SPS Select Portfolio Servicing, inc

Information

SPS Select Portfolio Servicing, inc

Loan Resolution Department Phone: Fax: 1-888-818-6032 1-801-293-3936 Loan Resolution Hours: Monday - Thursday 8:00am - 11:00pm EST Friday 8:00am - 9:00pm EST Saturday 8:00am - 1:00pm EST

Website: https://www.spservicing.com
Location: Pasadena, California
Members: 220
Latest Activity: Feb 23

Short Sale information for Select Portfolio Servicing

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Select Portfolio Servicing Short Sale Requirements

Have the borrower call 1-888-818-6032. After SPS determines eligibility submit;

  • Letter documenting your current financial hardship.
  • A copy of the current listing agreement.
  • If there is an offer pending on the home, a copy of the purchase contract
  • The HUD-1 Settlement Statement signed by all parties.

Email your documentation to shortsale@spservicing.com

Or Fax to 801-270-7833

ESCALATION INFORMATION FOR SELECT PORTFOLIO SERVICING

You may contact the Select Portfolio Servicing Consumer Ombudsman through the following channels:

By email at ombudsman@spservicing.com
By phone at 866-662-0035
By fax at 801-293-3943

Discussion Forum

Loan got Transfered to SPS by Chase after getting short sale approval from 2nd lien holder..

Started by Rashida Furniturewalla. Last reply by Rashida Furniturewalla Aug 9, 2016. 2 Replies

The short sale I was working with CHASE got transferred to SPS on August 1st 2016. This property has two liens on it. I got an approval from the second lien holder which expires on August 29th. And…Continue

Tags: transfer, sale, short, CHASE, SPS

HAFA SHORT SALE (SPS IS 2ND) demaning $12000 (which is 75% of UPP)

Started by Jason Sanseverino. Last reply by Alexis Adams Mar 30, 2015. 3 Replies

All -I have a HAFA short sale with SLS (1st) and SPS (2nd).I have approval from SLS - the approval offers SPS 10% of UPP (which is $3300). SPS is demanding $12000 (HAFA MAX o junior lien). I…Continue

SPS Refusal to extend close by 10 days (including weekend/holidays) Day of Close Canceled!

Started by Linda Boller. Last reply by Linda Boller Dec 31, 2014. 2 Replies

We have been negotiating a Short Sale in Florida since July. SPS finally accepted offer mid November with a close on or before 12/19. Title Company was working on IRS Tax Lien release. Broker said he…Continue

Escalation to SPS

Started by N S Jul 20, 2014. 0 Replies

Hello everyone,We are buyers in a SS which has two liens with SPS and one with the IRS. After waiting forever, we finally got approval from the IRS but it's only valid through JULY 31.SPS had…Continue

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Comment by Maureen Gillespie on March 18, 2014 at 4:42pm

Hi Has any one had SPS say that the mortgage insurance company wants $13,000 cash at closing, or a note for 15000 for 60 months at 250 per month to get the approval to close?  This is the first time I have had this happen with any of my short sales.  How do I verify it is the mortgage insurance co requesting this and not SPS themselves?  

 

Thanks for your help in advance   Maureen

 

Comment by Dawn Welch on December 18, 2013 at 4:34pm

Wow!! My 3rd deal with SPS and they certainly haven't improve.  Communication is unbelievable. I started with Chase which gave an approval 1 day before transfer to SPS on 11/1.  Started communication with SPS a few days after the transfer, I made sure I sent over a copy of the Approval letter, 3rd pty Authorization and Hud1.  Buyer cancelled couple weeks after.  I submitted a new buyer and all required documents, which they informed and confirmed nothing else is needed or missing and we are still in the same position.  Now they are just about to start the denial process which they claim will take 3-5 days, and then will start a new review.  Let's see how this goes. smdh.

Comment by Jessica Griffith on December 9, 2013 at 1:39pm

OCC%20Complaint%20Form.pdf

1. File a complaint with the OCC, providing detail about the file. (form attached)

2. Call SPS and ask for the office of the president fax no, then fax a copy of the complaint to them so you're not waiting for the OCC to send it to them (incl all supporting documentation for the file)

3. Prepare your own BPO and/or provide buyer's appraisal with a copy of the complaint and loan approval, indicating buyers house must appraise in order to get financed. 

Or try this first:  Send an email to dennis.ulibarri@spservicing.com   (maybe he can help? I think he works in the REO dept, so good luck!)

Comment by Garey Keathley on December 7, 2013 at 12:20pm

I have a short sale with SPS that began in July.  Everyone is polite and nothing gets done.  Especially aggravating is that it is an FHA loan and since the change in FHA short sale policy on Oct. 1, a BPO was ordered and completed by an agent from another part of town.  Appraised value was 92K.  The BPO value - 121K - so SPS wants a counter (really just a demand for a higher offer) closer to the BPO value and ignores the appraised value.  To contest the BPO requires another appraisal or BPO be performed at the buyer's expense.  Be careful about a BPO when an appraisal has already been completed.

Comment by Tracey Semelsberger on October 15, 2013 at 2:20pm

can anyone share a copy of an Approval letter from SPS? I am debating whether to work with them or not on a  clients sale.

Thank You

Comment by Isaac Ramirez on April 30, 2013 at 2:39pm

I recently had a Bank Of America approval $100,000 agreed purchase price, $3,000 seller concessions and $6,500 in seller relocation assistance  Right before we would close Bank of America sells the loan to SPS. After weeks of awaiting a "transfer" SPS states they will not honor our original approval with BOA due to the letter expiring...After a few more months have passed SPS tells us that they will not accept our offer and it needs to be increased and we had to reduce the compensation to the 2nd also remove seller concessions and sellers relocation assistance. After doing so buyer then walks, we get a new buyer in offering CASH and now we are being told that we have to increase our offer to $115,000.00... The house is only worth $100,000 tops!!! Plus has flood damage... I need a supervisor, the customer service reps only read the notes from the system. I need to talk to the person who is writing the notes, please help!!

Comment by Freddie Castaneda on April 8, 2013 at 9:25am

When I was dealing with SPS i had emailed the ombudsman and that didnt really get me anywhere.  We also had a three way with a manager and the homeowner and I didnt have any success with moving the file.  SPS is tough company to work with.

Comment by PHILIP FRANCIS LEWERTH on April 8, 2013 at 9:13am

Does "anyone" have a number/ name to escalate a file with Select Portfolio ??? Please .....!!!

Comment by PHILIP FRANCIS LEWERTH on April 7, 2013 at 6:47am

I was working on a short sale with BOA ( both first and second) and in 90 days they were just about ready to issue an approval when the first was sold to Select portfolio and the second was sold to green tree. Green Tree has been great. Select portfolio a nightmare....This process started in August ....Every time i get someone on the phone the rep says something different and always comes up with something new. No consistency... Any suggestions on a high level escalation ???

Comment by Jessica Griffith on April 5, 2013 at 4:02pm

As long as your t's are crossed and i's are dotted, you will have your file pushed into review within 3-4 months of submission and an approval letter within 30 days of the negotiator being assigned the file.  It's a very small company based in Utah and I know people there on a personal level, they are inundated and doing the best they can. 

 

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