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I would give them zero stars!! My mortgage payment service was transferred from my lender to this “Credit Collection company". Yes, happens all the time but they are NOT a bank or a quality mortgage company. They forced placed a flood policy on our home at the price of $2250. When we have never been required to carry flood insurance stating that we were in a Flood Zone A. According to FEMA flood maps and my own personal flood insurance company, who I purchased a plan from for $450 our property is in a Flood Zone C (Less than 1% chance of a flood) and does not require flood insurance. Of course, no one can tell me how they got this information and their employees are rude about it. It is clear their customer "service" is seriously lacking. I will be finding a new lender as soon as possible and I will be complaining to my original mortgage lender!!
This company is nothing but crooked. Had a mortgage through HSBC for years and had no problem, since early 2017 they sold my loan to SPS and the very first month they never credited my payment. Called and got the runaround, I kept paying my payments online and went online today to pay the payment and it wouldn’t let me. It said to call.
I called and the guy on the phone said it just went into foreclosure 2 days ago. I asked why and he said I owed over 10000$ that’s about 12 months of payments, I ask where my payments have been going and he said they were being applied to the same months of 2017 and not 2018. Ask why that was and he said they were never paid. This is a crooked company. Could not get a straight answer from him about anything. So if they want this house it sounds good to me cause I couldn’t sell it if I had to, since my neighbors had moved all I have living around me are druggies now and nothing is being done. So thank you SPS you are doing me a favor.
SPS Servicing started servicing my loan about 5 years now. It's been terrible ever since. I had a 30 year loan and now somehow, they have managed to apply escrow and convert to another home insurance policy which is double of what I had. Now I owe them almost $20,000. I know what they are doing is illegal but don't know who I can turn to.
I contacted SPS customer service on October 18th, 2018 regarding a double payment taking for my mortgage. I was told by the customer service reps. that it would take 24 to 48 hours for the payment to be reversed. As of today, November 2nd, 2018, I have not received a refund. And, when I contacted SPS, I was given different accounts on the status of my refund: a check was mailed to me on October 23, which I have not received yet; a payment has been made directly to my bank account, and again, it still has not been done. I have sent them via fax my bank statement showing that no payment/refund was made. Meanwhile, my bank is charging $33.00 a transaction for NSF.
Like many other listed, I'm looking for a class action suit and or resolution to move my mortgage away from SPS. My Condo Loan was sold by Bank Of America whom I was with for 12 plus years. SPS added Flood Insurance stating I was in AE flood zone. Liberty Mutual who handles all my insurance home and auto would not cover me 'cause they couldn't identify my property in AE flood zone. When I asked SPS for a declaration letter they repeatedly sent me my flood policy after 2 yrs and hurricane Irma that went through S.C. Liberty Mutual would finally recognize my home as in a flood zone borderline. I've paid SPS for 2 yrs for 3,000.00 flood policy same coverage with Liberty Mutual 675.00 yr. I also asked SPS to either refinance my loan or see if I qualify for HARP loan. They're a mortgage Co that does neither HARP Loans or Refinances...
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My mortgage was just transferred to Select Portfolio the middle of Oct. I had already sent in my October payment but was returned by the previous mortgage company. The first notification that the mortgage was transferring was when my bank got the check back. On the 25th of Oct I called SPS and was informed I would be getting a new statement not to worry. I could just pay Oct and Nov payment together. Well after getting this reassurance I have received at least 4 phone calls wanting to know "where my October payment is. And when can I make the payment, when do you think you'll send the late payment."
Plus rudely informed "you know you still owe it." By law I have 60 days before its late and fees are applied when a mortgage is transferred. It’s not even November!!! So collections and customer service I guess don’t communicate. By the way my mortgage is current, so no short sale or foreclosure in the works. I am hoping SPS does not screw that up.
I'm yet another home owner that started w/ ING, then went to Capital One & now SPS took over my mortgage in August. They are demanding I add Flood Insurance to a property that is not in a Flood Zone. They "claim" they have a flood map that shows we are, but refuse to give me a copy of it. I provided them with a Flood Elevation Certificate that shows we are not in a Flood Zone. They "claim" to have a certificate that states we are, but refuse to give it to me. I am beyond frustrated with these people. We've never had a problem in 14-years of owning this home until SPS took it over. HORRIBLE, HORRIBLE company!!!
