Select Portfolio Servicing, Inc Debt Collection Complaint

Select Portfolio Servicing, Inc Debt collection department,

Mortgage False statements or representation Attempted to collect wrong amount Maryland

debt collector select portfolio servicing under the control of select portfolio servicing and -.debt collector - - and/or her daughter -. OWES - - - -, - and -, - - - -, - - - -, - - - - -. FTC, Subprime Mortgage Servicer Agree to Modified Settlement Agreement With Former - - Provides Additional Consumer Benefits For Release - -, -/-/- The Federal Trade Commission today announced that it has reached an agreement with a major subprime mortgage servicer to modify certain terms of a -/-/- court settlement, providing substantial benefits to consumers beyond those in the original settlement, including account adjustments and reimbursements or refunds of fees paid in certain circumstances. In - -, - - - and - - - - agreed to pay - to settle with the FTC and the U.S. Department of Housing and Urban Development ( HUD ), which charged them with engaging in a number of unfair, deceptive, and illegal practices in the servicing of


and SPS Holding Corp.The FTC conducted a review of Select Portfolio Servicing 's compliance with certain aspects of the -/-/- settlement. The FTC and Select Portfolio Servicing negotiated and agreed to several modifications of the settlement. HUD has also agreed to these changes, which include : A five-year prohibition on marketing optional products, which are products or services that are not required by the consumer 's loan ( such as home warranties ). Refunds of optional product fees paid by consumers in certain circumstances. Revised limitations on charging attorney fees in a foreclosure or bankruptcy to ensure that consumers receive full disclosures, including the actual amount due if they receive an estimated fee. Select Portfolio Servicing also will conduct reconciliations after payoff or foreclosure and reimburse consumers who may have paid for services that were not actually performed. Refunds for consumers who may have paid foreclosure attorney fees for services that were not actually performed since - -/-/-. A permanent requirement that consumers be provided with monthly mortgage statements containing important information about their loans. A requirement that Select Portfolio Servicing revise its monthly mortgage statements based on consumer testing performed by a qualified, independent third party ( which the company has already done ). A requirement that Select Portfolio Servicing continue to use a qualified, independent third party to perform annual audits of its compliance with key settlement provisions until -/-/-. The results of these audits will be subject to review by the FTC. Revision of specific provisions to permit Select Portfolio Servicing to engage in certain practices that were prohibited by the original settlement. For example, the modified settlement allows the company to hold or reject a payment that is more than $25.00 short of the consumer 's monthly principal and interest payment so long as the consumer receives prompt notice of the action. The settlement continues to prohibit the company from applying such payments to fees before principal and interest