. The firm takes days to process online payments.

3 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: March 18, 2019

Our mortgage was taken over by SPS and we had no say in it whatsoever. What really aggravates me about this company is that they charge $15 whenever you make a payment! Whether it's online, by phone, EVEN IF PAYING ON TIME, whatever! They charge a fee. I think this is terrible! WHY should I pay a fee just for paying my mortgage bill? Makes no sense. I'd love to switch from this company but I don't even know if we can do that. If you have a choice, DO NOT USE THIS COMPANY!

16 people found this review helpful
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Rated with 1 star
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Verified Reviewer
Original review: March 6, 2019

Like many other complaints, my mortgage was sold by Wells Fargo to this company several months ago. It has been nothing but trouble since. They recalculated my escrow account and sent me a check for $947. I did my calculations and realized it would leave me short when it came time to pay my insurance and taxes. So I called, was instructed to send it back, and told they would recalculate. Here we are almost a month later, they have no record of receiving the check back, have not adjusted my account, have not recalculated. NOTHING. They tell me they will put it in for "deep research". After reading these reviews, I am SO worried.

11 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: March 6, 2019

This company is so behind in current mortgage practices. They are completely corrupt and incompetent. The excuses they make for their inaccurate account history is beyond belief. Turn and run from these numbnuts. You'll waste an incredible amount of time hand holding them through banking and mortgages 101. Just turn and run.

10 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 28, 2019

It all started when I lost my job in November of 2017 and applied with Chase for a modification/help on my mortgage. A few weeks later I get notice that my mortgage was sold to SPS and I would need to submit all of the paperwork for the modification all over again. What I didn't know at the time is that I would send it again and again up to 6 times by fax/email and EVERY time would get a call from a different employee telling me I hadn't sent in what was needed although I had sent in what I was instructed to.

Fast forward 11 months and they finally come back telling me that I wasn't eligible for a modification but a repayment plan which doubled what my previous payment was, and I was already unable to pay that. They noted I may be approved for a short sale. At this point I had sought a realtor and signed paperwork to move forward with a short sale only to get word that wasn't an option and they were moving forward with foreclosure. In January of 2019 my home was sold at an auction for $81k less than what I paid in 2006. And the reputation of SPS among brokers/realtors in the business is comical. One of the worst companies to deal with. Go figure. I wouldn't even give them one star if I didn't have to for this review.

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14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 28, 2019

Nationstar sold my mortgage to SPS. First quarter they decided not to pay my property taxes. I called them every day for two weeks before they finally got around to paying it. Right around that same time they sent me a letter demanding that I get flood insurance despite my property not being in a flood zone. Before I could get the documentation they started billing me for flood insurance at almost $200 per month. I spent $500 to get an engineer to provide the documentation showing that I wasn't in a flood zone. A month later and they still "haven't reviewed" the form. It's literally a one-page FEMA form that says the property is not in a flood zone. Now that I am reading all these similar reviews I am thinking they purposely buy mortgages of property near flood zones to force their flood insurance on customers. Then drag out the appeal process and string them along until they give up. This company is a total scam.

11 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 27, 2019

This company is notorious for losing paperwork, raising interest rates for no reason and ludicrous excuses to not work with you. Paperwork was faxed numerous times with return receipt, and still lost. Why are they still in business? SPS evades any complaints against them. Worse mortgage company in industry.

13 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 26, 2019

I have been disabled from a fall I took at work. My relationship manager has not directed me to anything that helps. They have never been able to send me a true copy of the security instruments with proper credentials. Instead they send my poor copies of what I already have. They put us in a modification state then offered a repayment plan that was 3x my original mortgage payment. I now owe 306000 when the original note was 206000 and paid on the note for 12 yrs. I asked for my payments. No one could show me the chain of title. I had to look it up.

When they tried to foreclose they could not give me information that matched a real bank. The bank they named went bankrupt in 2006 yet they used that bank as the foreclosing bank. They claim to have bought the note from the same bank but found information on another bank that owned my note after the previous bank went bankrupt. Now SPS says they are servicing for PNC but PNC has no record of the lien or payments made. Is there anyone that knows how a bank can carry the lien but not have any information on the owners of the note? Can a trustee not have a phone number that can be contacted. These and more questions I have if anyone can help.

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11 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 25, 2019

My loan was transferred from BoA... I had 3 payments total to paying off the loan. I tried to have them take the pay off balance via phone from a registered account. After being told online they would take it they didn't. Leaving me a late payment because they lied and didn't take the payment. 2nd call they proceeded to tell me A. They couldn't take the payment for pay off over the phone or online nor could they tell me what the pay off balance was. It's straight up fraud! In order to collect late fees and more interest. I never agreed to having my loan transferred to this company. They informed me the only way to send payoff is thru Western Union. Another large fee!

