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FAQ
Frequently Asked Questions
At SPS, everything we do is focused on providing exceptional service to our customers. To that end, we have a number of resources available should you need help or information. If you are not able to find the answers you need here, please contact us.
  • Frequently Asked Questions
  • We have provided answers to Frequently Asked Questions (FAQs) and other information about the following topics to assist you regarding your account and SPS. If you are not able to find the answers in our FAQs to your questions, please contact us.
Website Registration and Login FAQ
How do I register?
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Click this link to go to the New User Registration page and complete the New User Registration.
I am having issues registering my account.
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This usually occurs if you are using Web TV. Unfortunately, Web TV does not work with the internet technologies that our system employs. We suggest you try again on a regular computer.
I have forgotten my login information.
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Click this link if you have forgotten your User ID and / or Password. If you need further assistance, please contact us.
I received a message that my account is locked.
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Your account will automatically unlock in 48 hours. If you would like your account unlocked sooner, please contact us.
I keep getting the login page over and over.
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This usually occurs if your browser is not accepting Internet cookies. Internet cookies support must be enabled in your browser in order for you to login.
How do I change my password?
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Login to your account, select Profile Update in the upper right corner of the website, then select Change Password.
New Customer FAQ
I already sent my payment to my prior servicer. What happens to that payment?
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Your prior servicer will stop accepting your mortgage payment after the transfer date. If you have already mailed your payment to your prior servicer and it is received after this date, it will be forwarded to SPS for processing. Late fees will not be charged for 60 days following the transfer date. In addition, we do not negatively report credit for 60 days following the transfer date.
I was set up for automatic payments with my prior servicer. Will this continue?
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No. If your prior servicer automatically drafted your monthly payment from your bank account, that service will cease. You may set up Automatic Payments with SPS.
I carried optional insurance (mortgage, life, disability, etc.) through my prior servicer. Will this continue?
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No. If your prior servicer provided you with any type of optional insurance, these services will not continue. Please contact your private insurance provider if you wish to obtain any of these services.
Should I tell my homeowner’s insurance provider that my mortgage loan was transferred?
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Yes. Please call your insurance agent to request the mortgage on your insurance policy be changed to read, “Select Portfolio Servicing, Inc., its successors and / or assigns.”
Will the terms and conditions of my mortgage change because of the transfer?
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This transfer does not affect any terms or conditions of your loan documents other than terms directly relating to the servicing of your loan.
At the time of the transfer, I was in the process of a modification, short sale, or repayment plan. Does this process continue with SPS?
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If you were working with your prior servicer on a potential modification, short sale, or other repayment plan, SPS will work with you to continue this process with minimal disruption. To continue this process, or if you have any questions regarding your loan on or after the transfer date, please contact our Customer Service Department at (800) 258-8602.
What should I do if I have a question or dispute?
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Our knowledgeable Customer Service representatives can assist you with any questions about your loan or disputes. You can reach them at (800) 258-8602.
If you would like to send a written inquiry or dispute, please mail it to our dedicated Notice of Error / Request for Information / Qualified Written Request address below. Sending your inquiry or dispute to any other address or including it with your payment may result in slower response times.
  • Notice of Error / Requests for Information / Qualified Written Request
  • Select Portfolio Servicing, Inc.
  • P.O. Box 65277
  • Salt Lake City, UT 84165
How do I make a payment to SPS?
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We offer several payment options, including online, phone, mail, Western Union and automatic reoccurring payments.
Online
Online payments are fast and convenient, and payments made during business hours are posted the same day. Payments can be withdrawn from your bank account. Credit and debit cards are not accepted.A fee of up to $15 may be assessed with this option. Click here to make a one-time online payment.
Phone
Payments can be made over the phone at (800) 258-8602. You can make the payment through our automated system or by speaking to one of our representative. Payments will be withdrawn from your bank account, so please have your account and routing number ready. Credit and debit cards are not accepted.A fee of up to $15 may be assessed with this option.
