Jeanne and david knight vs. bank of america
Jeanne and david knight vs. sps select portforio servies
jknight@knightgroup,com
813-600-8377
OVERVIEW:
KNIGHTVISUAL
This page is dedicated to my Bank of America, (BOA), and Select Portfolio Services, (SPS), complaint and is being used as a repository of my information. I am seeking assistance and really appreciate anything you can do to assist.
Fixed rate /Variable contract language:
Fixed Rate Loan Option Payment Information.
A Fixed Rate Loan Option, which may also be referred to as a Fixed Rate Option in this Agreement, has a fixed interest rate and fixed term and is payable monthly. You may convert part or all of the Variable Rate Principal Balance, along with accrued interest, fees, the Fixed Rate Loan Option conversion fee and any voluntary insurance charge to a Fixed Rate Loan Option at any time during the Draw Period or the repayment period. We will help you establish the amount of principal and interest sufficient to amortize the Fixed Rate Loan Option over the term you select. The maximum term of any Fixed Rate Loan Option may not exceed the repayment period maturity date of this Credit Line. The minimum amount for a Fixed Rate Loan Option is $5,000. You may have up to three (3l Fixed Rate Loan Options open at any one time, but may not have more than four (4l Fixed Rate Loan Options open during any one statement period.
You may convert all or part of the Variable Rate Balance, plus any applicable Fixed Rate Loan Option conversion fee to a Fixed Rate Loan Option unless you are in default or if your credit advance privileges are suspended or terminated. If you request a Fixed Rate Loan Option, but the Variable Rate Balance is less than the amount requested, we will hold your request at the fixed interest rate offered to you for up to five (6) business days, If by the end of the fifth day the Variable Rate Balance is still less than the amount of your request, it will not be processed. There may be a conversion fee charged for the establishment of each Fixed Rate Loan Option. Please refer to "Conditions Under Which Other Charges May Be Imposed" elsewhere In this Agreement for information about the conversion fee,
Who is SPS:
SPS Select Portfolio Services
SPS is the company Bank of America sold our loan to. AS shown below this is a subpar company that has already plead guilty to unfair and deceptive practices. They have 1 out of 5 stars with over 700 major complaints
Fairbanks Capital Corp. | Federal Trade Commission (ftc.gov)
In November 2003, Fairbanks Capital Corp. and Fairbanks Capital Holding Corp. agreed to pay $40 million to settle with the FTC and the U.S. Department of Housing and Urban Development (HUD),[1] which charged them with engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans. The Commission distributed the $40 million as redress to affected consumers. The settlement also imposed a number of specific limitations on Fairbanks’s ability to charge fees and engage in certain practices when servicing mortgage loans.
Fairbanks changed its name to Select Portfolio Servicing, Inc. effective June 30, 2004 according to its Articles of Amendment. Around the same time Fairbanks Holding renamed itself to SPS Holding Corp.
In 2005, Select Portfolio Servicing was purchased by Credit Suisse, a financial services company, headquartered in Zürich, Switzerland. According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, Credit Suisse First Boston (USA), Inc. now known as Credit Suisse, purchased Select Portfolio Servicing and its parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy[2] included "the acquisition of Select Portfolio Servicing, a mortgage servicing company."
In 2007, the FTC conducted a review of Select Portfolio Servicing’s compliance with certain aspects of the 2003 settlement. The FTC and Select Portfolio Servicing negotiated and agreed to several modifications of the settlement.[3] HUD has also agreed to these changes.
As of July 2020, Select Portfolio Servicing's current CEO and President is Randhir Gandhi
787 Select Portfolio Servicing Reviews: Are They Right Lender For You? | ConsumerAffairs®
91% 1 out of 5. 787 reviews