SPS

Select Portfolio Servicing

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Select Portfolio Servicing

Subsidiary CSFB as of 10/2005

Formerly known as Fairbanks Capital

Until November of 2003, SPS’s predecessor company was the servicing industry role model for how to get into legal trouble. After a major change in management, including the ousting of the founder and CEO and agreeing to a landmark settlement with the FTC and multiple class-action parties, they eventually emerged as "Select Portfolio Servicing." Their two primary stockholders later sold the company to Credit Suisse First Boston (CSFB). The settlement included the imposition of a set of mandatory of “best practices” which appear to have had a major impact on the number of borrower complaints.

The marked decline in civil litigation is probably a result of several factors, including the adoption of the best practices. The company also services far fewer loans than in years past but with CSFB’s resources, will probably grow again if sub-prime lending continues to expand.

(For more information about handling issues with Select Portfolio Servicing, please go to the SPS contact us page.<click here)

Matt Hollingsworth, CEO

Craig A. Bullock, Executive Vice President