This is so beyond ridiculous, they must be doing it on purpose. Today I get a phone call from SPS telling me that they've reversed my 100,000 payment to them. They're giving me my money back!! I'm trying to pay off the mortgage to this absolutely horrible company, and they continue rejecting my payments. Apparently they're trying to keep me tied to them...not gonna happen. Total of $135,000 that they've screwed up of mine already (multiple times), probably in order to charge additional interest on my loan. Has anyone ever heard of a company that won't accept your payments? And this company is actually a collection agency that purchased mortgages from Capital One. Spoke to my lawyer today, he will be getting involved next week, and after reading all of the complaints, he will be researching a class action suit against them. Hopefully put them out of business!!!
SPS took over my mortgage from CitiMortgage on July 12th. I received nothing until August. I created my account on 8/3 and logged in to pay July and August. Worst internet experience ever, I would have to say. It would only let me pay one month. I logged in later in August and it said I owe nothing. I logged in in September and it said I owed one month. I paid that. No statements online were available at that point. I chalked all this up to a rough start. I log in October and it tells me I owe $4k and am delinquent now. What?? Every time I logged in I paid what I owed, which is $2k.
Then, the second they tell me I owe $4k, fine you got your bearings together, I paid. I had good credit. They destroyed it saying I was delinquent 30 days 3 times. This was categorically false. I'm furious. I called them and go nowhere. I'll be retaining counsel to get them to get that mark off of my credit. This company is HORRIBLE. If you end up getting your loan sold to them refinance as fast as you can. Not only are they terrible, but they charge you $15 for paying online. Ridiculous!!!
First read my previous review, this is the continuation. So I still haven't gotten my $35,000 insurance check that was just supposed to be endorsed by SPS and then sent to me. They have record that they received it, but have no idea where it is. Now they tell me I need to call my insurance company and have a new check issued. THEN I can start the whole process again and hope that SPS doesn't screw up yet again!!! This is beyond ridiculous, they keep screwing up and I need to keep cleaning up their mess.
I'm another one who started with ING, then Capital One, and as of September I was switched to SPS. Horrible!!! First thing I had a problem with was my interest rate. It went from 2.6 to 5.25, so I called. Their response was "we can do nothing about it, we are just a servicing company", I spoke to several customer service reps and managers, all with the same answer, so who can help me? There was no way I was going to pay that rate when my credit score is over 800. So I figure I'll just pay off my mortgage (yes, I'm lucky enough to be able to do that), but first I needed to take care of an insurance check that I had just received made out to me and SPS. So I call to let them know that I am endorsing and sending an insurance check to them in the amount of $35,000, which I asked them to simply apply towards the mortgage.
Apparently that's too easy, so they say they need to first receive the check, then make sure the house was repaired, then they would endorse it and send it back to me... so that I can send it back to them. I called them today, and they said the check was mailed back out to me over 2 weeks ago, they said it can take up to 3 weeks!! I ask if the check is being mailed from China? They assure me that it's normal for regular mail to take up to 3 weeks from within the US. I laughed and told the woman she was an idiot, and then I hung up, realizing she was totally useless. So, instead of waiting for the check, I decide I will pay off half my mortgage for now, then when my check comes in I will pay off the remainder.
So I paid them $99,999 (they're max online). I check my account in a few days, they show that it was received, but was not applied to my mortgage. So I asked what they did with it, their answer was "it's probably in limbo somewhere, I'll see what I can do. Please call back in 2 weeks." Again, WHAT!!! So now, they have $135,000 of my money somewhere??? Is this company for real?
Select Portfolio Servicing purchased my mortgage in February 2018, so my first payment was due on March 1, 2018. Their statement requesting that first payment was dated February 27, 2018 and sent US Mail. I sorted that out, made the payment before the grace period was up, and chalked it up to a rough start. I created an on-line account and took a look around their website. It's upgrade time. Totally lacking in tools for account holders, you can't pull up a transaction history, you can't opt out of paper statements, really bare bones. But, I could put up with it. Looked around a little more and noticed that SPS charges $15 to make a mortgage payment via their website. That's flat-out robbery. Especially because they're super excited to automatically deduct monthly payments from your checking account at no charge. But, OK. I don't use web-pay, anyway.
Received a notice in the mail a few months later advising me that SPS had opted to collect an additional three months' "cushion" of escrow funds (as allowed by law). I could expect my payments to increase by 4.5% until they'd collected enough to stuff that cushion. Now that made me mad. I considered refinancing. But, fine. It wasn't a new mortgage, I had an excellent payment history, and I had enough equity to opt out of escrow. I'd just pay my insurance and taxes myself. So I waded through their creaky website, and found that I'd need to send a letter to them to request the escrow account be cancelled. Got the letter together, called the only person I know who still has a printer, dug up an envelope, and mailed it. And waited. And waited.