Mail
Personal checks, cashier’s checks and money orders can be mailed to the address below. In order to ensure quick and accurate processing of your payment, please include your SPS account number and your property address.
  • Payment Address
  • Select Portfolio Servicing, Inc.
  • P.O. Box 65450
  • Salt Lake City, UT 84165-0450
Western Union
Payments can be made by Western Union using the codes below.
  • City: OSWALD
  • State: UT
Automatic Payments
Our free Automatic Payment Program provides a convenient, safe and reliable way to make your payment. The funds are automatically deducted from your checking account each month. When you enroll in the program, you can select the day of the month that the deduction is made.
Click here for more information.
Why did my loan transfer to SPS?
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It is common practice in the mortgage industry to sell or transfer the servicing of a loan. We can assure you, we are one of the top mortgage servicers in the industry and we look forward to having you as an SPS customer.
Does SPS own my loan now?
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SPS did not buy your loan. SPS is a mortgage servicer, which means we manage your account on behalf of the note holder. The loans we service are either part of a mortgage-backed security or owned by an institutional investor.
Can I go to a local SPS branch?
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No. SPS does not have branch offices. Our knowledgeable representatives are available to assist you over the phone at (800) 258-8602. Please contact us with any questions or concerns you may have.
Can SPS refinance my house?
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No. SPS is not a bank so we do not refinance. If you would like to refinance you house, please contact the bank or lender of your choice to start the process.
Loan Account Maintenance FAQ
How do I change my mailing address?
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Mailing address changes may be completed online through the Update Account Information Page or submitted in writing to:
  • Select Portfolio Servicing, Inc.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
If mailing the request, please include: your account number, current address, new address, and signature.
How do I notify SPS of the death of a borrower?
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Pursuant to applicable law, SPS is required to obtain certain information regarding the decedent and their estate. This information will allow us to correctly identify the responsible parties on the account, speak with authorized representatives of the decedent’s estate, and make any necessary changes to the account. The documents we need are as follows:
  • A certified copy of the decedent’s death certificate, AND
  • A document establishing the identity and legal interest of the successor in interest to the property – for example, a signed will, deed, probate documents, small estate affidavit, trust document, or court order.
We need these documents as soon as possible in order to continue accurately servicing the account. Do not send originals because they will not be returned to you. You may mail or fax these documents to SPS at:
  • Select Portfolio Servicing, Inc.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
Fax: (801)-269-4405 or toll free (866)-867-3019
Payment FAQ
How do I make a payment to SPS?
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We offer several payment options, including online, phone, mail, Western Union and automatic reoccurring payments. See the chart below for details.
Automatic Payments
Our free Automatic Payment Program provides a convenient, safe and reliable way to make your payment. The funds are automatically deducted from your checking or savings account each month. When you enroll in the program, you may select the day of the month that the deduction is made.
Click here for more information.
Online
Online payments are fast and convenient, and payments made during business hours are posted the same day. Payments may be withdrawn from your bank account. Credit and debit cards are not accepted. Please note that a fee of up to $15 may be assessed for using this payment method. Click here to make a one-time online payment.
Phone
Payments can be made over the phone at (800) 258-8602. You may make a payment through our automated system or by speaking to a representative. Payments will be withdrawn from your bank account, so please have your account and routing number ready. Credit and debit cards are not accepted. Please note that a fee of up to $15 may be assessed for using this payment method.
Mail
Personal checks, cashier’s checks and money orders may be mailed to the address below. In order to ensure quick and accurate processing of your payment, please include your SPS account number and your property address.
  • Payment Address
  • Select Portfolio Servicing, Inc.
  • P.O. Box 65450
  • Salt Lake City, UT 84165-0450
Western Union
Payments may be made through Western Union, using the codes below.
  • City: OSWALD
  • State: UT
Why is it important that I make my mortgage payment on time?
