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: 222
Latest Activity: May 9

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

Comment Wall

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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?

Comment by Brett Goldsmith on May 9, 2017 at 10:44am

@kimberly, they consider that commission. They don't want to see brokers getting more money than what they allow. Any servicer who pays attention to the buyer side likely would deny it.

Comment by Tony Morales on May 9, 2017 at 10:40am

Kimberly, I don't understand the issue.  Is the listing agent splitting their commission with you?  Are you charging the buyer a separate fee above what the listing agent is giving you?  and what would that fee be for anyway?

Comment by Kimberly S. Ruley on May 9, 2017 at 10:33am

Greetings! I have 2 short sales with SPS. I represent the buyer also and charge them a broker fee on line 704 of the HUD. SPS is telling me to remove it because according to their guidelines, commission caps at 6%. I am asking for it to be reviewed again because it's not coming out of the lender's pocket, only the buyer. Has anyone had this issue? It makes absolutely no sense to me. I've never had this issue with other lenders.

 

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