Where in God's name did America allow such businesses to rake customers thru the coals like this? It seems to me it's outside of any laws I've ever dealt with. We customers should be compensated for the inconvenience of having to deal with such crap! I just want to pay the loan off. Not be tread all over and told, "No you can't." I think they'd like to take my house for the $165 I currently owe. Ridiculous and complete insanity! No customer service that helped.

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12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 24, 2019

Difficulty paying off principal. They ignore instructions on the payment coupon and credit any extra money for principal payment to future mortgage payments. That way principal stays high and interest amounts stay high.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 17, 2019

SPS took over my mortgage from Capital One few months ago. Since then, they have fraudulently indicated that while I was at Capital One I had modified my mortgage which is an absolute lie! Also, they have told me that they will not provide the same services as Capital One although Capital One has confirmed that they are obligated to provide the exact same services as they did. They have wrongfully reported me to credit bureau which has brought down my credit from 870 (perfection) to 720 claiming that I have in default of payment although I am 15 yrs ahead of mortgage payment due to huge lump sum amounts I have paid in last 2 years toward my mortgage.

14 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Feb. 15, 2019

My dealings with SPS were as the POA - agent in fact - for my brother in law. The mortgage was transferred to SPS from Suntrust Mortgage. Initially, I was skeptical based on other reviews. The mortgage was current and remained so until paid off in full when the property sold. There were many instances that required me to call SPS customer service and each time the issues were addressed and satisfied by one of the best customer service departments and representatives that I have ever dealt with. The reps were always professional, courteous and quickly handled each request. I hope that anyone doing business with SPS will be given the same service that I have received. An absolute pleasure to work with these people. :)

3 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 13, 2019

"We are committed to delivering exceptional service to every customer." Well, you've failed. From where I'm standing, Select Portfolio Services is committed to ensuring it wring every last penny and ounce of patience from its customers involved in the short sale of property. Am I in a personal and financial jam? Yes. Did I fall victim to a predatory refinance in 2007? Yes. Do I owe more than the market says my house is worth? Yes. Did SPS follow through on its promise to "guide [me] through the sale or transfer of the property"? NO. Assistance Programs and Relationship Managers are things SPS claims to have, but I was not "assisted" in any way and my "relationship" (which was more like the one that got me in this mess in the first place) was so MISmanaged that SPS sent me two letters on different occasions apologizing for the handling of my account during the short sale process which is moving into its SIXTH month.

Customer service amounts to any Joe that picks up the phone - even when you call the extension of, and ask for, your ASSIGNED Relationship Manager. I spoke with THAT guy once, back in October. So every time you call - because they'll NEVER call you - you tell your story all over again, then Joe reads what pops up on the screen and can't tell you WHY anything is as it is. Homeowners don't choose to have their mortgages sold like wholesale paper products, so SPS should not treat their customers as if they were just as disposable.

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15 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Jan. 17, 2019

During the government shutdown this company has been EXTREMELY HELPFUL and kind. We cannot thank them enough. We have had help from both the main call center and the loss mitigation team who have been able to assist us and put our minds at ease. We have had nothing but a great experience with SPS.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Jan. 14, 2019

I do not recommend using this mortgage company. In addition to having to deal with annoying & harassing calls early in the month, I have to pay $15 to make an online payment. According to the telephone rep, that's simply their policy. I suspect this is intended to force mortgagees to sign up for automatic payment, which is free. My loan was sold to SPS by Ocwen without my knowledge. I plan to work aggressively to move my loan to my credit union. I do not recommend using this mortgage company.

23 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 8, 2019

Select Portfolio Servicing called my work number today when my payment was due yesterday. I think it's comical. One day and "The is Select Portfolio Servicing, a Debt Collector!" One day late. What an abysmal and horrid group of bottom feeders that must lower themselves to work in such a profession all day ASSERTING their perceived MIGHTY DEBT COLLECTOR authority over payments that are one day late. Work that queue champions. You drive those hoopties home after a day in the sweat cubes for a reason. Stand up work you're doing there headset greasers.

19 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Jan. 8, 2019

My mortgage with Wells Fargo was paid twice a month, WF withdrew the funds from my account successfully. All of a sudden I received WF letter stating that SPS was taking over. SPS does not support the semi-monthly payment plan that WF did. I have not had to set up Bill Pay through my bank and suffer through a semi-monthly phone call from SPS because each person I speak to either does not make note of the fact that payments have been set up through my bank or the customer service rep does not bother to make note of it. Since I am a widow, retiree with SS and retirement income the semi-monthly payment was convenient for me. I am searching out other mortgage alternatives. Definitely not a senior citizen friendly company.

