Is Select Portfolio Servicing a debt collector?

Select Portfolio Servicing, Inc. is a debt collection company located in West Valley City, Utah, with an office in Jacksonville, Florida.

What kind of company is Select Portfolio Servicing?

Select Portfolio Servicing, Inc. (SPS) is an industry leading mortgage servicer. Founded in 1989, SPS is headquartered in Salt Lake City, Utah with an office in Jacksonville, Florida. At SPS, our on-going mission is to provide servicing solutions that exceed expectations.

Does Select Portfolio do loan modifications?

Select Portfolio Servicing (SPS) offers several Home Retention Options for borrowers who fall behind on their mortgage payments and want to stay in their home. These options, detailed on their website, include: Loan modification. The terms of your mortgage will be modified to make your payments more affordable.

What bank is SPS?

Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida.

Why was my mortgage transferred to SPS?

Homeowners are often transferred to SPS once they become delinquent on their mortgage payments. Changes may include a lower monthly payment, a lower interest rate, a partial deferral, or reduction of principal owed, or an extension of your maturity date.

How do I get a payoff from Select Portfolio Servicing?

There are several ways you may obtain a payoff quote:

1. Online. Request a payoff quote through this website.
2. Phone. Call one of our experienced Customer Service representatives to request a payoff quote.
3. Mail* Send your request to: Select Portfolio Servicing, Inc. Attn: Payoff Dept.
4. Fax* Fax your request to 801-269-4269.

Why did chase sell my mortgage to SPS?

Similarly, why did chase sell my mortgage to SPS? SPS is a mortgage servicer, which means we manage your account on behalf of the note holder. SPS is not a bank so we do not refinance. If you would like to refinance you house, please contact the bank or lender of your choice to start the process.

Is SPS servicing federally backed?

SPS, a subsidiary of Credit Suisse CS, +1.73% CSGN, +1.97% , didn’t respond to requests for comment. Moroni and Knapp’s loan is one of the roughly 14.5 million single-family mortgages — about 30% of the total outstanding — that are privately owned and have no federal backing.

Does SPS servicing refinance?

Can SPS refinance my house? No. SPS is not a bank so we do not refinance. If you would like to refinance you house, please contact the bank or lender of your choice to start the process.

Does it matter if your mortgage is sold?

A transfer or sale of your mortgage loan should not affect you. “A lender cannot change the terms, balance or interest rate of the loan from those set forth in the documents you originally signed. The payment amount should not just change, either. And it should have no impact on your credit score,” says Whitman.

Why is my mortgage being sold so often?

In hopes of a quicker profit, lenders will often sell the loan. If servicing a loan costs more than the money it brings in, lenders may attempt to sell the servicing of it to lower their costs. The lender may also sell the loan itself to free up money in order to make more loans.

Is Select Portfolio Servicing part of Wells Fargo?

Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. For instance, a company like Wells Fargo does not want their brand associated with a foreclosure, so it’s likely they will transfer your servicing to a company like SPS once you become 60+ days past due.

What will happen with mortgage forbearance?

“Forbearance is not loan forgiveness. “Borrowers will need to make both the regular mortgage payments and also all the payments they missed while the loan was in forbearance.” You will typically have several options for repayment once forbearance expires: Full repayment, which is a one-time lump sum payment.

What happens if your loan gets sold?

Mortgages are bought and sold all the time. If you receive a notice that your mortgage has been sold, the terms of the loan — your interest rate, monthly payment and remaining balance — will not change.

Why does my mortgage keep getting sold?

Is it bad when your mortgage get sold?