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My loan was move to SPS when I elected to pay my own impounds like taxes and insurances with Chase Loans in the Feb when the pandemic started in 2020. I figured Chase wanted to clear out some loans, sell mine off, keep some of the fat layers Jamie Dimon accumulated in the last big consumer grab. I was stunned, scared and confused when I read all the negative reviews about SPS, not to mention my terrible luck with my wife running out at the same time with a young buck. I was wrong, it has been 8 months now and SPS has been professional, on time and did everything they said they would by phone, email or pony express.
I want to help some of you out there. I don't know about loan modifications, I always make sure I pay my debts on time or I don't go there to start with. But I do know lenders are there for profit and that's their right. If you sign on the dotted line and don't come through on your side- that's on you. We need more accountability in this world, some of the reviews I read were pathetic, people need to wake up and realize, the world owes you nothing, it was here before you. (light bulb.) Get out, kick some ** and pay your debts on time, quit blaming others for your work ethic. Better yet, pay your house off before your 60 years old and win at the game of life. True Story. I trust SPS and I planned to refi as soon as I get my divorce.. She was the Earth Sign - I was the Water Sign, together we made mud. Many rivers, Jack **.
I called SPS customer service to ask a question about refinancing my mortgage. I spoke with Marelis ** and she was an absolute angel who was compassionate and explained everything well. SPS does not do refinances or modifications, so I have to try to find a good organization that does. Marelis guided me in a good direction and let me know what I should avoid when trying to refinance. I have had no issues with SPS since Wells Fargo transferred my mortgage to them last year.
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When I got a letter that Chase was selling my 100% on time loan to SPS a couple of months ago, I was concerned. Upon reading these reviews I was terrified. As the saying goes, not many people take the time to write positive reviews. I called before the initial transfer and they quickly answered, with a real person. They assured me there would be no problems, but I signed up for an online account as soon as it transferred just to be sure. I easily was able to set up and account and the payments were to come out of my bank as always. The date came and it all worked as promised. I did have to call again in to change my payment date to the 15th rather than the first since they all seem to default to the 1st. That was easy and I got a letter in the mail a few days later confirming it was done. My second payment will come out mid-May and I am no longer worried about any issues like this.
I see this is one of the companies choosing to operate the COVID relief like rentals, you can skip payments for 3 months and bring up payment in full at the end of that time. Just so everyone is aware, mortgage servicers have to make their payments to the investors for 4 months, regardless of the borrower's ability to pay. In the same way, a landlord might have to make his payment to the bank regardless of the renter's ability to pay. This is why many servicers are requiring a ballon. I hardly feel they will start defaulting on these homes, but a default might be required for further assistance to kick in. Servicers are all sitting at home with their obligations and families, too. It would be hard to sell all these homes in this market if they just foereclosed on them all, so they don't want that any more than you do.
If nothing else, take the forebearance for now, and keep an eye out new programs. There will likely be new programs! Do not despair, in many more of the cases than not it will work out and stressing will not make it better. At the end of the day this company seems more personal and responsive than Chase was, so I give them 4 stars. Had they offered a better forbearance program it would be 5, but I understand why they can't.
I have been with SPS for 13 years and have never had an issue with the company, I was laid off from my work and the company worked and helped me stay in my home of 29 years. A really darn good company SPS Servicing.
The mortgage I had was taken over by Select Portfolio Servicing. After reading previous reviews I must admit I started freaking out. Once I was able to get ahold of customer service I felt much better. I was explained the process and told to wait a few days (5) so I can access my account online. After my phone call I also emailed customer service to explain I wasn’t able to access my account. Lo and behold, a few days later I was able to access my account, set up automatic bank withdraws with no issues. I received a call back from customer service to check if I had any concerns. I was impressed by the professionalism of both reps I spoke to. This would of been a 5 star review if only I was told in the welcome letter I received that the process takes a few business days. I hope this review helps others in knowing not all hope is lost.
I have paid this mortgage first from Wells Fargo for eight years and now over the past four years with S.P.S. I have paid the same amount on time since 2008. Suddenly for the past couple of months I am receiving mail from them saying I have missed payments. It's mismanagement or lies by S.P.S. I have made lots of phone calls to try to point out I don't ever pay anyone late. I get a totally different version of the situation each time. For the most part the verbal no record always ensures me I don't have a problem, always paid on time all the time.
On the other hand the on the record mail from them says I have not paid all payments on time. I can show the truth with my bank. My next step is to use a company that specializes in this kind of thing to stop the harassment. I had asked for 2020s statement to show my payments. Can't believe that they mailed me multiple sheets of paper with three inch x three inch record that I will have to spend time on enlarging it to even read it. All my life Never seen a document format like this.
When covid hit I lost my job. I immediately contacted my mortgage company (SPS) for some sort of forbearance help. I filled out the application and submitted it with all the appropriate documents. Since then (for the past 6 months) I get weekly calls from SPS requesting more documentation:
• Profit & Loss Statements - Which I provided them at least 6 different times.
• Clarification about $60 in music royalties I received in 2019. SIXTY DOLLARS?!?!?
• More requests for P&L’s with a different date format on it.
• Tax Returns on multiple occasions.
• Unemployment verification.
• 3 months personal and business bank statements.
• Current bank statements - because it has taken 6 months and they still haven't finalized my covid financial aid.Anyway long story short this has been an unnecessary, completely avoidable nightmare. This company is either totally incompetent, unprofessional or both.
If Select Portfolio Servicing is ever put in charge of your loan refinance and run for the hills. SUMMARY - 30+ conversations for over 6 months to try to get financial assistance for Covid-19.
Do not believe anything these people tell you. They lie and report falsely on your credit. Never fall for modification because they will ruin your credit. Go and refinance your mortgage and get away from these people. They are frauds! Everyone needs to band together and sue them.
My mortgage was sold to this company in June 2020, I set up automatic payments so that my payments would be paid on time, so I get a letter saying I need to speak with a relationship manager, I’m thinking for what I’ve never been late so I speak with someone who informed me that the customer service person input my routing number in twice instead of my routing number and account number so it got kicked out and I need to send a letter in to explain how they messed up, I speak with a supervisor who said I should have called in so in the meantime these people have reported to the credit bureau that I was 30 days late. My credit took an almost 100 point dive and all they can say is that I should have called even though when I called to make my last payment nothing was mentioned, these people are a scam.
I applied for mortgage forbearance for home loan that was sold to SPS and they are just playing games that they are unable to reach me. I call them every two weeks, they lie. You cannot reach to your account manager who must be just on paper as when you hit extension number someone else picks up. They sent a letter that they cannot reach me whereby I am calling and emailing them on forbearance. Utterly unprofessional.
Select Portfolio Servicing Company Information
- Company Name:
- Select Portfolio Servicing
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