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 6, 2019

Wells Fargo recently sold my mortgage to SPS and I filled out all the necessary info online to have automatic payments withdrawn the first of every month. Yet, the first of the month comes along and my payment wasn't made. I've been locked out of my account via online. And every time I call they say they are a "debt collector". WHY DID WELLS FARGO DO THIS? Is this how they treat their long standing customers that have NEVER missed a payment?! Looking for another lender.

29 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 4, 2019

My house loan, originally with Chase, was sold to these bottom feeding vultures and it has been nothing but problem after problem since. I had been paying Chase every month, and they up and sold it. Then I got very sick, and because STD was not done right (not by me, the company I worked for), I had to miss some payments. I notified the company, since I was not trying to get out of paying. Then SPS kept suggesting I apply for a modification, to help me catch up (I had 6 payments they said, even though I do not think it is quite that many, but I think every one already knows what is coming).

I applied for a modification. That was at least 2 years ago. I have had nothing but the runaround since. I send in what they want. They say it is not there. I send it in, and they send me emails saying they got it, and then they say it is not there, or it is not current enough. I call, and they say I am not missing anything. I call back and they say I need to send in the paperwork again. I get phone calls. I get things hung on my door. I get letters. I call, and it all starts over again.

I finally told them I thought they were incompetent, and that they had absolutely no intention of helping me. All the while, they are saying that my house note payments are late, and banging on my credit. I did not miss any notes after that. I never could get my 'relationship manager' on the phone. It was always 'oh anyone can help you'. I guess that is true when the company is full of grifting shysters drawing a check. I am still being told, "We want to help you, and we do not want your house." BLAH. BLAH. BLAH.

After two years, and a credit rating so low, I could not borrow money for a lump of coal, they make their decision. They say now I do not qualify for anything, so they offered me a 'payment plan'. This so called plan doubles my note (which they just raised for 'escrow purposes') and I have to pay it by the 13th of January. But, being helpful, they started the letter with the paperwork to do a short sale. They also based the decision to not let me modify on a salary of zero. I sent them multiple pay stubs. I work. This had to have made an impact on their decision that I should not get a modification.

I immediately emailed them and told them that what they did was ludicrous, and that if I had that much money I would have already paid it off. They act stupid (they are). I get the runaround again. Now I am told I have to either accept the 'payment plan', or I can sell it, or I can keep going like I have and pay the money back (by far the cheapest option, by at least 4000$). Of course, it would have already been paid if I had thousands laying around, which I don't. Then the nice ombudsman tells me that I might qualify for a program they have for people they are making homeless, where they will pay me to get out of my house, if I clean it up for them. I finally asked the ombudsman if she would find it easy to double her house note or rent for an entire year, and not have problems with paying it. She said she did not know why that should matter. Well, because you could find yourself in the same situation I am, that's why.

I have almost had a stroke every time I talk to them. Today was no exception. I do not know how to get away from them. After reading these reviews, even if I find money somewhere to pay the backlog of payments, I am skeptical they will actually apply it in the correct manner to the correct account. I am, in fact, fairly certain they won't. The only option I have is leave, or hope that I can get it early out of my retirement. I am afraid they won't stop though. They seem to always find something that they don't like or that did not fit into their necessary paperwork list.

After two years of them screwing around, my credit barely registers, it is so bad. I will not be able to refinance or use credit for anything, it has taken such a battering. I have absolutely nothing to say about this company that is positive. If your mortgage company sells to them, refinance as fast as you can. RUN. If someone does a class action, count me in. I am sure there is plenty I have not even discovered yet about mine. I may be paying for flood insurance, volcano insurance, and anything else they can dream up. I had to give them one star to do the review. It should have been a negative star. One is too generous.

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21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 27, 2018

I am totally drained from this company on all aspects, every time you call it is always something new, so many hands in one account, no good delivery service, you send in what they ask for have confirmation, yet they claim they dont have it. I'm just done, all I want to do is proceed with whatever they are going to do at this point. I get a deputy serving foreclosure letters to me three times a month, yet I have been approved for a deed in lieu, then denied because of paperwork they claim that they did not receive, and have someone who is willing to purchase the home with a realtor who sent in everything on our behalf but yet they need this and that. The company really need to get their business together because this is our livelihood. We already have enough stress dealing with day to day situations.

