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 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.
In 2007, the FTC conducted a review of Select Portfolio Servicing’s compliance with certain aspects of the 2003 settlement.
As of July 2020, Select Portfolio Servicing's current CEO and President is Randhir Gandhi.