Their reply arrived in a couple of weeks. By US Mail, of course. As it turns out, since I'd been an SPS customer less than twelve months, I wouldn't be allowed to cancel the escrow account. Displeased, but whatever. It's a few months from now. I'll cancel escrow in February. But I checked out the rates and considering refinancing. Then. The last straw. I logged in to that godforsaken website a couple of weeks ago and downloaded the last statement. And noticed a line there titled "Partial Payment - Unapplied" with a dollar amount next to it. And I recognized the dollar amount as the few extra bucks I'd included with my last payment. I scanned down the page for the footnote referenced and read the following:
"Partial payments or overpayments are treated as unapplied funds until we receive enough for a full principal and interest payment at which time we will credit your account for the principal and interest payment." I don't think that's even legal. But I didn't bother calling, and I didn't get mad. I close on the refinance in three days.
I recently had my mortgage sold by Capital One to Select Portfolio Servicing right in the midst of refinancing with another mortgage company. I have been trying for 8 weeks to close on my new mortgage and SPS is failing to provide my documents to my attorney. I have been getting nothing but a major runaround. People not responding. Calling and calling and finally getting someone to respond. Then saying I need to wait from 4 to 6 weeks for the documents and now changing that story to 8 weeks once the 6 weeks has passed. I am at risk of losing my new mortgage and still no response from SPS. Is this part of the game to retain customers or are they just plain incompetent. Have they actually lost my documents and this is just a stall? Please be advised that working with this company is a nightmare. Customer service is appalling.
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!
Several loans over the years have been taken over by SPS. Sent my payment short by $100 ($3300 payment, $1700 to principal.) Held my payment on time for shorting by $100 and charged me $168 late fee. No explanation that I shorted them by $100. Terrible statements. Had these loan for 12 years by B of A. Taken over by SPS last year. If I paid this month’s payment on time (12 years of on time payments) they may refund the late fee. Terrible customer service. They act like a collection agency rather than a mortgage service company.
Recently, I filed a claim with my insurance company regarding damages to my property. The insurance company granted my claim and issued a check endorsed to myself and Select Portfolio Servicing. I sent the check via certified mail to the Lost Draft Department. The check was mailed on September 17th, 2018 and received on September 19th at 11:40am. I called on September 21st to request the check be sent via overnight mail and I will pay any mailing fees. I was told by a representative in the List Draft Department that the check was endorsed and already in that day's outgoing mail. I asked if the mail hadn’t gone out for that day could she retrieve my check and send it overnight. She stated no.
On September 26th I contacted SPS Lost Draft Department to request a tracking number for the check that was sent on the 21st. I was informed by a representative that the check actually went out on September 24th via regular mail so there was no tracking number available. I informed the representative about my call on the 21st and she said that I must have misunderstood the representative. I was furious at that point and asked why would a company send a check that was over $6500 via regular mail. I sent the check via a Priority mail for $6.70 and they couldn’t at least spare that expense. To make a long story short, today is September 28th and I still don’t have the check. In addition I had to change my repair date from today to Oct 12th.
Luckily I contacted the contractor by 9:00am on the 27th because I would’ve incurred additional fees if the dumpster and other materials were ordered. I have contacted SPS several times on September 27th and asked to speak with a supervisor or manager, I was told they were not available but they would have someone contact me. Since I didn’t receive a call I contacted SPS today and I was transferred to a “supervisor's voicemail”. This company is horrendous. I should’ve known by the low budget website, that they were incapable of providing the service I deserve.
My home was originally financed by ING Direct. Few years ago Capital One Bank purchased ING and became my Mortgage Service provider. Even at that time, the service levels went from Good to Bad by taking away the late evening and weekend support. And by increasing overall costs from what it was before. And recently, I received a sneaky welcome packet that announced that the mortgage service provider has been switched to SPS. Just like that. I tried calling them multiple times to understand the whole deal. Frankly the experience I went through did not feel like it was dealing with a Mortgage company or a bank - it was more like dealing with a Collection Agency when you have defaulted on your payments!