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When you pay your monthly mortgage payment late, a number of things may happen that are not in your best interest, including:
  • You may be reported as late to a credit reporting agency. This will have an adverse effect on your credit history, making it more difficult for you to obtain future loans.
  • You may be charged a late payment fee.
What happens if I send you more than the amount due for the current month’s payment?
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The answer to this question depends on whether you are current on your loan or past due.
  • If you are current on your loan, and you pay us more than this month's payment, the excess amount is used to reduce any fee balances first, then the principal balance of your loan. Any time additional money is applied to your principal balance, your loan may be paid off faster, assuming you continue to make your payments on time.
  • If your monthly statement shows Past Due Payments, and you pay us more than this month's payment, the excess amount is held in an unapplied balance until the balance reaches the amount of a regularly scheduled principal and interest payment. We then take the amount out of unapplied balance and apply it as a monthly principal and interest payment.

Payoff FAQ
How do I obtain a payoff quote?
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There are several ways you may obtain a payoff quote:
Online
Request a payoff quote through this website
Phone
Call one of our experienced Customer Service representatives to request a payoff quote.
Mail*
Send your request to:
  • Select Portfolio Servicing, Inc.
  • Attn: Payoff Dept.
  • P.O. Box 65250
  • Salt Lake City, UT 84165-0250
Fax*
Fax your request to 801-269-4269.
*Please include your account number on your request. Your request will be processed within five business days of receipt. Please indicate on your request whether you would like the payoff quote faxed or mailed to you. Payoff quotes are generally valid for 30 days unless a different time frame is requested, or otherwise required by state law.
How can I refinance my loan with Select Portfolio Servicing, Inc.?
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Select Portfolio Servicing, Inc. is a loan servicing organization. As such, we do not refinance loans. Please contact a bank or other lending institution to refinance your account.
How do I obtain a release / satisfaction of my loan?
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In order to obtain a mortgage release (discharge, reconveyance, or satisfaction), you may mail or fax a written request that contains your name, telephone number, account number, and a copy of a recent title search, mortgage or deed to:
  • Select Portfolio Servicing, Inc.
  • Attn: Reconveyance Dept.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250

  • Fax: 904-232-4673
Escrow FAQ
What is an Escrow Account?
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An escrow account is a separate account established by your lender or servicer, normally at closing, to ensure the payment of property taxes and insurance. Each month, an amount roughly equal to 1/12 of your scheduled taxes and property insurance is set aside in the escrow account. An additional amount, sometimes called a “cushion amount”, may also be collected, which prevents escrow shortages for unexpected tax or insurance increases. Your monthly statement shows the portion of your monthly payment set aside for escrow. When it is time to pay a property tax or homeowner’s insurance premium, SPS is a able to pay these bills out of the amount set aside in the escrow account.
What is the benefit of having an Escrow Account?
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Escrow accounts are established for payment of property taxes or insurance. An escrow account guarantees that your payments will be made on time, and allows you to prepare for the payment of the escrow-paid items over time rather than in lump sum amounts. Escrow accounts are normally set up at closing, however, you may choose to escrow your account any time thereafter, provided your account is current and the taxes and insurance have been current for twelve months.
How do I set up an escrow account on my loan?
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Please submit your request in writing, and include the following:
  • A copy of all real estate tax and homeowner’s insurance bills associated with the property
  • Paid tax and insurance receipts to show that all taxes and homeowner’s insurance are paid current
Send your request to:
  • Select Portfolio Servicing, Inc.
  • Attn: Escrow Dept.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
The process should take a minimum of 30 days to complete. You should continue to pay your insurance and taxes normally until you receive notification that an escrow account has been officially added to your mortgage account.
How do I remove escrow from my account?
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To remove escrow from your account, you must meet the following criteria:
  • Your monthly mortgage payments must not have been delinquent for the past twelve months. A mortgage payment is delinquent if it is received 30 or more days later than its normal monthly due date.
  • You must provide evidence that your insurance and taxes have been paid current for the next 12 months.