23 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 17, 2018

They were after us to catch up on our mortgage with them! They said they never receive our payment! We sent it a month in advance. So we said we would send another check to them for payment. So we did just that. WTH. They promise they would send the original check back to us. They took both checks when they got it and cashed both checks!!! Which cost us a lot of money!! And made checks bounce on a bunch of bills we owed on. Caused us to finally end up filling bankruptcy. Even after this they would still call and harass me. So I had my attorney send them a letter telling them they were in.

25 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 16, 2018

I had a Loan Modification with Wells Fargo. I received a letter on November 28th, Starting December 4th, I'll get transferred to SPS. When I called SPS, asking who transferred my Loan to them. The Customer Service Representative said that they are not allowed to disclose that information to me. To my understanding Wells Fargo, told me that everything will be the same including Tax and Insurance, but the Customer Service Rep. said that it's not included. So why should I pay the amount, that I pay Wells Fargo every month. I don't understand this at all, I believe that SPS is just another collection company, not a mortgage company.

27 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 14, 2018

Their staff needs to be better trained to treat paying customers. I had told them about my father that passed away and I was trying to make the payment for my mother so she won't default on her loan. The agent didn't show any sympathy and made it nearly impossible for me to make the payment. Almost to the point they wanted my mother to default so she can foreclose. She has decided to sell the house than to deal with this horrible company.

24 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 12, 2018

Transferred to SPS in June, 2018. Sent payment to Citibank, they forwarded and it was applied. Paid July only on time, paid August pmy on time and with an additional principal pmy of $400. Was applied correctly. September a repeat of August. Come October, 2018, sent smart amounts, regular pmt and additional $400 principal. They applied the additional funds to unapplied funds and sent out November statement showing that. I called and they said they didn't know why it was done like that.

Got December statement sent same amounts. Find that they calculated out P&I before correcting the application of $400 to principal. Called them. Asked why. They kept referring to the "system" does it and they have no control. I asked for an amortization schedule, they said it was their policy to not give them on loans that have been modified. But their "system" knows how much P&I to charge monthly. I spoke with a supervisor who also referred to the "system". The system knows how much to charge each month but they can't give me an AM schedule. So I asked if they apply all funds then calculate P&I. They said yes but the system does that. So I said then it's not a fixed P&I loan, it's being treated like a simple interest loan.

That goes against my signed original note and modified note which didn't extend the term but only modified the rate. They have supposedly put a flag on my account to apply addl funds to principal. In no way we're we ever late, no late fees accrued, nothing. This goes against my note agreement and I feel they should be fined if not run out of the Loan servicing business. They have strange policies that charge extra fees because the actual mortgage owner probably doesn't pay them enough to service the loan. Disgusting companies like this are allowed to exist especially after 2008.

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18 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Dec. 6, 2018

I receiving a simple laser printed letter Stating I was to make loan payments to SPS. This appears to be a scam. I owe very little on my home loan. I have requested certified copies of my note. And a official transfer of my loan document. I have made this same request FIVE TIMES in the last 3 months. They have promised to do this FIVE TIMES. How am I to know if this a scam? It must be, and I am making a complaint to the US Consumer Financial Protection Bureau,

My States Attorney General. CRIMINALS!

29 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 6, 2018

On December 1, 2018 I received a letter from them stating that Wells Fargo had sold them my mortgage loan and that it was being transferred. The date that it would start December 4, 2018. I would like to know how on earth I wasn’t told about this until three days before it took effect. I recently went through a chapter 13 and a loan modification with Wells Fargo. Went online to find out about this company. There is nothing good online about this company. And a lot of the people that loans were transferred to it is because they did loan modifications. You’re supposed to be protected on your loan modifications. Clearly that’s not the case. The paperwork they send you they do not let you have your property insurance on it nor your property taxes. Everything I’ve read talks about this company is a collection agency it’s not really a mortgage company. Tried calling them and you can’t even get somebody to really talk to you.

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 5, 2018

I paid off my home mortgage almost five months ago and SPS has screwed up all of the paperwork--the Affidavit of Satisfaction. I still do not have the deed properly recorded in my name. They are tying up the title of my home with their incompetence. When I called them, they had no idea what the status of closure was, were completely clueless that their paperwork had already been rejected by my county, and were unwilling and unable to place more "talent" toward resolving the issue that they alone caused. Very poor company with lack of leadership and integrity. I am very sorry that I have had to deal with such losers.

19 people found this review helpful
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Select Portfolio Servicing Company Information

Company Name:
Select Portfolio Servicing
Website:
www.spservicing.com
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