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: 222
Latest Activity: Aug 8

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

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

Comment Wall

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Comment by Russ Trinidad on August 8, 2017 at 12:17pm

Dimitri, I am currently going through a similar experience with SPS. In May 2017 I submitted a complete file. I call every 3 days to get status and never speak to the same person. A transaction manager is assigned to the file but is not anymore abreast of the file then the call center. Most of the time they say that the file is still in underwriting and no further documents are needed. When they do ask for updated documents (because they are expiring) its one at a time and each time it adds another 5 days. I have escalated to the ombudsman and filed complaints with CFPB but did not get any support from either. CFPB contacted SPS and SPS said they needed to update document. CFPB accepted their answer and closed my complaint. I have been doing short sales for 5+ years and SPS is by far the worse. My advice is to be proactive but also notify the buyers agent that it WILL take longer then a normal SS and to set the buyers expiations. 

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.

 

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