Select Portfolio Servicing (SPS) Mortgage Modification Process

Select Portfolio Servicing, Inc. (SPS) Modification process goes through a similar to lending industry standard process:

1. Interview By Phone This Phone Call Starts The Loan Modificaiton Review Process
2. Package Submission Completing Select Portfolio Servicing’s Request for Mortgage Assistance (RMA) Forms And Package Of Paperwork Will Require The Fianances To Be Documented And The Borrower To Provide Supporting Documents.
3. SPS’s BPO  (Broker’s Price Opinion) Valuing The Property May Be Required (If, Applicable) – Often This May Also Be Done Via An Automated Valuation Model (AVM)
4. Negotiations The Modification Review Is A Process, The Terms Are Reviewed, Negotiated and Sent To Underwriting For Approval
5. Modification Approval/Decline Servicer Responds On Behalf Of The Investor

We lament that the process is never this easy though. We, Absolute Consultant Group (ACG), support homeowners through the loan modification process with their mortgage servicer. Cicles are typical with the SPS’s Loan Modification Process. Having to resubmit things to the lender is also typical.  The transfer game from department to department like running around from SPS’s Mortgage Loan Modifiation Department (Loss Mitigation) to Select Portfolio Servicing’s Customer Service Department is also quite normal. Submitting the wrong information on your application, getting denied, and not being able to figure out what happened is why coming to our staff can help you avoid a lot of heartache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Select Portfolio Serivcing’s Home Mortgage Loan Modification Timeline

 A company like SPS Mortgage has a lot of levels of bureacracy. As such, Select Portolio Servicing Mortgage’s Loan Modifcation timelines vary often on things that are straight forward but not always. Here are a few of the reasons this question has such sticky answers.

 For one, SPS, is simply a loan servicer; It says it in their name Select “Portfolio Servicing”. They are representing debt on someone elses behalf. This limits all decision making on the part of Select Portfolio. As a home loan note servicer they follow the Pooling and Servicing Agreement (PSA) for each and every loan. This is like an agreement with each institution (investor). They might be delegated to make certain decisions on behalf of the investor they service the loan for but in many cases they are not delegated (non-delegated). This means that for any loan modification term they want to to make they have to get approval from the investor. Certain investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the process of making decisions and do it themselves. In a heavily regulated business the more hands invovled in each review the longer it takes leaving Select Portfolio Servicing with their hands tied.

• Another issue, with Select Portfolio Servicing’s modification timeline is priority. The servicer has to prioritize by the date the application was received but it can also be influenced by other factors. Libe many businesses this is a first come first service until you ask if, “Does my SPS home loan mortgage have a foreclosure sale date?” If you have a pending foreclosure auction date it is likely you will be pushed to the front of the line and considered sooner for mortgage relief assistance. You have to keep in mind though that servicers, such as Select Portfolio Servicing (SPS), have homes on the foreclosure chopping block almost every day. Sadly, a week from today, thought the pressure is on for the homeowner, is not worked as quickly as you might want because there are many foreclosures going to sale. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, not all mortgage workouts were created equal. There are a large number of programs each with its different terms for how they would modify your loan. Typically, if the first modification type doesn’t work they will review you for the next one, and so on, until they find a mortgage solution that works. Departments due to this “waterfall” process are often very specialized so many times different represenatives handle different parts of the review. An example of this is how Loan modification negotiators review only loan mods while short sale negotiators only review short pays (discounted payoffs). 

SPS’s Home Mortgage Loan Modification Timeline Conclusion: While it would be nice to give our clients  a specific turn around time for their modification to bereview the timelines will vary greatly from customer to customer. Whether the decision can be made by the servicer themselves or if they have to send it  out for the investors appoval, whether you fit the first plan you are reviewed for or the 11th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your Select Portfolio Servicing’s Home Mortage Loan Modifiication to be reviewed.

Dealing With An Select Portfolio Servicing (SPS) Loan Modification Decline

Have you been declined by SPS? Has Select Portfoilo Servicing denied your Often dealing with an Home Loan Modification Decline may be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your SPS Home Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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