Select Portfolio Servicing: Difference between revisions
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'''Select Portfolio Servicing, Inc.''' (SPS) is a loan servicing company founded in 1989 with operations in [[Salt Lake City, Utah]] and [[Jacksonville, Florida]]. |
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According to the following [[Better Business Bureau]] (BBB) report [http://www.saltlakecity.bbb.org/commonreport.html?bid=2003108], this company has an "unsatisfactory record with the Bureau due to unanswered and unresolved complaints." As of March 8, 2006, a total of 699 complaints had been documented over 36 months. The BBB further reports a pattern of complaints involving incorrect or delayed payment posting and "other accounting delays or errors." Perhaps most significant to homeowners, however, are BBB reports of consumers alleging forced and unwarranted foreclosures. |
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According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, [[Credit Suisse First Boston]] (USA), Inc. trade name for [[Credit Suisse]], purchased SPS and it's parent holding company for $144.4 million. |
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Credit Suisse's [http://www.credit-suisse.com/investors/en/ib_strategy.html Investment Banking Strategy] included "the acquisition of Select Portfolio Services, a mortgage servicing company." |
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== Legal settlements == |
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* On January 5, 2005, the [[attorney general]] of the state of [[West Virginia]] recovered $5,435,761.06 from the company in a settlement for violations including "impermissible debt collection fees and charges" and failing to credit accounts. [http://www.wvs.state.wv.us/wvag/annualreports/2005annualreport.pdf 2005 Annual Report, West Virginia Attorney General's Consumer Protection and Antitrust Divisions (PDF)] |
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* On November 12, 2003, the company [http://www.ftc.gov/fairbanks/ settled federal charges of law violations] with the [[Federal Trade Commission]] for $40 million. |
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* [[The Salt Lake Tribune]] reported on July 2, 2004 that: |
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:''"Beleaguered Fairbanks Capital Corp. of Salt Lake City, which late last year was thrust into the spotlight after it agreed to pay $40 million to settle allegations it mistreated customers, has a new name: Select Portfolio Servicing Inc. The name change follows months of effort by Fairbanks to distance itself from bad publicity associated with investigations by the Federal Trade Commission and the U.S. Department of Housing and Urban Development that led to the hefty fine.."'' |
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:The article ran on page E1 and was titled '''Fairbanks Capital hopes name change improves its image'''. |
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==External link== |
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* Home page: http://www.spservicing.com/ |
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[[Category:Mortgage lenders]] |
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