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Select Portfolio Servicing
Overall Satisfaction Rating
1.29/5
  • 5 stars
    6
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    4
  • 1 stars
    76
Based on 86 ratings submitted in the last year
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Select Portfolio Servicing

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609 Select Portfolio Servicing Consumer Reviews

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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 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.

8 people found this review helpful
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Rated with 5 stars
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Verified Reviewer
Original review: Oct. 5, 2018

I just read all the negative reviews and had to share a positive one! I am not an employee of SPS nor affiliated with them in any way. We've had our home loan through SPS for 6 years now and we've never had one problem! Just had to share!

30 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 2, 2018

My experience with this company from day one has always been a good experience. There is nothing I can ever complain about concerning this company. I am glad that every call I make, every communication by letter or etc., is good and acceptable.

11 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: Aug. 30, 2018

My loan was sold by HSBC to Caliber Home Loans and then to Select Portfolio (SPS). I have had nothing but a great experience, thus far. Due to illness and a loss of time at work, we fell behind. I contacted them immediately. They told me where to go on their site to request assistance. Everything was submitted online. Their application, and any documentation was uploaded right there. No lost paperwork! Within a couple of weeks, I was offered a 3 month trial period and ultimately, a permanent loan modification. Saved our home. Any time I had questions, the customer service and my relationship specialist were helpful and always answered all my questions. I am sorry that so many of you have had a terrible experience. I can’t wrap my head around how that is, when I’ve had nothing but a great experience. My advice. Speak to your relationship specialist and be sure to submit all documentation that is required.

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

We submitted very strong offer. My client accepted on 5/31/2019. I have been told numerous time HUD is missing, HUD is approved, HUD is missing line numbers, HUD is missing buyer's name, then Informed me that's the reason our short sale is not being approved - it is taking so long because of us. To the point SPS just lie to me about so many things, transferring my call to another customer service rep., who tells me what to do via email missing documentations and correct HUD, and I do what I am told right away. Then I have to call back and SPS representatives always act like they have no idea what I'm asking or confused why I'm asking so many questions in regards to our short sale process and approval needed to close escrow. Dealing with a short sale is mediocre to this company. I read the reviews - they are probably from SPS employees or friends. This company has lost all our of our documentation.

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Rated with 1 star
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Verified Reviewer
Original review: June 1, 2019

I was told to do something and I did. Then they did what they said they wouldn't! Caused me financial problems! I've lived in my home here for 29 years and have paid my monthly mortgage on time, every single month. Select Portfolio just bought my mortgage, recently from Bayview Loan and I have had nothing but trouble with them. They lie to me about so many things, transfer the call to another agent, who tells me what to do and I do what I am told. Then I have to call back and they act like they have no idea what I'm talking about. They record the calls. I was told after they listened to one I had problem with, they would call me back ASAP! And they never did and now it's the weekend and I will have to wait till Monday to call them back and get the "runaround" all over again!!

They took money out of my account 10 days before they said they would. Caused me a huge overdraft, said they would fix it then just deserted me and left me broke and won't communicate to me or even be honest about being in error, apologize to me and fix the problem THEY HAVE CAUSED!!! I have never had a bank treat me so bad! I'm going to call ConsumerAffairs and whoever else and turn these people in at Select Portfolio!! I'm a 55 yr old, disabled woman who has done just fine for the last 29 years here in my home, UNTIL SELECT PORTFOLIO BOUGHT MY MORTGAGE this year!!!

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Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 31, 2019

Reading all of the negative reviews about this company concerns me because they now service my loan. Like most of the reviewers, I too had my loan with a reputable mortgage company or bank. Mine was US Bank. The bank sold my loan to SPS, with no reasons indicated as to why. I purchased the home in 2004 and have never missed a payment, never paid late. Due to some bad refinancing decisions, I did enter into a bad loan, but was able to get it modified in 2010. After reading the comments, it seems as if the mortgage company and banks decided to dump their modified loans and sold them to SPS.

After SPS took over the loan, my credit score dropped by 5 points and I'm not sure why this happen. Also, I've always made payments online with no additional fees charged by the bank, but SPS wants to charge me $15 to make an online payment on their website or to avoid the fee. They force you to set up automatic payment. My payment is due on the 1st but I have until the 15th to make my payment. If my payment is not made by the 5th (I typically make my payment on the 10th), SPS will call me about payment as if they are a collection agency. Can someone tell me what type of company they are, mortgage or collection? This company is BAD NEWS!

