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

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Comment by Greg Kristy on November 20, 2018 at 6:55pm

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 5:15pm

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 3:51pm

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 3:01pm
Have you tried reaching out to the Ombudsmen Team at SPS? They are very helpful.
Comment by Kay VanKampen on November 20, 2018 at 1:43pm

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 1:32pm

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 1:01pm

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 9:58am

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 9:49am

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 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. 

 

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