SPS Renews Credit Facilities

Select Portfolio Servicing Inc. (formerly Fairbanks Capital Corp.) has renewed several credit facilities to fund its subprime servicing activities, according to the Salt Lake City company.JPMorgan Chase led a $250 million syndicated facility that finances servicing advances, mortgage servicing rights, and working capital. Credit Suisse First Boston extended a $200 million credit facility for servicing advances and purchases of MSRs. RBS Greenwich Capital executed a $120 million structured financing for servicing advances on loans originated by ContiFinancial, a defunct subprime lender. "These credit facilities solidity the company's financial position, and allow us to pursue our business plan of acquiring new servicing rights and growing the portfolio," said SPS chief executive Matt Hollingsworth.