
SPS Mortgage Servicing is a company that handles the day-to-day tasks associated with your mortgage, such as collecting payments and responding to customer inquiries.
If you're in default or behind on your payments, SPS Mortgage Servicing will send you a notice with instructions on how to get back on track.
You can contact SPS Mortgage Servicing by phone or mail to make payments, ask questions, or provide documentation.
SPS Mortgage Servicing is required to follow the Fair Debt Collection Practices Act, which means they can't harass or threaten you to collect a debt.
Mortgage Servicing Companies
Mortgage Servicing Companies are responsible for managing and collecting payments on mortgages. They work closely with borrowers, lenders, and other parties to ensure that mortgage obligations are met.
According to the article, SPS Mortgage Servicing is a leading provider of mortgage servicing solutions, with a strong track record of delivering high-quality services to its clients. They have a team of experienced professionals who understand the complexities of mortgage servicing.

SPS Mortgage Servicing uses advanced technology to streamline their mortgage servicing processes, making it easier for borrowers to manage their payments and for lenders to track their assets. This technology also helps to reduce the risk of errors and defaults.
Mortgage servicing companies like SPS play a critical role in the mortgage industry, helping to facilitate the flow of money and information between borrowers, lenders, and other stakeholders. They are essential for maintaining the stability and integrity of the mortgage market.
Here's an interesting read: Chattel Mortgage Lenders
Mortgage Foreclosure
A mortgage foreclosure occurs when a homeowner fails to make payments on their mortgage loan, allowing the lender to take possession of the property.
Foreclosure can happen due to various reasons such as job loss, medical emergencies, or divorce, which can make it difficult for homeowners to make timely payments.
The foreclosure process typically begins with a notice of default, which is sent to the homeowner after they miss a payment.

Homeowners have a certain period, usually 30 days, to bring their account up to date before the lender starts the foreclosure process.
The lender can then file a lawsuit to foreclose on the property, which can take several months to a year or more to complete.
During this time, the homeowner may be able to negotiate a loan modification or short sale with the lender.
If the foreclosure is completed, the lender will sell the property to recover the outstanding loan balance.
The homeowner may still be liable for any remaining balance after the sale, which can negatively impact their credit score.
Loan Ownership and Transfer
Loan ownership and transfer can be a complex process, but it's essential to understand the basics. A loan servicer has the right to sell or transfer the servicing of a loan to another company.
This is often referred to as a "sale of servicing", where the original loan servicer transfers the loan servicing rights to a new company. The new company then takes over the responsibilities of collecting payments and handling customer inquiries.
For your interest: Mortgage Servicing Transfer Rules
Prove Loan Ownership

Mortgage lenders and servicers need to prove they own the loan to file a lawsuit against a borrower. This is known as having legal standing.
Many people assume that if a company like SPS notifies them of a foreclosure, the company owns the loan. However, this is often not the case.
SPS may have purchased the loan from another company or service it for another institution. But even when they've purchased the loan, they may not always have the proper documentation regarding ownership.
If a company like SPS can't prove they own the loan, they have no right to sue you for it. This is a crucial point to understand when dealing with loan ownership and transfer.
It's surprising how often companies like SPS don't ensure they have the proper documentation. This can lead to borrowers being harassed or wrongfully sued.
Loan Lawyers has helped many clients who were in similar situations. If you're dealing with a company like SPS, it's essential to seek professional help.
Suggestion: What Not to Do When Applying for a Mortgage?
Why Did Bank of America Transfer My Mortgage?

Bank of America transferring your mortgage can be a confusing and worrisome experience, but it's often a routine process.
The most common reason for a mortgage transfer is a change in ownership, which can occur when a borrower passes away or files for bankruptcy.
Mortgage servicing rights, the right to collect payments, can be sold to another company, such as Bank of America, without affecting the ownership of the loan.
This transfer doesn't change the terms of your loan, including the interest rate and payment schedule.
You may receive a new mortgage statement and payment coupon book from the new servicer, but your payments and due dates remain the same.
In some cases, a mortgage transfer may be required by law, such as when a government agency takes over a loan.
Worth a look: Should You Refinance Your Mortgage
Frequently Asked Questions
What bank owns SPS servicing?
Credit Suisse Group AG owns SPS Servicing. SPS was acquired by Credit Suisse in 2005.
Sources
- https://www.corelogic.com/press-releases/select-portfolio-servicing-inc-sps-chooses-corelogic-for-its-residential-tax-business-solutions/
- https://www.fight13.com/select-portfolio-servicing-zombie-second-mortgage
- https://www.johnhartrealestate.com/short-sale/lenders/20/sps-select-portfolio-servicing
- https://www.penghudaily.com.tw/post/why-did-bank-of-america-transfer-my-mortgage-to-select
- https://www.prnewswire.com/news-releases/select-portfolio-servicing-inc-prepares-to-welcome-rushmore-loan-management-services-301627051.html
Featured Images: pexels.com