Select Portfolio Servicing

Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida.

Select Portfolio Servicing was created as a Utah company in 1989. Filings with both the Utah Secretary of State and the U.S. Securities and Exchange Commission (SEC) confirm this. Filings with the Utah SOS and SEC would more accurately confirm that **Fairbanks Capital Corp.** was created as a Utah company in 1989. Fairbanks changed its name to Select Portfolio Servicing in July of 2004.

In 2005, Select Portfolio Servicing was purchased by Credit Suisse, a financial services company, headquartered in Zürich, Switzerland. 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 Select Portfolio Servicing and its parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy included "the acquisition of Select Portfolio Servicing, a mortgage servicing company."

Select Portfolio Servicing has made dramatic changes to its practices since 2004, and the volume of unanswered and unresolved BBB complaints is declining.

Sub-prime Mortgages

Select Portfolio Servicing is one of the largest sub-prime mortgage servicing companies in the United States. It also performes fulfillment and underwriting functions for it's parent company, Credit Suisse. A sub-prime mortgage is a home loan given to consumers with credit scores ranging slightly to far lower than what a given lender considers prime. Lender viewpoints as regards what constitutes "prime" vary.

See also

• Subprime lending

External links

• SPS corporate website
• Google Finance – SPS Profile