628 views
New Reviewer
1 comment
stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
1.0

I just recently had my loan transferred to SPS since my lender sold the loan to a different investor. I've been with them for less than 30 days but so far I have not gotten the warm and fuzzies at all.

As do however suspected this company is bruital on those it does service. Fortunately my loan is current, I've only missed one payment (and that was to get my original banker/servicer to call me regarding doing a loan modification) they wouldn't call so I allowed the loan to go past 30 days which caught their attention and I finally got a call and was able to get the modification. We renegotiated the loan, wiped out the credit dings, and we all moved on with life. I've never missed a payment since nor before all that. The modification occured around 4 or 5 years ago and 2 years ago I excercized my right to call again for a loan modification since rates continued to drop and they would not refinance me. The first modification didn't lower the rate just the payments adding any unpaid principle to the end of the loan based on the lower payments. So it wasn't much of a deal but I have no plans on having this home paid for at my age anyway. I suppose that's why it was eventually sold to another investor who unfortunately uses this company to service their loans. Guess the old lender/servicer wasn't making enough money on the loan anymore.

My concern is why or how did I end up with a subprime servicer, just for excercizing my rights as a homeowner to ask for and get a loan modification? From what I have read SPS services has taken over loan servicing from all the lenders who fell during the bubble most of which were Subprime lenders and lent money to anyone who could fog a mirror. All of which today are either out of business been absorbed by larger banks, or were bailed out only to dump their bad paper on Fannie and Freddie so the public at large is now left holding the bag (so to speak) .

I feel working with them is like being punished for being fiscally wise with my investments. Because my terms were modified at a considerably lower rate because I as a homeowner that I exercized this right. In in most contacts only very few even know it exists. Since BB&T refused to refinance me after 10 years of paying a loan rate that was absurd given how low they were I called in my option to ask for a modification. Which lowered my loan interest by 2.5%, now I feel like I'm being punished for using my rights in the contracts to renegotiate my loan terms. Most people are even aware this is an option I only know this because I was in the mortgage industry for 10 years so I know how it works.

I will be documenting everythign that occurs with this servicer moving forward, including the first tid bit of questionable material I received from them which was: They sent me a blank authorization form for signature which would entitle them to verfiy my loan balance. I have not and will not be sending this in, since as a new servicer they would have received all the information they need to know what the balance is on my two loans. Given my last payment, interest rate, daily rate and first payment I just sent them. If I can figure it out they sure as heck can, or they need to go back to basics and learn how to service loans since it's just a matter of simple arithmetic.

Please keep my information on file should a class action occur for this loan servicer. I sincerely hope it does, since they seem to be predatory from the get go. Even to those of us who are not behind or ever we classified as being a mortgagee on a D paper loan.

Reason of review: Poor customer service.

Select Portfolio Servicing Cons: Customer service rep was hostile.

Location: Owings, Maryland

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Guest

Very rud people to talk to.

Select Portfolio Servicing Reviews

  1. 114 reviews
  2. 13 reviews
  3. 5 reviews
  4. 3 reviews
  5. 4 reviews
Select Portfolio Servicing reviews