SPS Select Portfolio Servicing, inc

Information

SPS Select Portfolio Servicing, inc

For Short Sale - Overview

Homeowners interested in pursuing a short sale, can call 888-818-6032 to speak with a Loan Servicing Representatives

To speak to a Loan Servicing Representative to Help you with answers to your questions regarding the status or history of your account call please call 888-818-6032

Representatives are available 

Monday through Thursday from 8:00 AM to 11:00 PM, Eastern Time.

Friday from 8:00 AM to 9:00 PM, and Saturday from 8:00 AM to 2:00 PM,Eastern Time.

Website: https://www.spservicing.com
Location: Pasadena, California
Members: 227
Latest Activity: Dec 4

Short Sale information for Select Portfolio Servicing

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Select Portfolio Servicing Short Sale Requirements

Short Sale - Overview Link to the website

Government Counseling / Resources for homeowners link to website

Have the borrower call Short Sale Department 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.

fax, or email your documentation to:

  • Fax:
  • 801-270-7833
  • Mail:
  • Select Portfolio Servicing, Inc.
  • P.O. Box 65250
  • Salt Lake City, UT 84165-0250

ESCALATION INFORMATION FOR SELECT PORTFOLIO SERVICING

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

By email at [email protected]
By phone at 866-662-0035
By fax at 801-293-3943

Discussion Forum

Short Sale -> Short Pay

Started by Greg Kristy. Last reply by Brett Goldsmith Dec 4. 7 Replies

Has anyone been offered this option via SPS?  This little known, sister to the Short Sale, is claimed to be like a short sale except without the arms-length restrictions.  However no closing costs,…Continue

Select Portfolio is Stalling

Started by Kay VanKampen. Last reply by Greg Kristy Nov 20. 1 Reply

I have worked a short sale for over a year with Select Portfolio Servicing.  I'm now on the 3rd offer.  This offer was presented in May, when I sent all the paperwork to the bank.  In July, I was…Continue

Tags: Short, Sales, Bank, Chase, Portfolio

SPS 2nd mortgage

Started by ash lomont. Last reply by Tony Morales Oct 24. 7 Replies

Hello,I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac…Continue

Tags: SPS, Mr., Cooper, mac, freddie

Will Select Portfolio Servicing contribute to the 2nd lien

Started by Juan Reyes. Last reply by Tony Morales Jun 1. 2 Replies

I just initiated a SS with SPS and when I was on the phone with the rep I asked how much does SPS normally contribute to the 2nd lien holder in order for them to approve the short sale... She then…Continue

Comment Wall

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Comment by DIMITRI PETROVSKY on August 8, 2017 at 11:30am

Thanks Tony, I actually didn't realize they might be working out of different location. I was tempted to mention CFPB but bit my tongue for now. Figured I would give them a good fight in few days if I don't get anywhere. 

Comment by Tony Morales on August 8, 2017 at 11:13am

Dimitri  try to talk to only the Utah office and not the Florida office. There is a huge difference of customer service between these two offices.  When I call and ask if I have reached the Jacksonville office and told yes  I say thank you and hang up and repeat calling until I reach Utah. Most of the decision makers are in Utah. No way should your file be delayed because someone did not know how to scan. All they had to do was pull up your email again.  I challenge them with that stupid 30 day policy every time. I have even told them that they are violating CFPB guidelines

Comment by DIMITRI PETROVSKY on August 8, 2017 at 10:53am

This used to be the fastest and easiest company to work short sales through. Don't know what happened but they are weird. Have 2 files with them, first one they seem to have lost the bpo, kept telling me a new one was ordered and now today they tell me file was closed out due to no access. This is crazy, I have keys to the house, they kept telling me for the past month that just wait someone will contact me to get access. Now they reopened my file and ordered a new bpo, lets see what happens now. The other file the 30 day review clock was reset because they are saying the mls sheet was cut off on scan, which is weird because it was emailed and I saw it clearly but now 30 days becomes 60 days. Very frustrating to deal with them. Asked if file can be escalated to a management was told there is no reason for it. Feel like I'm in the twilight zone with these people. 

Comment by Kimberly S. Ruley on May 9, 2017 at 12:33pm

Tony, I've done exactly that numerous times and have never won that battle. Any tips? SPS even asked me to do an addendum to the listing noting a max of 6% commission.

Comment by Tony Morales on May 9, 2017 at 11:39am

In my previous employment in a short sale department  we would consider those low value properties and approve a flat fee instead of a commission.  Usually around $3,500.00. In the future, if you have a similar short sale, demand a flat fee instead of a commission. have the seller complete what ever listing form you have in your state to agree to a flat fee and submit that with your offer

Comment by Kimberly S. Ruley on May 9, 2017 at 11:27am

Ok thanks all! I will wait for the underwriter's response and then move on. It's just such a low dollar sale (under $40,000) that I don't like to sell myself short

Comment by Tony Morales on May 9, 2017 at 11:25am

So is it similar to a Transaction coordinator or office administration fee? which here in Calif ranges from $300-450. if so then it may apply on standard sales but not on short sale  be thankful that the other short sales you did not not have you remove it

Comment by Thom Colby CA Brkr 888-391-5245 on May 9, 2017 at 11:25am

That used to be a practice here in CA but was ruled to not be allowed as it is truly "extra commission".  If it were me, I would drop the Broker Fee and be thankful they are allowing you to receive both sides of the commission.

Comment by Kimberly S. Ruley on May 9, 2017 at 11:18am

In my market, the broker fee is common. It is an additional fee charge to a  buyer or seller for the coordination and legwork that's done once we go under contract on a  home. In this situation, I am a dual agent representing both sides and wonder if that's why it is an issue. I've done many short sales and have never seen a bank ask for it to be removed.

Comment by Thom Colby CA Brkr 888-391-5245 on May 9, 2017 at 11:15am

Kimberly S. Ruley - what EXACTLY is the "Broker Fee" for?

 

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