• Report: #166062
Complaint Review:

Fairbanks Capital - Select Portfolio Servicing

  • Submitted: Mon, November 28, 2005
  • Updated: Mon, June 26, 2006

  • Reported By:Virginia Beach Virginia
Fairbanks Capital - Select Portfolio Servicing
P.O. Box 551170 Jacksonville, Florida U.S.A.

Fairbanks ripoff, charge extremly high interest rates, call my house about twenty times a week with very rude people Jacksonville Florida


*Consumer Suggestion: Borrowers need to focus efforts

*Consumer Comment: SPS is doing it to me know JEFF !!!!!!

*Consumer Suggestion: Jeff Fairbanks is a bad company

*UPDATE Employee: interest rates/rude calls

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This company is probably the worst company I have EVER had to deal with.

They charge extremly high interest rates. When I pay my bill, the bill is only about fifty dollars for the principal but the interest rates are about FOUR HUNDRED DOLLARS. I borrowed 50 thousand dollars about ten years ago and I still owe about 46 thousand dollars.

I am one month behind on my payments so they can't try to foreclose on me until I am a three months behind. But the call my house about twenty times a week and not only is that calling way too much but they have some of the RUDEST employees. I have had convicted criminals talk better to me than they do.

They also ask me personal questions like "where was I earlier when they called and I didn't answer" or my grand-daughter has answered the phone and they have asked for her name, what she does, where she lives and other things that they have no right to ask because she has nothing to do with the situation and I don't think they should be able to do that.

Also they will call and say that I have not payed my bill and owe them money, when the check I wrote has already gone through my bank account. So they will ask for my bank account number so they can check on it, which I belive to be against the law, so I have not given it to them.

Virginia Beach, Virginia

This report was posted on Ripoff Report on 11/28/2005 12:37 PM and is a permanent record located here: http://www.ripoffreport.com/reports/fairbanks-capital-select-portfolio-servicing/jacksonville-florida-32255-1170/fairbanks-ripoff-charge-extremly-high-interest-rates-call-my-house-about-twenty-times-a-166062. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion


AUTHOR: Robert - (U.S.A.)

Anybody out there refer to my postingshere on: new century mortgage- by robert tapia. my moms Loan has just been transferred/sold to SPS even after Numerous Fraud and Predatory Lending Claims have been filed.

Right now these companies have been washing there hands together for who knows how long. A section 32 Loan( high cost loan) is there specialty. refer to this site for your guide and count the violations incurred, ftc.gov/bcp/conline/pubs/homes/32mortgs.htm

The complexity of the Law is where they love to hide till the next unsuspecting client comes innocently along. To blame the very client for not reading their contract before signing shows that they are hiding something in the Loan Documents. They have Breached their Fiduciary Duty. Sworn in to protect the interest of the client that hired him on the basis of the highest duty of good faith. now what? now for last refer to this site for the TRUTH IN LENDING ACT IN ACTION!!!


Lastly, lets all thank this site that exposes everything giving the victims a chance to fight back. More power to you guys and God bless America!!!
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#2 Consumer Suggestion

Borrowers need to focus efforts

AUTHOR: Connie - (U.S.A.)

I'm sorry borrowers are still having the same problems with this company. A few years ago, some Utah borrowers contacted a local consumer reporter to help them resolve their issues. It had the same effect of picking up a rock and everything underneath scurrying away for cover. This company does not like media/TV attention.
Victims need to band together to focus media attention--I read where one borrower had submitted a string to 60 Minutes but when I checked the network site couldn't find any mention of Fairbanks except in advertisements. Borrowers who have been victimized need to start a write-in/e-mail campaign to 60 Minutes and the other news programs to bring national attention to this ongoing problem.

Class action lawsuits seem to have had little affect if they are seemingly still engaging in the same practices and abuses.
Focus your local media's (KUTV is a CBS affiliate) attention to get your local politicians' attentions. Politicians will only change the laws regulating such abuses when there is huge public outcry.

Learn how to use the media to focus on your immediate problems as well as affect changes in the law. Find out who a local consumer advocate is. Be prepared to present your case to the court of public opinion and get the public on your side. Collect all your documentation (cancelled checks showing payments, mortgage or trust agreements, etc.) Record your phone conversations with representatives of this company.

Good luck and God bless you in your efforts.
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#3 Consumer Comment

SPS is doing it to me know JEFF !!!!!!

AUTHOR: Douglas - (U.S.A.)

All that has been said is true. SPS has been reporting false charges during my entire history with them. I see no changes from fairbanks at all. JEFF you sound just like the person at your office that told me I need to just sell my house because they were not going to let me refi if they can help it. I will burn my house to the ground and make the ground it was built on uninhabitable before I let them get their hands on it!!!!!!!!!!!!!!!!!!!!
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#4 Consumer Suggestion

Jeff Fairbanks is a bad company

AUTHOR: Valaria - (U.S.A.)

