Select Portfolio Servicing, Inc. (f/k/a Fairbanks Capital Corp.) serviced my mortgage loan after it was sold in the secondary mortgage market. I was one of the many who opted out of the class action settlement in order to pursue my rights in State Court (New Jersey Consumer Fraud Laws tend to be more stringent than Federal Laws governing FDCPA, FCRA, TILA, RESPA, etc).
Select Portfolio Servicing continues to be in violation of the class action settlement in my particular case because they inflated payoff quotes (11) and posted incorrect credit information with the three major credit bureaus regarding my account. Their own internal accounting demonstrates that they still owe me a substantial amount of money. After I sold my house in December the loan that they serviced was paid off using the inflated payoff quote provided by them.in November I wrote a letter (Qualified RESPA Request) that detailed the inflated payoff to Matt Hollingsworth (CEO, Select Portfolio Servicing) and I carbon copied a number of regulatory agencies, organizations and other pertinent people. The cc list included the Chairman of PMI Group (Roger Haughton), Servicer Ratings Agencies and the FTC. Nothing was done about the erroneous payoff before I closed the sale of my house.in essense, I was forced to overpay SPS/Fairbanks Capital thousands of dollars in order to get clear title on the house.
Over five (5) months after selling my house, SPS/Fairbanks Capital mailed a refund check (over $6,000.00) to me without any explanation or detailed accounting. This amount was still short and the balance owed to me remains unpaid. CSFB appears to be complicit in the equity stripping scheme. So much for Best Practices!
If your mortgage is serviced by these people, be vigilant about your rights or they will trample them. Google a few terms to educate yourself (Brian Barr, W. Craig Kenney, mortgage servicing fraud, securitization, RMBS, tranches, servicer ratings, pooling and servicing agreements, secondary mortgage market, BASEL II, Thomas Basmajian, PMI Group, CSFB, etc.)
Lastly, everyone of us adversely affected by poor servicing practices should be responding to proposed rule changes to BASEL II. Some very influential financial institutions would like nothing more than to turn consensus rulemaking into joke. Let's not let them!
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