Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in

Salt Lake City, Utah Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the Capital (political), capital and List of cities and towns in Utah, most populous city of Utah, United States. It is the county seat, seat of Salt Lake County, Utah, Sal ...

and

Jacksonville, Florida Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the largest city by area in the contiguous United States as of 2020. It is the seat of Duval County, with which the ...

History

Select Portfolio Servicing was created as a Utah company in 1989. Filings with both the

Utah Secretary of State The office of the lieutenant governor of Utah was created in 1975. Nine people have held the position since then. Prior to the creation of the lieutenant governor's office, the succession to the governorship of Utah was held by the Utah Secretary ...

and the

U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

(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 Holding (the parent company of Fairbanks Capital) was owned in part by PMI Group, Inc., and bond guaranty firm

Financial Security Assurance Financial Security Assurance (FSA) is a financial guaranty (or monoline) insurance company. In 2007, before the 2008 financial crisis, FSA was ranked number four among global monoline credit insurers. FSA insured primarily municipal bonds, asset-b ...

. In November 2003, Fairbanks Capital Corp. and Fairbanks Capital Holding Corp. agreed to pay $40 million to settle with the FTC and the

U.S. Department of Housing and Urban Development The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Urb ...

(HUD), which charged them with engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans. The Commission distributed the $40 million as redress to affected consumers. The settlement also imposed a number of specific limitations on Fairbanks’s ability to charge fees and engage in certain practices when servicing mortgage loans. Fairbanks changed its name to Select Portfolio Servicing, Inc. effective June 30, 2004 according to its Articles of Amendment. Around the same time Fairbanks Holding renamed itself to SPS Holding Corp. In 2005, Select Portfolio Servicing was purchased by

Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...

, a financial services company, headquartered in Zürich, Switzerland. According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, Credit Suisse First Boston (USA), Inc. now known as Credit Suisse, purchased Select Portfolio Servicing and its parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy included "the acquisition of Select Portfolio Servicing, a mortgage servicing company." In 2007, the FTC conducted a review of Select Portfolio Servicing’s compliance with certain aspects of the 2003 settlement. The FTC and Select Portfolio Servicing negotiated and agreed to several modifications of the settlement. HUD has also agreed to these changes. As of July 2020, Select Portfolio Servicing's current CEO and President is Randhir Gandhi.

References

External links

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Google Finance – SPS Profile

Federal Trade Commission Press Release

Legal Struggles with SPS and Other Mortgage Servicers
{{Credit Suisse Credit Suisse Mortgage lenders of the United States Financial services companies of the United States Subprime mortgage crisis

History

See also

References

External links