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2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 24, 2019

Ridiculous pay off requirement. I recently discovered the only option SPS authorizes to make a final loan payment is by cashier's check or wire transfer. Since all other payments have been automatic, this shift in payment option is incredibly inconvenient and results in additional expense to the consumer. The policy puts individuals who have taken steps to ensure monthly payment in a position where they are subject to additional fees and potentially adversely impacts their credit score. This sort of predatory lending is unacceptable.

6 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 20, 2019

I am a real estate investor, attorney and business person in NYC. I hold a number of real estate investment mortgages/refinances, have excellent credit, excellent FICO score. I did a refi on a property that had zero mortgage a couple of months ago. The mortgage company who picked up my real estate investment loan was Homebridge Financial Services, New Jersey. At the closing I was able to set up an auto withdrawal for my mortgage payment. I contacted Homebridge and told them that I pay off my investment mortgages early by paying additional principal each month post the primary payment being made. They told me what to do and I set up my loan online so that I could make additional principal payments (2-3 more) each month; no problem. Within a month Homebridge sold my loan to Select Portfolio Servicing, Inc., in Salt Lake City, Utah. I have been having problems with SPS ever since.

Firstly, I had to wait more than 10 days to set up my auto withdrawal to pay the primary payment from my bank (SPS refused to take the same auto withdrawal from Homebridge and transfer to itself). Once I set it up, I was not able to see, per SPS' website, my "pending" payment. SPS does not have a "pending" or "scheduled" payment area on its website for its customers. I had to call its customer service people several times right up to the same day the payment was to have come out of my account, to ask if my auto withdrawal was showing on SPS website because it surely was not showing on my SPS customer website! Finally, the day it was due, one of the customer reps said that it was showing on it website! I was very stressed per the way the website is set up as you cannot see your pending payment scheduled. All of these calls were also very time consuming.

Next, I told SPS customer rep that I always pay additional principal payments each month and asked if I could do so online (as I always do with my mortgages for my other investments). She told me that I have the ability to do so and that there would be no fee. Today I went online and attempted to pay an additional principal payment. Once I was done, I reviewed the request and saw that SPS was asking for an additional fee to submit the payment. This a payment being made towards paying additional principal. Why do I have to pay a fee to do this? I have never encountered this with any other bank, financial institution or mortgage service provider that I have dealt with. What is more, I have worked as an attorney in the banking industry regarding mortgages and have never come across this in my career.

I called SPS, spoke with a customer rep and told him this. I also told him that my mortgage is not a subprime mortgage, nor is my loan an impaired-credit loan, non-performing loan, an underwater loan, considered behind, or a loss, nor am I in collection as I know these are the loans that SPS takes over. I am an excellent customer and pay off my loans years before they come due. I asked why am I and other SPS customers being "penalized" for paying additional principal payments by having to pay $15 each time to do so. All he could say was that this was the policy of the company. All I could say was that this was a scam and that it was SPS' way to dissuade customers from paying off their loans so that it can continue to collect more interest on the loans. Then he said that he could make the additional principal payment for me OVER THE PHONE for no fee if I gave him my banking information.

I told him that it is usually the other way around, most banks and financial institutions charge you a fee to pay over the phone because you are taking their customer reps' time and you don't pay online because you are doing it yourself. Furthermore, I told him that I would not give my personal or business banking information to anyone over the phone that I did not know. In addition, if I wanted to continue to make extra principal payments each month I would have to pay the $15 each time or mail it in (which would take too much time to post to my account) if I did not want to give the customer rep my personal and business banking information. I worked with the Compliance Division that obtained the licenses for mortgages in the bank. We were licensed all across the U. S. We never charged customers additional fees for doing a good thing in wanting to pay additional payments towards their principal mortgage amount.

I am seriously considering contacting the Utah Division of Mortgage Licensing and filing a complaint. I am afraid to see what additional fees I will charged that are not in compliance with same when I want to pay off this investment mortgage. No one should have to pay a fee to pay additional money towards the principal mortgage, EVER! I have exhausted too much time on this today resulting in having done less work. Terrible, simply terrible.

