About Select Portfolio Servicing
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When I first started having to use this company I noticed that I was still paying for my home insurance directly to USAA and on the escrow account to these people. I first tried getting them to pay USAA and that failed so I have been trying to get these people to close the escrow account since they are just collecting money and not paying the bills with it. I have had to fill out their form multiple times and the only thing the people who answer the phone can do is say to call back or wait for someone to call you. This company should not be in business!!!
I've been with SPS for a few years now. Honestly I felt their website and customer service was ok. Since Covid 19 my business has suffered. Being a realtor and tax preparer Covid made it tough to make any money last year. Recently I had a pipe burst at my house... Even though insurance would have only fixed the break not all the other issues that arose from it. I reached out to SPS to possibly get my past due pushed to the end just until January. I filled out the application on 8/9/22. NO ONE EVER TALKS TO YOU... It's a cookie cutter process and very redundant. They literally led me along asking me for the same documents 20 times...even though they say the items uploaded go directly to your account.
The type of business I have is seasonal so it would never fit into a cookie cutter situation and had they reached out to me directly so we can discuss then I believe it would have been more personal. They do NOT care... Actually their recourse was to get an appraisal to see what's in it for them. Long Story Short today on my birthday I was denied any relief.
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I purchased a commercial property under a LLC in January and it was not reported on my credit report. Then Select Portfolio Servicing began servicing the loan and started reporting it under my personal credit report. I have filed disputes with the credit reporting agencies and tried to contact them. They will not respond to me and insist to credit bureaus that it is a personal loan. I have given documentation of the ownership and the mortgage. I also have reported to the CFPB as well. I believe the next issue will be that they report inaccurate payment information.
I called them multiple times to request escrow analysis. After 2 months, somebody finally decided to talk. Very rude people. Very ignorant management. Select Portfolio Servicing is the worst company I have ever dealt with. AVOID, AVOID, AVOID...
I have reached out to SPS many time about my mortgage statement-1st I never received it by mail until 2 days before due-mail date postmark 25 and I am in California-set up for e-mail for payment due by the 15th. Today is the 21st. Has yet to be posted. I was a Chase customer. This company is the WORST lenders I have ever dealt with in the last 40years!
I wrote multiple letters to request an extension of my loan due to financial hardship. The response was to take advantage of the misfortune and SPS proposed a Ballon payment which of course was very beneficial for the bank but not for us. Considering to file a lawsuit against this unscrupulous company.
January 19, 2022. I made an additional payment on my mortgage and indicated where I wanted it applied. It wasn’t applied correctly so I called Jan 26, talked to Gabriella and was told it would be corrected in 3-5 days. It wasn’t done. March 30 called and spoke to Phil and he said he would escalate to his supervisor and I would receive a call within 3 days. No call. April 5 talked to David at ext **, he escalated to a supervisor. Again nothing done. Called May 2, 2022 and talked to Supervisor Jamie at ext **. She said “cashier tasks” are backed up since Covid. They are currently working on November 2021 items!?! She mentioned high priority items are being addressed first. Mine doesn’t fit that bill. She said they were recently told it is taking 5 MONTHS to complete tasks!?! She said my case was open in the end of January and it should be completed by the end of May but she could not guarantee that to be the case.
I am totally dissatisfied with the customer service at Select Portfolio Servicing, Inc and wanted to write a complaint. Besides the slow completion time, the first line customer service agents are misinforming the customers on the timeliness of their work. When I went on Consumer Affairs I wasn’t shocked to see review after review of 1 star complaints about this business. VERY POOR BUSINESS PRACTICES!
Worst company ever....Take multiple payments, misplace amounts of payment, didn't pay my yearly insurance, etc...World's worst company....Avoid if possible. I can't because the mortgage company only uses these idiots.
My mortgage was sold to another bank and they use SPS to manage the account. From the get go it's been a headache. First two months of payments were misdirected and not applied to mortgage (luckily bank has a 90 day adjustment period) after numerous calls and run around it was fixed. Then three months later I get a letter saying home is in a flood zone and I need flood insurance. I'm not in a flood zone, and wasn't when the previous bank had loan. SPS insists I am, claim FEMA called them and told them I am. FEMA doesn't know I exist nor that I have a mortgage nor does FEMA call mortgage companies, total lie. I went on FEMA's flood zone website and it clearly shows zone X, I printed map and uploaded it to SPS, not good enough, they purchased flood insurance and billed me 2600.