They told me that I cannot make my mortgage payment online for free. I will need to go through a phone payment representative and I will need to pay a fee each time to use that service. The other option is to send the check by Mail and keep your fingers crossed that it reaches them on time every time. They tell me it could take about 2 weeks or 15 days to receive and process a check by Mail. I was further instructed that if the money does not get cashed out into the mortgage account by the due date I will need to pay a fine and late fee like the credit card late payment. Further, not so surprisingly, my rates got reset by 2 points. They act more like loan sharks. My humble suggestion is to if at all possible please look into taking your loan elsewhere before it is too late.
Capital One sold my HELOC and my first mortgage, to 2 separate, but equally inept "servicers". SPS has the first mortgage and it's been nothing but frustration during the transfer. I was assured that my auto draft payments would flow seamlessly, but that's hardly been the case. Their website is lousy, as is their call center. I don't have any confidence in this company and will look to pay off the mortgage as fast as possible.
I had my loan sold to SPS from Capital One Bank on August 31 2018. I was pretty much the perfect customer for Capital One ~ 830 credit score, lots of assets to cover every debt. I guess I'd never experienced the kind of nasty treatment that people less fortunate than me talk about. Now I have and I get it. First the transition was a mess - SPS won't use email for communication, they want $15 for online payment (really, I'm not exaggerating), and the people who answer your calls tell you a little as possible. They called me a dozen times for no purpose I could follow. I finally blocked inbound calls from their numbers to solve that.
The autopay is designed to cause you to miss your first payment, presumably so that they can collect a late fee if you don't notice. When you call, there is a warning that they collect debts, a request to record the conversation - basically everything designed to make you feel like you've asked to make a call from a state prison. If I decide to pay off early, I'll use return signature requested, as I would judge these people to be completely without moral character. I hope they sell my loan to someone else before then.
I recently had my loan transferred to them from Capital One Bank. I have never missed a payment, my credit is in the 800’s, the transition has been dreadful. They have called me out of the blue and asked me for personal verification...anyone that receives a call on a Saturday morning at 9am five on an 1-800 number should be reluctant to provide information. I ask what it’s concerning and they say they can’t give me any information. So I politely say I will call them back. I do and they say there is nothing on my file of why they are calling me. So why on earth would they call? It was then because it showed that someone had called me. They also do not have my loan papers, have not provided me with my request for verification that they actually own my loan. This doesn’t matter too much to me as I am sure that they do, but the level of service is downright rude. Really rude.
They record their phone calls and I would love to have them played for you because they treat you terribly. I had someone want to hang up after a couple minutes (I get it! I am certain everyone dislikes them and it’s hard to be in their job). The review is not the people it is the company practices that are horrid. I can mention more, the insulting behavior, the responses, the annoyance... all of this to remind you that I am current with an 840 credit score. I cannot imagine what people go through when they miss a payment. They are not pleasant to deal with. Nothing is redeemable, only the 4th person I talked to but she is one in 20.
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.
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.
Select Portfolio Servicing placed a modification on our home loan which we wanted. They had insurance on our house but always said that it would be cheaper and better if we took out our own so we did. We were told that taking out our own house insurance would not affect our modification. We got our house bill in and it keeps going up. Note when we first went under the modification we was told that our payment won't go up, well it's going up. Each time we talk to these scammers they tell us something different. I would avoid this company at all cost. If I had somewhere to move today I would pack up and move just so we don't have to deal with this crazy, rude, company. Don't do business with them!
My HSBC mortgage was sold a few years ago and is now serviced by Select Portfolio Servicing. Worst. Service. Ever. Website is horrible. Charge you $5 for electronic payments. Representatives are rude. To top it all off, it is going to take five days to provide me with a payoff quote. So glad I'll be done with them soon!!!
I have been working with SPS Servicing for months on a loan modification after my husband rather suddenly left me. Yesterday I received notification of default and foreclosure, four certified letters, two regular mail to "Occupant". Just how does a company justify putting a borrower into foreclosure and default while working with them on a loan modification? Why wasn't I afforded at least a phone call before receiving these certified letters and two days previously a letter of default taped to my front door with bright blue navy tape for all my neighbors to see? I knew nothing of these going ons until I began to receive calls from random realtors asking me if I would like to list my home with them and I'd better hurry as I was in default and only had 30 days left.
Marcus ** called today, Monday the 20th of August 2018 telling me not to worry, my loan modification was still in progress and I'd receive a lot of paperwork within the next few days. Seriously? They call me after all this ugly paperwork has been delivered and tell me not to worry that my modification is still in progress? I hope to the high heavens that none of you reading this get turned over to SPS Servicing, they are a collection company and they state it in their initial phone calls. When you go to their website it looks like a mortgage company, IT IS NOT! They are shysters and crooks.
