Is SPS mortgage a collection agency? (2024)

Is SPS mortgage a collection agency?

Founded in 1989, SPS has headquarters in Salt Lake City, Utah, although they do have a Jacksonville-based office here in Florida. Primarily a mortgage servicer, SPS manages the day-to-day administration of mortgage accounts, including the collection of regular monthly mortgage payments.

Why did my mortgage get transferred to SPS?

Homeowners are often transferred to SPS once they become delinquent on their mortgage payments. Many lenders try to protect their brand when it comes to foreclosing on homeowners.

What type of company is SPS?

Select Portfolio Servicing, Inc. (SPS) is an industry leading mortgage servicer.

Is a mortgage servicer considered a debt collector?

The Fair Debt Collection Practices Act (“FDCPA”) provides that a mortgage loan servicer is not governed by the FDCPA–because the servicer is not a “debt collector.” However, federal appellate courts and trial courts have held/ruled that a mortgage loan servicer who is assigned a mortgage loan debt while it is in ...

What bank owns SPS servicing?

SPS was acquired by Credit Suisse Group AG (CS) in 2005. In June 2023, the Union Bank of Switzerland Group AG (UBS) announced its acquisition of CS. UBS is now the ultimate parent company of SPS.

How do I stop my mortgage from being transferred?

As a homeowner, you typically cannot prevent your mortgage from being sold or transferred. The lender has the legal right to sell the mortgage to another entity, lender or investor, under federal law and under the terms of your loan contract (read the fine print).

Is Select Portfolio Servicing a collection agency?

Select Portfolio Servicing, like most collection agencies, wants to set up recurring payments from consumers; imagine how much money it can earn if hundreds, even thousands, of consumers electronically pay them $50 – $100 or more per month.

Who owns SPS mortgage?

Who owns SPS companies?

SPS is an Employee Owned Company (ESOP) and has been since 1989. Our employees have a vested interest in SPS, which leads to greater motivation and productivity as they are really “owners” rather than “employees”.

What does SPS do?

SPS Commerce helps retail trading partners work better together. We empower data collaboration in the retail supply chain with an expert team, proven process and industry-leading technology.

What happens if my mortgage goes to collections?

Sometimes, collections agencies may even be able to put a lien on your home. This means that if you don't pay the judgment, they could try to take your house from you, or that when you sell the house, you need to pay the creditor with money from the sale.

What is the difference between a debt collector and a collection agency?

Debt collectors can include collection agencies or lawyers who collect debts as part of their business. There are also companies that buy past-due debts from creditors or other businesses and then try to collect them.

Do you skip a payment when your mortgage is transferred?

You have a 60-day grace period after a transfer to a new servicer. That means you can't be charged a late fee if you send your on-time mortgage payment to the old servicer by mistake — and your new servicer can't report that payment as late to a credit bureau.

Can I refinance my SPS mortgage?

How can I refinance my loan with Select Portfolio Servicing, Inc.? Select Portfolio Servicing, Inc. is a loan servicing organization. As such, we do not refinance loans. Please contact a bank or other lending institution to refinance your account.

How many loans does SPS service?

As of June 30, 2023, SPS serviced 914,898 residential mortgage loans with an unpaid principal balance of $175.8 billion, representing approximately 0.7% decrease in portfolio by loan count YoY.

How do I contact SPS servicing?

First-time issues should be directed to the SPS Customer Service Department at 800-258-8602. If you still have an unresolved issue or are dissatisfied with the service you have received from SPS, click here for information about how you can contact the SPS Consumer Ombudsman Department.

Why was my loan transferred to specialized loan servicing?

Within the mortgage industry, mortgage loans are often transferred from your original lender to a company like Specialized Loan Servicing LLC that concentrates on processing payments, providing escrow administration and general activities associated with your mortgage loan after it has been funded.

Is it common for your mortgage to be sold?

While selling mortgages is extremely common, it's important as a homeowner to understand the process as well as who is involved. No matter where life takes you – whether that's a new home or a home refinance – we're here to help you every step of the way. by see your options so you can make the best financial decision.

Can I prevent my mortgage from being sold?

As a homeowner, you typically cannot prevent your mortgage from being sold or transferred. The lender has the legal right to sell the mortgage to another entity, lender or investor— under federal law and under the terms of your loan contract (read the fine print).

How serious is a collection agency?

If your debt is sent to collections, the legal and financial consequences can be significant. If you don't pay what you owe, you risk damage to both your credit scores and your credit reports for up to seven years. If you're contacted by a debt collector, first confirm that you do in fact owe the debt.

How do you know if a collection agency owns the debt?

This can make it hard to know who you're supposed to pay. There are two main ways you can find out which collection agency you owe: Contact the original creditor to ask which collection agency now owns the debt. Check your credit report.

How do I know if a collection agency is legitimate?

Search for the company name on the internet, review their website, call their number, etc. Do your homework. If they refuse to answer all of your questions, there's a good chance you're in the middle of a scam. Don't respond and file a complaint with us.

Who is the CEO of SPS loan servicing?

"We believe that this combination of two highly rated and well-recognized brands will create a stronger company to better serve our customers, clients, regulators and associates," said SPS CEO Randhir Gandhi.

Who is the CEO of SPS servicing?

Select Portfolio Servicing's CEO is Randhir Gandhi. Select Portfolio Servicing's key executives include Randhir Gandhi and 6 others.

What is the phone number for selective portfolio servicing?

Payments can be made over the phone at (800) 258-8602. You may make a payment through our automated system or by speaking to a representative. Payments will be withdrawn from your bank account, so please have your account and routing number ready. Credit and debit cards are not accepted.