SPS Mortgage Servicing
Select Portfolio Servicing (SPS) is a specialty servicer that focuses specifically on servicing non-performing and sub-performing mortgage loans. SPS's entire business model revolves around loans in o…
Portfolio Size
$120+ billion servicing portfolio
Customer Service
888-818-6032
Loss Mitigation
888-818-6032
Website
SPS.comLoss Mitigation Programs
SPS offers the following loss mitigation programs. Availability depends on your loan type (FHA, VA, USDA, GSE conventional) and investor guidelines. Not all programs are available for all loans.
Servicing Practices
- Specialty servicing of non-performing and sub-performing loans
- In-house default management and foreclosure processing
- Loss mitigation department with tiered review structure
- Escrow administration for non-performing loans
- Bankruptcy monitoring and proof of claim filing
- Investor reporting for private-label and distressed portfolios
Foreclosure Timeline
SPS, as a specialty servicer handling predominantly distressed loans, maintains an active foreclosure pipeline. In non-judicial states, SPS foreclosures typically complete in 90-150 days from referral. SPS has been cited by regulators for premature foreclosure referrals while loss mitigation applications were pending — the classic dual tracking pattern. In judicial states, timelines vary by jurisdiction.
Consumer Complaint Patterns
SPS ranks disproportionately high in CFPB complaints relative to its portfolio size. Top categories: struggling to pay mortgage, loan modification application delays, dual tracking (foreclosure proceeding during modification review), payment misapplication, and credit reporting errors. A notable pattern: SPS sends borrowers conflicting information — a letter saying modification is under review while simultaneously sending a foreclosure notice.
Regulatory Actions & Enforcement
SPS has been subject to CFPB supervisory activity and enforcement actions related to servicing practices. The CFPB's Supervisory Highlights identified servicing issues at specialty servicers consistent with SPS complaint data, including: failure to properly evaluate loss mitigation applications, premature foreclosure referrals, and failure to maintain adequate policies and procedures for loss mitigation processing.
Homeowner Tips for Working with SPS
1. SPS's entire business exists to handle distressed loans — document every interaction meticulously because SPS's processes are designed for volume, not individual attention. 2. If SPS sends you conflicting letters (one about loss mitigation, one about foreclosure), immediately request clarification in writing and file a CFPB complaint — this is a red flag for dual tracking. 3. Submit complete loss mitigation applications with a detailed cover letter and send by certified mail with return receipt AND fax (keep the fax confirmation). 4. If assigned a single point of contact, document every interaction — if SPS changes your SPOC without notice, this may be a RESPA violation.
How Professional Law Assist Helps with SPS Foreclosures
SPS's specialty servicing model makes these cases documentation battles. We audit the servicing file end-to-end, identify RESPA and TILA violations, enforce dual tracking protections, demand compliance with loss mitigation timelines, and leverage SPS's regulatory history to secure proper handling of your application. In our experience, SPS responds to formal legal intervention far more readily than to borrower self-advocacy.
Get a Free Case Review →Frequently Asked Questions — SPS
Why does SPS service my loan instead of my original lender?▼
How do I know if SPS is violating dual tracking rules?▼
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