Is Select Portfolio Servicing a mortgage company?

Is Select Portfolio Servicing a mortgage company?

Select Portfolio Servicing, Inc. (SPS) is an industry leading mortgage servicer. Founded in 1989, SPS is headquartered in Salt Lake City, Utah with an office in Jacksonville, Florida.

What type of company is Select Portfolio Servicing?

Select Portfolio Servicing, Inc. operates as a mortgage servicing company. The Company specializes in the servicing of single-family residential mortgage loans. Select Portfolio Servicing offers its services in the United States.

Does Select Portfolio Servicing defer mortgage payments?

Modification –We may be able to provide you with a more affordable monthly payment by making changes to the terms of your mortgage loan. These changes may include a reduction of your interest rate, a partial payment deferral or an extension to the maturity date of your mortgage loan.

Does Select Portfolio Servicing report to credit bureaus?

How does SPS collect my personal information? We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Can you refinance with Select Portfolio Servicing?

No. SPS is not a bank so we do not refinance. If you would like to refinance you house, please contact the bank or lender of your choice to start the process.

Is SPS a collection agency?

Select Portfolio Servicing, Inc. is a debt collection company located in West Valley City, Utah, with an office in Jacksonville, Florida. It was established in 1989, has over thousands of employees across its two locations, and is managed by its President, Timothy O’Brien.

What is the difference between a loan servicer and lender?

Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer is the company that sends you your mortgage statements. Your servicer also handles the day-to-day tasks for managing your loan. Your servicer may or may not be the same company that originally gave you your loan.

What is SPS on credit report?

Select Portfolio Servicing is a loan servicing company based in Salt Lake City, Utah, with an additional office in Jacksonville, Florida. Founded in 1989, SPS is not accredited by the Better Business Bureau (BBB) and has received hundreds of complaints for billing/collection problems and potential FDCPA violations.

Can a loan servicer foreclose a mortgage?

Servicers cannot foreclose on a property if the borrower and servicer have come to a loss mitigation agreement, unless the borrower fails to perform under that agreement.

How do I know if my loan is Fannie or Freddie?

If the property or mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you should contact them directly before involving FHFA:

1. Fannie Mae can be reached at 800-232-6643 or Fannie Mae’s website​.
2. Freddie Mac can be reached at 800-373-3343 or Freddie Mac’s website.

Can lender sell your mortgage?

Federal banking laws allow financial institutions to sell mortgages or transfer the servicing rights to other institutions. Consumer consent is not required when lenders sell mortgages. Don’t panic if you discover that your mortgage now belongs to another institution. Remember: a loan is a loan no matter who owns it.

How do I know if my loan is federally backed?

Nearly half of the nation’s mortgages are owned or backed by Fannie Mae or Freddie Mac. If you do not know who owns or backs your mortgage, you can ask your servicer. Your servicer is obligated to provide you, to the best of their knowledge, with the name, address, and telephone number of who owns your loan.

Are all mortgage loans federally backed?

Conventional conforming mortgage loans must adhere to guidelines that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) set. These loans are available to everyone, but they’re more difficult to qualify for than VA-guaranteed and FHA-insured loans.

What percentage of loans are federally backed?

About 50% of all mortgage loans in the U.S. are backed by a GSE, which makes them by far the most popular choice for millions of homeowners. There are five different types of federally-backed mortgages: FHA.

Are bank loans federally backed?

Government loans are loans insured or backed by the U.S. federal government. There are many types of government loans, including loans for veterans, college education, mortgages, disaster relief and for opening a business.

Can a bank call your mortgage loan?

The bank can “call” the loan and demand full payment of the remainder of the loan immediately. While this practice is legal if disclosed in the terms of the loan, a bank likely will never call the loan unless you fail to meet the loan’s terms. For example, one or more late payments might trigger a call on the loan.