Select Portfolio Servicing, Inc.

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Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida.

According to the following Better Business Bureau (BBB) report [1], this company has an "unsatisfactory record with the Bureau due to unanswered and unresolved complaints. As of March 8, 2006, a total of 699 complaints had been documented over 36 months, with the vast majority of these originating prior to the sale of SPS to Credit Suisse First Boston. The BBB further reports a pattern of complaints involving incorrect or delayed payment posting and "other accounting delays or errors." Perhaps most significant to homeowners, however, are BBB reports of consumers alleging forced and unwarranted foreclosures. Historically only half of these claims are ever determined to have merit and SPS has been very cooperative in settling these in a timely and professional manner."

According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, Credit Suisse First Boston (USA), Inc. trade name for Credit Suisse, purchased SPS and it's parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy included "the acquisition of Select Portfolio Servicing, a mortgage servicing company."

SPS has made dramatic changes to its practices since 2004, and the volume of unanswered and unresolved BBB complaints is declining.

SPS was created as a Utah company in 1989. Filings with both the Utah Secretary of State and the SEC confirm this. Filings with the Utah SOS and SEC would more accurately confirm that **Fairbanks Capital Corp.** was created as a Utah company in 1989. Fairbanks changed it's name to Select Portfolio Servicing in July of 2004.

Despite the name change & reports to the contrary, there are still homeowners experiencing problems with this company as of March 2007. One such homeowner, Michael Dillon, has a website at http://www.getdshirtz.com where he details his ongoing battle with the company that began in 2001 before they changed their name from Fairbanks Capital Corp.. In August 2006, New Hampshire Superior Court Justice Gillian Abramson, as part of a Contempt Order against SPS, ordered that SPS CEO Matthew Hollingsworth provide an affidavit to her Court detailing, among other things, what, if any, steps SPS has taken in order to comply with all her Orders as they pertain to Mr. Dillon's case. To date, SPS has failed to fully comply with the Contempt Order. Although Mr. Dillon has been granted a permanent injunction preventing Fairbanks/SPS from taking his home, his legal battle with the company is ongoing.

In February of 2007, Mr. Dillon filed damages litigation naming Select Portfolio Servicing, Inc., The PMI Group, Merrill Lynch Mortgage Capital, Merrill Lynch Mortgage Investors, and SPS' local counsel Harmon Law Offices as Defendants.

Mr. Dillon is not the only victim that has fell prey to Select Portfolio Servicing, Mr. and Mrs. Donald Martin have a Civil Lawsuit against SPS as well, a lawsuit that they are forced to conduct Pro Se. The Martins have managed to keep thier case in an Ohio Federal Court for 2 years. The Martins have been vitims of Fairbanks Capital Corp/SPS since September 2002. They were current on all thier mortgage payments and SPS states that they were in defalt at the time of acquisition. Even though the Martins have proved over and over of this untruth, SPS still unlawfully tries to take their home.

[edit] Sub-prime Mortgages

SPS is one of the largest sub-prime mortgage servicing companies; it does not underwrite or sell loans. Incidentally, a sub-prime mortgage is a home loan sold to consumers with credit scores ranging slightly to far lower than what a given lender considers prime. Lender viewpoints as regards what constitutes "prime" vary. .