  • Your loan-to-value ratio must be 80% or less. A loan-to-value ratio is calculated by dividing your current unpaid principal balance by the appraised value of your property. We will use the original appraisal in our calculation unless you wish to purchase an updated appraisal and submit it with your request to cancel escrow.
  • Any deficiency in the escrow account must be paid in full.
Please submit your request to cancel escrow in writing to:
  • Select Portfolio Servicing, Inc.
  • Attn: Escrow Dept.
  • PO Box 65250
  • Salt Lake City, UT 84165-0250
Please continue to make your normal monthly payments, including the escrow portion, until you receive official notification that your escrow account has been cancelled.
How much do I need in my Escrow Account?
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  • The amount required in the escrow account is determined by adding together the tax and / or homeowner’s insurance items that need to be paid throughout the year. For example, if your yearly insurance premium is $500 and your yearly property taxes are $2,000, the total you would need to pay into your escrow account would be $2,500 a year. This amount is collected monthly, so SPS would divide the total amount ($2,500) by 12 to determine the escrow portion of the monthly mortgage payment ($208.33).
  • Federal law also allows servicers to collect an additional “cushion” amount. The purpose of the cushion is to satisfy any potential increases in your insurance premiums and / or property taxes while minimizing the impact on your monthly mortgage payment. The cushion amount cannot exceed 2 monthly escrow payments ($416.66 in the example above). Some states may not allow a cushion or may limit this cushion to a smaller amount.
What happens if I do not make my monthly escrow payment?
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Your mortgage requires you to keep the property insured at all times and to pay your taxes. If you do not pay the escrow portion of your monthly payment, you could lose your property to tax sale or your property could be uninsured. SPS may, but is not obligated to, pay the amounts out of our operating funds, on your behalf. If we do, you will be in default and we may charge interest on these amounts at your Note rate.
What is an Escrow Analysis?
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An Escrow Analysis is a review of your escrow account to determine that enough funds are being collected to pay the next installments of your insurance premium(s) and / or property taxes. Depending on changes in your insurance premium(s) or tax rates, an escrow analysis could result in an increase or decrease to the escrow portion of your monthly mortgage payment. If your payment must increase to collect the necessary funds needed to pay the next installment, SPS will provide at least a 30-day notice before assessing the increase by sending a new escrow analysis statement.
How often does an Escrow Analysis occur?
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The Real Estate Settlement Procedures Act (RESPA) requires us to analyze escrow accounts at least once a year. However, an escrow analysis may occur more often than once a year in certain circumstances, such as:
  • Receipt of a property tax or insurance refund
  • Written request from the customer
  • Repayment of an escrow shortage
  • A customer who was delinquent on their mortgage payments becomes current again
  • A customer files bankruptcy
What is a Shortage?
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A shortage occurs when your escrow account lacks the necessary funds to pay the property tax and / or insurance premiums. A shortage is often caused by an unexpected increase in your annual property taxes or insurance premium(s). If a shortage occurs, and you do not elect to pay it in full in a lump sum payment, the amount of the shortage will be divided into 12 monthly payments and added to your monthly mortgage payment.
What is an Overage?
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An overage occurs when your escrow analysis is performed and it is determined that there are more funds in your escrow account than are needed to pay your insurance and property tax obligations for the year. As long as your mortgage payments are current, and the overage is $50 or more, the escrow overage will be refunded to you. Otherwise, the overage will remain in your escrow account.
What is an Escrow Cushion?
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An Escrow Cushion is an extra amount that may be allowed by federal or state law to satisfy any potential increases in your insurance premiums and / or property taxes while minimizing the impact on your monthly mortgage payment. Utilizing funds collected in this cushion can assist in maintaining a positive balance in your escrow account. You have the right to cancel this at any time.
How is my new monthly mortgage payment calculated once an Escrow Analysis is completed?
