Do you do REO's for Select Portfolio Servicing - looking for feedback

By
Real Estate Agent with Century 21 Geba Realty Assoc.

I recently did a BPO for a new company and a few days later the Bank Rep called me, 1st time someone has called to tell me he thought my BPO was dead on.  We chatted for a few minutes and he stated that he wanted me to sign up with Select Portfolio Servicing to get the listing, he was also going to make a call to make sure that they spoke to me.  I did get the call and filled out the application form.  I received the approval last nite.  Now that I'm approved and have read the listing agreement, I'm wondering if this is a good move.  I'd be interested in hearing from those of you who have worked for them.  Any feedback both positive and negative would be appreciated.  I don't want to tie up my finances for too long, is the turn around for reimbursement decent?  etc.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
professional experience feedback need on select portfolio servicing

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Anonymous
brad

Steer clear of SPS.....VERY CROOKED Heres some good info http://selectportfolioservices.blogspot.com/

Mar 19, 2009 12:31 PM #5
Anonymous
Anonymous

Please someone contact me I'm a victim of sps too.

Jun 18, 2009 01:33 PM #6
Anonymous
Ozlen Green

Be very careful.  I worked with them for 2 years.  Finally gave up.   Yes they are crooks.  Asset Manager offered $2000.00 bonus to selling agent past February of 2009.  They denied the bonus  at the closing.  The other Broker demanded the bonus from us.   Rightfully so.  You may end up holding the bag. They do want you pay for everything, pay utilities, repairs.  Good luck getting your money back.

Jul 15, 2009 01:41 PM #7
Anonymous
Alen

Anyone have information on the REO dept or the forclosure dept? A phone number or anything??

Aug 17, 2009 04:45 PM #8
Anonymous
Virginia (Ginger) Schott

Thank you everyone for your feedback on Select Portfolo Services.  Unfortunately most did not come in time for me to use in my decision making, but fortunately, my broker and I chose not to work with them.  We felt the terms let us to open to legal issues and the amout of work they wanted me to do for the amount they were willing to pay was not worth it to us. 

Thanks again for all the feedback.  I hope it is useful to others also.

I am working with Resnet on foreclosures and that is working out nicely.

Aug 18, 2009 09:12 AM #9
Rainer
578
Lateef Palmer
Simple Realty - Stockton, CA

I have worked with Select Portfolio for several years; these guys are the best asset Management Company around. They do have a ton of tasks; however once you learn their systems it is a piece of cake. The asset managers are all friendly and will pile the assignments on you. This year alone I have closed 260+ listing with these guys and am thankful to have them as a client in this economy!! Once you pass the learning curve, I guarantee, you will love working with these hard working and dedicated asset managers.

Aug 26, 2009 09:39 PM #10
Rainmaker
920,339
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

I just popped in to see what people had to say.  Diverse opinions here.

Jan 21, 2010 11:36 PM #11
Anonymous
Danielle Watson

I looked at all the postings here, but no where on any of their websites or in these posts did I get the answer I was looking for. I would like to send them my information about our Receivership services and portfolio via email. Anyone have a personal asset manager I can contact with my information? We work with servicing companies Nationwide Thanks! http://www.dmfcourtreceiver.com. Nationwide services.

Apr 15, 2010 06:57 PM #12
Anonymous
Alfredo Miranda

Well I did close a shortsale with SPS in 8 days. I was very surprise of the short time getting the approval. I did send my broker package last December 2009 and so far I don't get any response. Does any one has an e-mail or phone number to check up the status of my application.

Tank you so much

Sep 17, 2010 03:45 AM #13
Anonymous
Alfredo Miranda

Well I did close a shortsale with SPS in 8 days. I was very surprise of the short time getting the approval. I did send my broker package last December 2009 and so far I don't get any response. Does any one has an e-mail or phone number to check up the status of my application.

Tank you so much

alfredo675@gmail.com

Sep 17, 2010 03:47 AM #14
Anonymous
lucinda

what is wrong with you peaple,sps they are a fraud, take a look at the hell they put peaple in,look it up on the internet?

Sep 19, 2010 10:02 AM #15
Anonymous
pete

SPS=FRAUD , Yes its true they are trying there best bs with me. DO NOT DO BUSINESS WITH THEM YOU WILL REGRET IT.