I see that you have taken sides with Fairbanks. The company is going down. Care to go with them? No one is making up these stories about homes being taken. The only way you will know is that it would have to happen to you. Fairbanks is a bad company. They took my house!!!! Do you understand that Jeff? Let them take your house!!!! I am living in the streets. I was evicted. They woke my family up from our sleep. I tried to work out every payment option possible and they put me out. My home was to be paid off this November. Only after I renovated it to be worth 120000 did they want it. It is BRAND NEW!!!
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#5 UPDATE Employee

interest rates/rude calls

AUTHOR: Jeff - (U.S.A.)

as an employee of the company that you are speaking about -let me first clarify first of all what kind of mortgage you have-do you have an "arm" which is whats called an adjustable rate mortgage? a lot of people do not know this and are lied to when they first get their motgage through wherever institution such a s a bank or a credit union, etc. a lot of people hear fixed rate and sign on the dotted line right away without reading their contract. i can bet my life savings on this fact that you have an adjustable rate mortgage which will give you a fixed rate for a couple of years and then every six months you interest rate will either change up/down or stay the same depending on wallstreet.

select portfolio servicing is not a loan originator- we are a servicer of mortgages for those institutions where you first got your loan-we do not lend me money for mortgages. we are contracted by these places to service their loans (these are not our loans). because you had some jerk right up your loan who was only interested in his commission on the house he just sold he failed to explain the mortgage correctly with honesty and integrity.

as an employee in the collections department i hear the same sob stories everyday and just take it in stride. what we are not allowed to say is the word "REFINANCE!!!!" WHY? BECAUSE SPS LOSES THE BUSINESS!!! i am telling all of you who had/has an issue with their interest rate- STOP BLAMING SPS!!!! EDUCATE YOURSELF!!! READ YOUR LOAN DOCUMENTS!!! it will state what kind of mortgage you have. too many times i have seen people so excited with the purchase of their new home -all they want is the keys to it and they just blindly sign away. refinace your home if you have an adjustable rate mortgage- the way you get sucked into these is that the mention of a fixed rate and a low percentage is great and then the person doing the loan skips over the fact that your interest rate will change every 6 months. how convenient and how bad it is for sps. it is not OUR fault-scream, rant, rave and abuse the person who did your loan in the first place!! we just service the loan.

as far as collection calls-maybe when we were fairbanks capital (i wasn't there at this time) i heard all the bad things they did in those days right from our training instructor the first few days in training!! they do not practice that kind of collections practice anymore since they had to pay over 46 million dollars out to people who were scammed. we follow the fcra, fdcpa laws strictly and all our calls are recorded and monitored for quality assurance-every call!! if the quality assurance person is monitoring a call and thinks you are abusive to the customer-you are fired!! i have seen it done!! they do not tolerate bad business like that anymore.

now i can't excuse the fact that there are rude or mean collectors out there but the solution to this is ...ask for a supervisor and if the collector doesn't give you one make sure they are announcing who they are and -at least get their last name and call customer service and ask for a supervisor- they will listen to the call and then discipline the employee- abusiveness to customers is not tolerated and leaves the good collectors, cust service reps etc with a bad name.

as far as being called, well if your mortgage is due on the first you need to pay on the first- the grace period is abused beyond belief- the grace period is a courtesy not a right. you signed papers stating that you agreed to pay on the first- if your payment is not received on the first a collection call will be initiated on the 3rd of the month (they monitor this strongly). we ask you for your payment but we speak with only the mortgager whether that be the wife or husband whose signature is on the loan. we don't ask daughters or babysitters for information- if this does happen then you need to be calling in asking for a supervisor who will listen to your call.

PLEASE ask for the reps name!!! this helps locate the call. don't let it go-follow up on it. the only way you get anywhere in this world is being assertive (or pushy). your grace period is not your due date!!! if payment is not rec'd of course you will get a call-sorry pay your bills on time and read what you signed on the mortgage. it is our right to call you to collect-it is not our right to abuse you. if you don't want a call to your home then you need to send in a written cease and desist letter and phone communication will stop-call sps to make sure we received it please. then we would only communicate by mail with you.

as a collector i have heard it all. be a responsible consumer and read whatever the hell it is that your signing!!!! i am tired of getting screamed at because you didn't follow up your end of the mortgage. if i call you stop being hateful and calling me names and threatning me and my family. i am doing a job just like you and i will disconnect the call if you mistreat me and i expect you to do the same.
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