Comment

Comment by Greg Kristy on November 20, 2018 at 3:55pm

Kay VanKampen I have also had the opposite experience from you, but hear of similar accounts.  Now that SPS has become the largest loan servicer in the country, I can assure you there is a method to their practice.  Your situation lists decisions that only the true investor, standing right behind SPS, whispering into their giant ear, what to do.  I have been able to infer that there is a "read this out loud to the borrower/negotiator"  and a "don't read this part out loud" section.  Thanks to a funny experience=D

Comment by Kay VanKampen on November 20, 2018 at 2:15pm

I have reached out to the Ombudsmen Team several times.  Will do it again until I receive answers.  Thanks for your help.

Comment by Brett Goldsmith on November 20, 2018 at 12:51pm

Contact the ombudsman. SPS is one of my favorite servicers to work with. There are always exceptions though that come around!

Comment by Mary S on November 20, 2018 at 12:01pm

Have you tried reaching out to the Ombudsmen Team at SPS? They are very helpful.

Comment by Kay VanKampen on November 20, 2018 at 10:43am

Surprising, I've closed well over 300 short sales.  I am that experienced short sale negotiator that know the "ropes' with these lender.  I even hired an attorney experienced in short sales.  This is not the problem.

Comment by Tony Morales on November 20, 2018 at 10:32am

Seems like you have gotten a lot of misinformation.  I have been very successful in obtaining approvals from SPS as I know their process better than some of their employees. I only speak to their Utah office, not Floridal.  I also try to contact a manger as they know me . You should consider hiring an experienced short sale negotiator that knows  the "ropes" with these lenders and so you can get paid!

Comment by Kay VanKampen on November 20, 2018 at 10:01am

After working a file for 1 1/2 years now, I am still waiting for an approval.  Just remember, whoever answers the phone, knows nothing..........absolutely nothing!  I've am on my 3rd offer, 4th appraisal or bpo and a complete file that they said will take 30 business days to receive a response.  A response is defined as: a counter, a denial, them closing the file stating the paperwork is out of date (after waiting over 30 days for a response), or that your authorization is outdated.  Any excuse they can come up with.  Also, remember if you submit additional documentation, that 30 business days starts all over and you are back to day 1.  This, by far is the worst company I've ever worked with.  Anyone know how to go around them and complain to higher officials?

Comment by Tony Morales on November 8, 2017 at 6:58am

Actually, Catalina, they are not in violation of CFPB guidelines which state that a servicer/lender does not have to review for a short sale if the sale date is within 37 days. There are new CFPB guidelines as of Oct 4, 2017. Short sales will become more difficult.  Agents need to hire skilled negotiators that know how to deal with these banks and get the foreclosure sale postponed

Tony Morales

TM Short Sales Consulting

Comment by Catalina Castaneda on November 8, 2017 at 6:49am

I wanted to pick everyone's brain. I’m trying to start a short sale with SLS (I’ve never worked with them before) and now they’re coming up with this dumb excuse that a short sale is not an option because I should have started it no less than 30 business days (not calendar days) from the sale date (which is December 12th). Their website clearly states that they only need 30 CALENDAR days from receipt of documents to come up with an approval or denial.

I believe they are in violation of CFPB guidelines… can you assist?

Anyone I can contact to escalate the issue?

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

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. 

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