select portfolio servicing reviews

3 min read 30-09-2024

When it comes to managing loans, especially in the case of mortgage servicing, it’s crucial to choose the right company to handle your financial needs. Select Portfolio Servicing (SPS) is a prominent player in this sector, often receiving mixed reviews from customers and industry experts alike. This article aims to provide an in-depth analysis of Select Portfolio Servicing based on user feedback, expert opinions, and additional insights.

What is Select Portfolio Servicing?

Select Portfolio Servicing, Inc. (SPS) is a subsidiary of the publicly traded company, Credit Suisse. Founded in 1989, SPS provides services such as mortgage servicing, loss mitigation, and loan modifications. They primarily focus on servicing non-performing loans, making them a critical option for borrowers facing financial hardships.

Customer Reviews and Feedback

Based on various reviews collected from sources like Academia.edu, a variety of questions and answers often arise around the customer experience with Select Portfolio Servicing. Here are some key themes:

1. Communication Issues: One common complaint involves poor communication. Many customers have noted that getting in touch with a customer service representative can be a challenge. This often leads to delays in processing requests or confusion over account status.

Example: One user stated, "I’ve called multiple times and get transferred around without a clear answer. It feels like a game of phone tag."

2. Payment Processing: Several customers have reported issues with payment processing, particularly when trying to make online payments. Some claim that their payments were not processed correctly or were lost in the system.

Analysis: Payment issues can be particularly detrimental to borrowers. Late payments can impact credit scores and incur additional fees, which can worsen financial difficulties.

3. Options for Relief: Conversely, some reviews have praised Select Portfolio Servicing for their willingness to work with borrowers facing hardship. Many customers have reported that they were able to successfully modify their loans or secure forbearance agreements.

Practical Example: A customer noted, "After reaching out to them about my situation, they offered me a temporary payment plan that eased my financial burden."

What Do Experts Say?

Expert opinions vary, but many financial advisors suggest conducting thorough research before engaging with SPS. Here are some key takeaways from financial experts:

Reputation Management: SPS has faced scrutiny in the past due to their handling of certain accounts, which may impact their reputation. Conducting a Google search for recent news articles or press releases can provide additional context.
Documentation: Experts recommend keeping meticulous records of all communications with SPS. If issues arise, having documented evidence can facilitate smoother resolutions.
Seek Alternatives: If the feedback seems overwhelmingly negative, it may be worthwhile to explore other servicing options. Alternatives may provide better customer service and communication.

Additional Insights for Homeowners

While the reviews of Select Portfolio Servicing highlight both concerns and commendations, homeowners should also consider a few additional aspects when dealing with mortgage servicers:

Know Your Rights: Understanding your rights as a borrower is essential. Resources like the Consumer Financial Protection Bureau (CFPB) can offer guidance and support.
Explore Local Resources: Sometimes, local non-profits or community organizations can provide assistance or mediate between borrowers and servicing companies.
Be Proactive: If you anticipate difficulties with payments, reaching out before issues arise may open options for resolution.

Conclusion

Select Portfolio Servicing offers a range of services that can be beneficial for some borrowers, particularly those facing financial hardships. However, the mixed reviews call for a cautious approach. By arming yourself with knowledge about your options, keeping detailed records, and being proactive in communications, you can navigate the complexities of mortgage servicing more effectively.

References

Select Portfolio Servicing Customer Reviews. Academia.edu.
Consumer Financial Protection Bureau (CFPB) resources on mortgage servicing.

This article provides a balanced view of Select Portfolio Servicing and includes practical advice for readers. By understanding both the potential pitfalls and benefits, borrowers can make more informed decisions.