Numerous phone calls later I reiterate I'm in zone X (which is FEMA's lowest risk) SPS rep says "we're all in some risk of flood." What a total moronic statement. I ended up getting an elevation survey of property and submitted to FEMA for an amended flood zone determination, so now I'm in flood zone X (still, it's never been anything else) the only way to get SPS to recognize I'm not in a flood zone was to pay for a survey that wasn't necessary from the beginning. It beats paying these shysters for garbage flood insurance that they tried to charge me like it was a top tier policy.
Generally you don't have control over who gets your mortgage, so if you are unlucky to get SPS be prepared to their jobs for them and get attitude thrown back in your face. All the customer service rep talk over you as they read the "script" they have over and over. SPS really stands for Shanty Pirates and Shysters. They suck! Period.
A year ago our home burnt down and was a total loss. Our mortgage had insurance coverage for the amount of principal we owed at the time $69000. After the insurance adjuster inspected the damage our home was declared a total loss. The insurance company issued a check for 69000. SPS has full control of disbursing these funds to us at their discretion. This has been a complete nightmare. The first check was issued without incident and our obligation was only to sign an affidavit being responsible to restore our property to original value or better.
The problem has been getting funds released since then. The only way we have been successful at getting more funds was being lucky when calling in and actually getting a person who would listen to us and go the extra mile to override their system and would get our issue in front of some review board and then they would release 7000 one time and 10000 the last time. There is only 10000 left and we are halted building our home. We live in Iowa, it's freezing and we have lived in a 3 season 1 bedroom RV in our driveway with our 7 year old nonverbal highly autistic son and 2 large dogs.
As you can imagine this RV gets smaller by the day and we cannot have water hooked up to it due to freezing temps. Our rebuilt home has water and brand new furnace but not liveable yet. We are at the final stages of finishing our home and SPS will not release the remainder funds until we are finished. We can't finish until they release the funds. We have depleted all other money resources we had saved over the years for retirement and such. My 64 year old partner of 20 years is a carpenter and has been for over 40 years. He has built our new home pretty much alone. Myself and a couple friends have done the best we can helping but we are not carpenters. My partner was forced to take personal unpaid time off of work to build our home and we could of been moved in before winter if SPS would of released funds.
We have made our mortgage payments on time every month for the last 6 years since we had to get HAMP modification because we will be eligible to receive a 5000 incentive for doing so. The last month of this 6 years of on time payments is next month March. We have no clue how we are going to make this last payment to get the incentive because this month we have had to use that money to keep going and to provide for our daily needs. In our RV we use a tank of propane every day to heat the RV and we keep it at 60 degrees wear triple layers of clothes and when in RV are all under heating blankets with hoodies up and this includes our autistic son who doesn't understand any of this and is absolutely miserable and keeping him calm is not only traumatic to him but to us too.
We have begged tried everything to make SPS understand that we are the builders and have rebuilt a home that according to our county is already worth 25000 more than our old home and it's unfinished. We have met our obligation completely and now SPS wants a contractor's estimate of the entire rebuild and a detailed item by item breakdown of our entire costs down to the number of screws and nails we used and need to use. So we hired someone to do this who was almost finished with the bid and got into an accident and cannot finish.
We have no funds left and nowhere to turn to get funds. We cannot even get a payday loan or small loan from anywhere cause my partner took time off of work to build our home so no one will loan us anything without income coming in and no assistance place will help cause we can't show how we will pay the bills the following month. So we are trying not to give up but what do you do in this situation. We had a home inspection and SPS changed her final report from 76% done to 0% claiming they needed the contractor's bid on our home. At the beginning they claimed they needed only the affidavit and no contractor bid. We asked more than once then and we assured they will never need that.
Lumber prices over the last year have tripled in cost and are about to increase again. No one can get as far as we have paying for labor. We have had 0 labor costs, have dipped into every fund we have saved over the last 20 years, cashed in investments and taken penalties on that just to keep going and get into our home. We need that 10000 to finish and they try pacifying us by saying the review board has not made a final decision and it only went to review when I threaten to complain wherever I could and I would be contacting a lawyer so I am following through and letting whoever know this company is grimy and horrible to deal with and I have read other complaints similar and worse than our situation with this company. BBB has over 500 complaints on SPS and 75% are similar to ours about them holding insurance claim funds. Switch mortgage companies if at all possible. SPS is greedy and unhelpful.
Select Portfolio Servicing Company Information
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- Select Portfolio Servicing
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