Feb 18, 2011 04:24 PM #16
Anonymous
Regie

I'm trying to contact someone at select portfolio servicing reo. They have my EMD check and the listing agent or the buying agent will not give me the contact person.

I'm also looking for more houses to buy.

I'm trying to reach the asset manager Emma Shaner.

 

-Regie

Oct 25, 2011 09:44 PM #17
Anonymous
Ron

Regie,

Were you ever able to contact this Emma Shaner? I too had  deal going to buy a home and have run into nothing but troubles with this group. I sure would like to find a way of contact her, so I could give her a piece of my mind.

 

Thanks.

 

Mar 27, 2012 06:50 AM #18
Anonymous
Drew

Does anyone have a contact # for them? I am interested in trying to purchase a note from them.

Thanks,

Drew

Jul 17, 2012 07:06 AM #19
Anonymous
Donna Blizzard

I am a homeowner who has been victimized by this co. I am suing them for the abusive BPO's, etc. They were the 1st servicer of record sued by the FTC for mortgage crimes. SEE FTC vs Fairbanbanks Capital now known as SPS. Many homeowners like me are fighting back. I have caught their illegal, trespassing agents on my lawn at my front door. Next BPO agent to trespass will meet my big dog for a friendly chat &  my attorney! Many homeowners have caught on to the fraud so, you better know before you trespass what SPS is doing to the homeowner. SPS  is a third party debt collector...not the mortgagee. Many times there is a missing assignment of mortgage in the land recorda on these fraud securitized loans. If I catch one of you realtors tresspassing on my lawn I will film you and have you arrested. So, if I am doing this so are other homeowners awakening to it. DON"T trespass or go to jail! Don't aid them in the greatest mortgage crimes in US history!

Oct 22, 2012 08:24 PM #20
Rainer
61,870
Virginia (Ginger) Schott
Century 21 Geba Realty Assoc. - Port Jervis, NY
Assoc. Broker, CBR, CHMS

Donna, I'm sorry you have had such a horrible experience with past BPO Representatives.  I choose not to work for SPS and I was not getting a warm fuzzy feelling from them.  I do want to address the BPO Representative (Real Estate Agent) trespassing on your property.  We are not to go on the property for an exterior BPO.  The only time we should be on the property when we are doing an interior.  By then you are working somethingo out or you are not longer in the home.  Occassionaly I will be confronted by an angry homeowner or thoughtful neighbor.  I'm happy to provide my business card and to even allow them to see my work order.  If I am on a public property and I have all my paperwork, I'm not breaking any law.  We may not like it but anyone can stand in the street and take pictures of our homes. 

Oct 23, 2012 06:27 AM #21
Anonymous
Markola McLaughlin

I have done Listing before for SPS and for the past year I have not got any thing from your company.  Can you please help me and tell me what I need to do.

Jul 24, 2013 07:07 AM #22
Rainer
61,870
Virginia (Ginger) Schott
Century 21 Geba Realty Assoc. - Port Jervis, NY
Assoc. Broker, CBR, CHMS

I am happy to share my experience on how I finally was paid.   However, please understand I do not work to SPS and I will no longer do BPO's for that company.

 

After 6 months of calling and promises that I would be receiving payment with 6 weeks, each time I called.  I never did.  It took some doing but I eventually found out what state they are incorporated in (Colorado).  I then contacted Corporate Headquarters and told them that due to their lack of payment I would be contacting the Attorney Generals office in both Colorado and NY (where I'm Licensed).  I then wrote a letter to both and faxed a copy to SPS, stating that if I did not hear from them with a firm date to expect payment.  They missed it and I sent the letter and faxed it to them.  Also stating that I was going to go online, contact others who had not received payment and start a class action suit.

That did it, I had my check 3 weeks later.  For $775.  Mind you BPO's pay between 50 and 85 dollars, so that was a lot of BPO's.

 

Jul 24, 2013 12:26 PM #23
Rainer
2,008
Tim Perkins
Perkins Realty LLC - Columbia, KY

Thanks for sharing your experience Virginia.

Jan 27, 2014 06:49 AM #24
Post a Comment
Spam prevention
Show All Comments
Rainer
61,870

Virginia (Ginger) Schott

Assoc. Broker, CBR, CHMS
Ask me a question
*
*
*
Spam prevention

Additional Information