SELECT PORTFOLIO SERVICING: TO IMPLEMENT PRUDENT AND FAIR SERVICING PRACTICES

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SELECT PORTFOLIO SERVICING: TO IMPLEMENT PRUDENT AND FAIR SERVICING PRACTICES

SELECT PORTFOLIO SERVICING: TO IMPLEMENT PRUDENT AND FAIR SERVICING PRACTICES

  1. Petition by

    chris wyatt

    Spring, TX, United States

 My name is Chris Wyatt, I am a former Litton Loan Servicing executive who left the mortgage and banking industry in 2010 after 21 years in the business to consult with homeowners and their attorneys on mortgage-related cases. I have been retained as an expert in a number of high profile cases, including class action cases involving loan modifications, HAMP, force placed insurance, and property inspection fees, brought against the mortgage loan servicing industry. In addition, I was recently contacted by a prominent and aggressive state regulator seeking assistance in providing documentation and evidence reflecting wrongful servicing practices occurring with the mortgage loan servicing industry.

 Over the past several months, I have been attempting to assist a number of Select Portfolio Servicing homeowners’ who are, among other things, enduring a never ending cycle of frustration and confusion concerning the servicing practices of Select Portfolio Servicing. Based on my review, Select Portfolio Servicing has, among other things, failed to appropriately and timely apply payments, assessed unwarranted fees, failed to timely respond to loan modification requests, or wrongfully denied a loan modification requests.

 For example, Select Portfolio Servicing advises a homeowner seeking loss mitigation options that a single point of contact (“relationship manager”) has been assigned to assist with the communications, questions, or status’ during the loss mitigation process. Contrary to this assertion and mandates issued by regulators, I found that homeowners are being tossed from one representative to another when seeking information concerning the status of loss mitigation. If that is the case, why even tell homeowners that they have been assigned a dedicated relationship manager?

 Given the foregoing and the lack of good faith effort on Select Portfolio Servicing’s part to assist homeowners, one of which is elderly, I believe it is in best interest of homeowners to join together and seek regulatory intervention into the servicing practices of Select Portfolio Servicing. In order to obtain regulatory intervention, we must be able to a larger number of documented instances of unfair and deceptive practices being utilized by Select Portfolio Servicing.

 Therefore, I am requesting homeowners execute this petition and consider providing me documented details concerning their experience with Select Portfolio Servicing in order to show regulatory agencies that Select Portfolio Servicing is operating in a manner that is contrary to mandates issued by regulatory agencies for prudent and fair servicing practices.

 For clarification, I do not charge individual homeowners for any of my consulting, assistance, or review services and will not divulge any information concerning a homeowner’s account without their express permission. Instead, my efforts are intended to assist homeowners with navigating the frustrating world of mortgage loan servicing and to force appropriate changes in the practices of Select Portfolio Servicing to ensure all homeowners are receiving fair and equitable treatment.

 If you have interest in contacting me directly or sharing your story, you may email me at cwyatt@wyattconsultingservices.com

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4 Responses to “SELECT PORTFOLIO SERVICING: TO IMPLEMENT PRUDENT AND FAIR SERVICING PRACTICES”

  1. howard says:

    I sent select profile everything they asked I called them time and time about my
    Modification and after 2 yrs they still want me to send them the same info I already gave them I called them and told them I sent it and why you keep asking me for the same thing I already sent you now the closed the modification and got a sheriff sale. Don’t know what’s going on

  2. Baychar says:

    The same has happened to many more.
    B

  3. Terry Pitts says:

    The ENFORCEMENT DIVISION OF (CFPB) Consumer Financial Protection Bureau is very interested in the results of the review realated to (SPS) Select Portfolio Servicing unfair practices in RE: to servicing mortgage loans, illegal foreclosure,etc call 855 830-7880

  4. Terry Pitts says:

    The ENFORCEMENT DIVISION OF (CFPB) Consumer Financial Protection Bureau is very interested in the results of the review realated to (SPS) Select Portfolio Servicing unfair practices in RE: to servicing mortgage loans, illegal foreclosure,etc call 855 830-7880 the CFBP Will send a complaint packet to you IM NOT GOING TO GIVE IN TO SPS WHO’S WITH ME

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