The nation's fifth-largest servicer of subprime home loans, Fairbanks Capital Corp., Salt Lake City, has changed its name to Select Portfolio Servicing.Over the past 12 months, the company has overhauled its operations to implement industry-leading practices that set a new standard for customer responsiveness and managing risk, the company said in a statement about the new name. At the end of the first quarter, Fairbanks managed a $40.9 billion portfolio of home loans, according to the Quarterly Data Report, a MortgageWire affiliate. The company said it currently services approximately 350,000 nonprime residential mortgage loans.
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