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Your new monthly mortgage payment is determined by adding the following items together:
  • Principal & Interest – The principal element of your payment is that amount required by your Note to reduce the total balance of your account. The interest element is the amount required by your Note to repay the interest that has accumulated on your account for the month.
  • Required Escrow – 1/12th of the total amount needed to pay your property tax and / or homeowner’s insurance premium(s) for the year, plus a possible cushion amount.
  • Shortage Payment – The amount necessary to repay an escrow account shortage, if necessary.
What will happen to my Escrow Account if my loan transfers to a different servicer?
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The conditions of your Note will not change from servicer to servicer. The unpaid balance in your escrow account will be transferred to the new servicer. You will receive a “goodbye letter” from SPS and a “hello letter” from the new servicer. Both of these notices address escrow.
If you have other questions about your escrow account, contact us
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Our knowledgeable representatives can assist you with any questions you have.
  • Hazard & Flood Insurance - Contact our Hazard Insurance Center toll-free at 1-800-641-2754
  • Mortgage Insurance or Tax Information - Contact our Customer Service Center toll-free at 1-800-258-8602
Lender Placed Insurance (LPI)
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Please note the following if you have lender placed insurance (if you do not know if you have lender placed insurance, please contact us at 888-818-6032):
The lender placed insurance we buy:
  • May be more expensive than the insurance you can buy yourself.
  • May not provide as much coverage as an insurance policy you buy yourself.
  • The coverage may only protect the mortgage holder
  • This type of policy/certificate insures your structure only
  • Does not protect you against injuries that occur on your property
  • Does not protect your personal property (i.e., if your property were burglarized it would not cover the stolen property)
If you have lender placed insurance you should immediately provide us with your insurance information. Please contact your agent or carrier and purchase coverage. If you have already purchased coverage, please contact your agent or carrier and have them fax a copy of the declaration page to 1-866-801-8177, or it can be mailed to us at the address shown below. Please make sure your policy references your SPS loan number and ensure that the Mortgagee Clause on your policy reads:
  • Select Portfolio Servicing Inc.
  • Its Successors And Or Assigns
  • PO Box 7277
  • Springfield, OH 45501-7277
You may also visit www.mycoverageinfo.com using a PIN number of SPS277 and provide us with your insurance information.
Mortgage Insurance FAQ
Can my mortgage insurance be removed?
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The Homeowners Protection Act of 1998 gives you the right to request cancellation of the mortgage insurance (MI) premium that is added to your loan payments under certain conditions. If you do not request cancellation, the law also provides rules for automatic termination of MI. The law applies to mortgage loans on single-family, primary residences originated on or after July 29, 1999 where the borrower is paying the cost of the MI.
Note: The information provided on this page is not an implied guarantee that your loan meets the mortgage insurance cancellation guidelines. According to the Homeowners Protection Act of 1998, examples of conditions that would prevent the cancellation of mortgage insurance include, but are not limited to: a non-owner occupied residence, multi-family residences, a non-qualifying payment history or a decline in property value.
Some investors and states have different rules regarding the cancellation of mortgage insurance. Those rules may be more or less restrictive than those described above. In addition, loans categorized as "high risk" may also have different cancellation guidelines. We encourage you to contact us to determine if your account is eligible for mortgage insurance cancellation.
If you have a good payment history, you may request cancellation of your MI on or after the date the principal balance of your loan:
  • Is first scheduled to reach 80% of the original value of the property (80% Loan To Value), or
  • Actually reaches 80% of the original value of the property
Other considerations for approval of a cancellation request may include:
  • Evidence that the value of the property securing the mortgage has not declined below the original value
  • Certification that there are no other liens against the property
If you do not request cancellation, and you are current on your loan payments, then MI will terminate automatically:
  • On the date the principal balance of your loan is first scheduled to reach 78% of the original property value, or
  • On the first of the month following the mid-point of the loan term (i.e. after 15 years for a 30 year mortgage).
If you think you are eligible to have your MI terminated, please contact us and we will assist you.