Fairbanks Capital Corp. announced Thursday it has officially changed its name to Select Portfolio Servicing Inc.
The Salt Lake-based company services subprime, home equity and nonperforming residential loans.
James Ozanne, chief executive officer, said in a prepared statement that the "Fairbanks" name no longer fits.
Fairbanks was previously accused of abusive practices regarding its servicing of its loans.
The company's practices resulted in an investigation by the Federal Trade Commission and the U.S. Department of Housing and Urban Development. Those agencies charged that Fairbanks assessed late fees when payments arrived on time, prematurely referred accounts to collections departments leading to foreclosure and forced some clients to pay for redundant home insurance.
In November, the company reached a settlement with the federal agencies, agreeing to pay $40 million as a redress to its customers.