Our loan was sold from HSBC also 2 years ago to SPS. Had no problems till this year as I was working a job that could support the payment. Then recently I lost my higher paying job, found a replacement job making a quarter of my previous salary. Started having financial issues in May 2018, contacted SPS for a loan modification, they snuck around on a Sunday night during my daughter's high school graduation party taking pictures of our house. Then came back and said the investor doesn’t do modifications and our only option was a short sale. We were and have been only 1 month behind. How can they do this to us?
For the last 2 YRS since my mortgage was sold to SPS each time I send a payment in they hold it for days before they post it to my bank. Only 2 times can I recall that it took 5 or 6 days. Most time from the time I mail it until they post it they take 9 to 16 days. I can send bills to Phoenix, Orlando, Dallas & 3 to 5 days it is posted to my bank. In fact anything else that goes to Salt Lake City Utah only takes 3 to 5 days to post to my bank. But with SPS it takes 9 to 16 days for them to post it to my bank and then they torment me by phone about payment. I told them to get off their last rear and post the customers' payments. I am not the only one that is having this problem. Hundreds of other people are too.
I sent in July payment and they claim they didn't received it. So I stop payment on check and did payment by phone and got a confirmation number. Then lo & behold they try to deposit the check they say they don't have. They told me they wouldn't try to deposit that check since I stop payment on it with my bank. They instead went ahead after I made phone payment with confirmation number they gave me and try to deposit the check they said they didn't receive. My bank returned it to them. Now SPS wants to charge me late fee and return check fee. I will not pay it.
This company hold people CHECKS and payments for many days before posting them in order to get late fees. They say they have no control over mail service. I check with post office site & it takes 3 to 5 days to get to Salt Lake City. But all SPS payments takes average 9 to 16 days to post. I told them that the post office must take ALL SPS MAIL AND PUT A STAMP ON A TURTLE SHELL & STICK THE BILL IN THE TURTLE MOUTH. To me SPS is a scam, fraud, and illegally waiting to post customers' payments in order to get late fees. I know I am not the only one having this problem. I think it is time the Federal authorities know how SPS is doing business. SPS is a dirty low down crooked company. And they should be exposed as such.
I have spoken to three different at SP services and each time the service has been excellent. All of the people were polite, patient and knowledgeable. Why and where all these negative come from amazes me. GOOD WORK SP.
Accredited Home Lenders was my original mortgage holder. They sent me a letter stating that my mortgage to SPS. When I contacted SPS seeking a modification, I was told that my lender did not allow modifications. They informed me that Accredited Home Lenders owned my mortgage and that Deutsche Bank was the holder. When I requested a modification, SPS sent someone out to take pictures of my home. They sent me list of homes that was sold in my area and suggested that I do a short sale. This is underhanded and scheming.
They are interested in holding the property. Why? There are at least 7 vacancies on my block that is sitting and dry rotting. These vacant properties are destabilizing the neighborhood. They would rather see it rot than for someone live in it. I am 66 years old and I have lived here 24 years. This seems to be very convoluted and underhanded. How do you not allow modifications? I have been paying a mortgage for 24 years and I owe $80,000 on a home that is worth $70,000. Why can't I get my mortgage modified?
We fell behind on our mortgage payments when both my parents passed away two months apart. Maybe 4 months at most. They stopped taking payments from us and SPS wanted us to modify our loan to catch up with payments. Four years (4 years!!!) later, they held up any decisions by asking for more paperwork, including the time we met with a mediator, they asked for a whole new package at the mediation. At least a dozen applications have been given to them. They have forced us to settle with the in rem and offered relocation money. They have screwed our credit up by continually reporting we aren’t making payments, even though they weren’t accepting them, and screwed our ability to get a conventional loan elsewhere.
After we settled with them, they have now come back and said the tell money is contingent upon their inspection. We didn’t ask for a deed in lieu, which for the hoops were jumping through, we should have. We have consistently had to follow up with them to see where we stand... FOR FOUR YEARS. This business is incompetent and the left hand doesn’t know what the right hand is doing. Horrible management. Horrible business practices. They should have had leniency with us do to the hardship of losing my parents. They are just getting paid by the government bailout. I hope a class action lawsuit is filed.
Select Portfolio Servicing Company Information
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- Select Portfolio Servicing