I recently did a BPO for a new company and a few days later the Bank Rep called me, 1st time someone has called to tell me he thought my BPO was dead on. We chatted for a few minutes and he stated that he wanted me to sign up with Select Portfolio Servicing to get the listing, he was also going to make a call to make sure that they spoke to me. I did get the call and filled out the application form. I received the approval last nite. Now that I'm approved and have read the listing agreement, I'm wondering if this is a good move. I'd be interested in hearing from those of you who have worked for them. Any feedback both positive and negative would be appreciated. I don't want to tie up my finances for too long, is the turn around for reimbursement decent? etc.
Anonymous
Thank you everyone for your feedback on Select Portfolo Services. Unfortunately most did not come in time for me to use in my decision making, but fortunately, my broker and I chose not to work with them. We felt the terms let us to open to legal issues and the amout of work they wanted me to do for the amount they were willing to pay was not worth it to us.
Thanks again for all the feedback. I hope it is useful to others also.
I am working with Resnet on foreclosures and that is working out nicely.
Aug 18, 2009 02:12 AM
#9
Simple Realty - Stockton, CA
I have worked with Select Portfolio for several years; these guys are the best asset Management Company around. They do have a ton of tasks; however once you learn their systems it is a piece of cake. The asset managers are all friendly and will pile the assignments on you. This year alone I have closed 260+ listing with these guys and am thankful to have them as a client in this economy!! Once you pass the learning curve, I guarantee, you will love working with these hard working and dedicated asset managers.
Aug 26, 2009 02:39 PM
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Linda McKissick
Bend, OR
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services
Anonymous
I looked at all the postings here, but no where on any of their websites or in these posts did I get the answer I was looking for. I would like to send them my information about our Receivership services and portfolio via email. Anyone have a personal asset manager I can contact with my information? We work with servicing companies Nationwide Thanks! http://www.dmfcourtreceiver.com. Nationwide services.
Apr 15, 2010 11:57 AM
#12
Anonymous
Well I did close a shortsale with SPS in 8 days. I was very surprise of the short time getting the approval. I did send my broker package last December 2009 and so far I don't get any response. Does any one has an e-mail or phone number to check up the status of my application.
Tank you so much
Sep 16, 2010 08:45 PM
#13
Anonymous
Well I did close a shortsale with SPS in 8 days. I was very surprise of the short time getting the approval. I did send my broker package last December 2009 and so far I don't get any response. Does any one has an e-mail or phone number to check up the status of my application.
Tank you so much
Sep 16, 2010 08:47 PM
#14
Anonymous
I'm trying to contact someone at select portfolio servicing reo. They have my EMD check and the listing agent or the buying agent will not give me the contact person.
I'm also looking for more houses to buy.
I'm trying to reach the asset manager Emma Shaner.
-Regie
Oct 25, 2011 02:44 PM
#17
Anonymous
I am a homeowner who has been victimized by this co. I am suing them for the abusive BPO's, etc. They were the 1st servicer of record sued by the FTC for mortgage crimes. SEE FTC vs Fairbanbanks Capital now known as SPS. Many homeowners like me are fighting back. I have caught their illegal, trespassing agents on my lawn at my front door. Next BPO agent to trespass will meet my big dog for a friendly chat & my attorney! Many homeowners have caught on to the fraud so, you better know before you trespass what SPS is doing to the homeowner. SPS is a third party debt collector...not the mortgagee. Many times there is a missing assignment of mortgage in the land recorda on these fraud securitized loans. If I catch one of you realtors tresspassing on my lawn I will film you and have you arrested. So, if I am doing this so are other homeowners awakening to it. DON"T trespass or go to jail! Don't aid them in the greatest mortgage crimes in US history!
Oct 22, 2012 01:24 PM
#20
Cabins & Canoes - Port Jervis, NY
Assoc. Broker, CBR, CHMS
Donna, I'm sorry you have had such a horrible experience with past BPO Representatives. I choose not to work for SPS and I was not getting a warm fuzzy feelling from them. I do want to address the BPO Representative (Real Estate Agent) trespassing on your property. We are not to go on the property for an exterior BPO. The only time we should be on the property when we are doing an interior. By then you are working somethingo out or you are not longer in the home. Occassionaly I will be confronted by an angry homeowner or thoughtful neighbor. I'm happy to provide my business card and to even allow them to see my work order. If I am on a public property and I have all my paperwork, I'm not breaking any law. We may not like it but anyone can stand in the street and take pictures of our homes.
Oct 22, 2012 11:27 PM
Cabins & Canoes - Port Jervis, NY
Assoc. Broker, CBR, CHMS
I am happy to share my experience on how I finally was paid. However, please understand I do not work to SPS and I will no longer do BPO's for that company.
After 6 months of calling and promises that I would be receiving payment with 6 weeks, each time I called. I never did. It took some doing but I eventually found out what state they are incorporated in (Colorado). I then contacted Corporate Headquarters and told them that due to their lack of payment I would be contacting the Attorney Generals office in both Colorado and NY (where I'm Licensed). I then wrote a letter to both and faxed a copy to SPS, stating that if I did not hear from them with a firm date to expect payment. They missed it and I sent the letter and faxed it to them. Also stating that I was going to go online, contact others who had not received payment and start a class action suit.
That did it, I had my check 3 weeks later. For $775. Mind you BPO's pay between 50 and 85 dollars, so that was a lot of BPO's.
Jul 24, 2013 05:26 AM
Perkins Realty LLC - Columbia, KY
Anonymous
SPS has changed dramatically. They use a platform provided via another company to handle all of the "back end" communications, listings, etc. It is not made public and unless you have access to it, you probably won't find it. On another note, we have been with SPS for over 10 years now and though it has changed, it still proves to be a profitable partnership. You just have to know how to manage your time with them and yes, you do need some cash reserves to run utilities and repairs, but they do reimburse for those expenses. Just have to be creative in how you handle getting your money back. Wish you all well and do agree with you on one thing. BPO's are a waste of time and what little money anyone wants to pay for them.
Mar 19, 2015 10:45 AM
#26
Rainer
63,129
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Virginia (Ginger) Schott
Assoc. Broker, CBR, CHMS
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