Select Portfolio Servicing Inc (“SPS”) Litigation
A class action has been brought in the Eastern District of New York against defendant Select Portfolio Servicing, Inc., (“SPS”), a servicing agent for residential mortgage loans, unlawful and deceptive acts, practices and misconduct in connection with the ownership and servicing of residential mortgage loans, including, but not limited to the following:
(i) making representations that late fees will be charged, and charging late fees, after the loan has been accelerated which is prohibited by the standard form mortgage agreement and the laws of the State of New York and other states, including, but not limited to, New Jersey, Pennsylvania, Massachusetts, Vermont and California;
(ii) charging excessive and unreasonable inspection fees despite occupancy, which is in violation of the standard form mortgage agreement and Fannie Mae industry guidelines and regulations;
(iii) violating RESPA, 12 U.S.C. § 2605(e) by failing to timely and adequately respond to homeowner’s Qualified Written Requests concerning improper late fees and failing to take corrective action.
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