Select Portfolio Servicing review: This is the worst company out there! F+

Dear Select Portfolio Servicing, Inc. Representative:

I am writing to formally express my concerns regarding two separate issues I have experienced since becoming a customer of Select Portfolio Servicing, Inc. (“SPS”).

First, I recently received a letter from SPS regarding the sharing of my personal information with other companies. The letter clearly states that customers may contact SPS at any time by telephone to limit the sharing of their personal information. Based on that statement, I contacted a customer service representative by phone to exercise that option.

During the call, however, I was informed that my request could not be processed over the telephone and that I was required to complete and mail a separate form in order to restrict the sharing of my personal information.

This response appears inconsistent with the instructions provided in the letter I received. If SPS represents to customers that they may contact the company by telephone at any time to limit the sharing of their personal information, I believe customers should be provided with a reasonable and straightforward means of doing so by phone. Requiring an additional mail-in process after specifically stating that the customer may make the request by telephone creates unnecessary difficulty and raises concerns about the transparency of SPS's information-sharing practices.

Second, I was previously provided with information by an SPS customer service representative regarding the ability to split my mortgage payment into two payments through automatic payments. I subsequently learned that the information I was given was inaccurate. As a new customer, I relied on the information provided to me by your representative when considering how I would manage my mortgage payments.

I find it particularly concerning when information provided by SPS representatives regarding important financial matters is inconsistent or inaccurate. Customers should be able to rely on information provided by representatives, particularly when that information concerns payment arrangements and the management of a mortgage.

I am requesting that SPS review both matters, including the representations made to me by its customer service representatives. I would also like a clear explanation of SPS's actual procedure for restricting the sharing of my personal information and why I was told that my request could not be completed by telephone despite the language contained in the letter I received.

I also request that SPS review its customer service procedures and training to ensure that customers receive accurate and consistent information.

I expect a written response addressing each of these concerns and explaining what steps SPS will take to prevent similar issues from occurring in the future.

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