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14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 20, 2019

Since our mortgage has been transferred to be serviced by SPS (Select Portfolio Servicing) - about six months ago - it had been very hard to manage our payments. EVERY time I make a payment online, payment goes toward principal ONLY instead of regular payment - even though I select the "regular payment" option. Even after I call asking to have the payment applied accordingly, it is still not taken care of and every single month I have to call numerous times for corrections. It is VERY frustrating and time consuming.

6 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: May 19, 2019

I had a mortgage with Washington Mutual who was taken over by Chase who sold it to SPS. They are all bad. I did a modification and now the value of my home has dropped, but I still owe for the original amount. The system needs to be fixed. I do not trust any of these companies.

5 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: May 12, 2019

I think the mortgage industry is one of biggest rip offs I have ever been involved with. I am self employed and it is partially my fault but being a home owner for 30 years I have rarely been treated fairly!

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 5, 2019

People need to unite to stop SPS from causing people to lose their homes! This outfit got my loan from BoA, who told me it was a predatory loan to begin with. SPS did the old "bait and switch" game with me - approving modifications, letting me know a week or so before a payment was due, caused me to have to file bankruptcy twice and file bonds against them to stop them, etc. You will send paperwork, only to find out it mysteriously disappeared or wasn't correct. They finally used a sneaky tactic to cause me to lose my home; they sent the paperwork to the wrong address, after sending me hundreds of pages of crap to my correct address. By the time I found out, my home was bought at auction.

I never talked to the so-called "relationship manager" one time; I got people on the phone who would give me a different message that contradicted the previous message. I am asking that all of you who have been screwed by this fraud of a company get with me to sue these guys. The pain and suffering I've experienced is worth 6 figures alone - not to mention having to find a place to live after 14 years in my home. The more we make collectively (from a legal perspective), the more likely justice will be served!!!

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12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 4, 2019

This is not a company that wants to keep your business enough to follow through on anything and get things going. We had a house for 16+ years. Paid on time every month (except for once). We ended up with a balloon payment that we had either forgotten existed or didn't realize. I won't get too heavy into details here, but there are considerations on that. Anyway, we wanted to take care of it and stay in good shape with them, but they did nothing but give us the run around. We were not getting ANYWHERE with them.

We kept having to send the same forms to them over and over. They had us on a deadline. Being ignorant on the way everything worked with this situation, since we had never gone through anything like this before, and out of fear of being homeless since the clock just kept ticking down on the time we had to get it taken care of, we finally decided to move elsewhere (which cost a fortune), knowing they'd take ownership of the house to settle the debt. What we didn't know at the time and found out later was that it was a LONG time after that before anything was done. So, we could have tried a lot more. Anyway, it was a NIGHTMARE. My advice to anyone is this.... BE 110% SURE about any balloon payments when getting hooked up with anyone...and DON'T use these people for ANYTHING.

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7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: April 25, 2019

My Loan servicer was switched February at that time we had started a loan modification with our prior servicer. My payments were to start on March 1st. Then I received a letter saying my March payment had been made by Caliber. So I sent a check for the April payment. I waited and kept checking to see when my check was cashed. After a couple weeks I call and ask why my check had not been cashed. I am then told the March payment had not been made after all. I asked why and was told there was no money in escrow like I was told.

So after getting upset with the rude employee at SP I said, "Okay then use the check for March payment." I am then told no because it has to be certified. That means Western Union. So I go ahead send payment thru Western. Then I am am hounded about when April will be paid. I told them the last day of the month when I get paid. Well I borrowed the money because I was told if they don't receive the money in time my loan modification goes out the window and I face foreclosure. Also again with Western Union. I made the payment and called SP and was treated like I did nothing and when I called a recording started out saying my payment for May would be due and the amount was the old payment I am still receiving tons of mail from them and for no reason. Then I am told they paid my property taxes and now I owe for that. God I want Caliber back.

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7 people found this review helpful
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.

5 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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9 people found this review helpful
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?

7 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.

4 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!

28 people found this review helpful
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.

17 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.

18 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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16 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.

16 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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13 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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15 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.

15 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.

18 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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