Select Portfolio Servicing
| Company type | Private |
|---|---|
| Industry | Loan servicing |
| Predecessor | Fairbanks Capital Corp. |
| Founded | 1989 |
| Headquarters | Salt Lake City, Utah , United States |
Key people | Randhir Gandhi (CEO and President as of July 2020) |
| Parent | Credit Suisse (since 2005) |
Select Portfolio Servicing, Inc. (SPS) operates as a loan servicer and was originally founded in 1989 under the name Fairbanks Capital Corp., with business locations in Salt Lake City, Utah and Jacksonville, Florida.
History
Founded in 1989 as a Utah-based entity, Select Portfolio Servicing originated as Fairbanks Capital Corp. Its parent company, Fairbanks Holding, had partial ownership by PMI Group, Inc., along with Financial Security Assurance, a bond guarantor.
In November 2003, Fairbanks Capital Corp. and its holding company agreed to a $40 million settlement with the FTC and the U.S. Department of Housing and Urban Development (HUD) concerning unlawful and unfair servicing practices related to subprime mortgage loans. This agreement included limitations on fees and servicing procedures and mandated compensation for impacted borrowers.
On June 30, 2004, Fairbanks Capital rebranded itself as Select Portfolio Servicing, Inc., while its parent entity adopted the name SPS Holding Corp.
The following year, in 2005, Credit Suisse acquired Select Portfolio Servicing for $144.4 million, supporting its strategic goal to broaden its mortgage servicing portfolio within investment banking.
A review by the FTC in 2007 assessed SPS’s adherence to the 2003 settlement terms, leading to negotiated revisions that received HUD’s approval.
As of July 2020, Randhir Gandhi holds the positions of CEO and President at Select Portfolio Servicing.
See also
References