Originally an Australian based company, Computer Share Loan Services acquired Specialized Loan Servicing LLC in 2011. The good news is that the terms of the loan will not change. Your lender may have sold your loan to another company or your loan may have been transferred to a different servicing company as part of a larger move of loans by your current servicer. Box 69170 Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Loan servicers are supposed to make the transition from one servicer to the next as seamless as possible. To $958. -Receive notice of the transfer at least 15 days before it happens Class Members who want to be excluded from the terms of this settlement or object to it have until March 2, 2019 to do so. Much as we might think that financial institutions have . Call SLS Loan Servicing's loss mitigation department at: 800-306-6059. Is your lender allowed to do this? Specialized Loan Servicing services mortgages across the United States. A: In most cases, your monthly payment will remain the same. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Some companies transfer loans in order to charge higher interest rates or fees, so its important to know what youre entitled to. At a point, he just wanted to pay them to get rid of all the annoyance, but because of Lemberg Laws assistance, he got free help, and the bothering calls ended immediately.. Thank you for requesting your free case evaluation. Oftentimes they would call me at work and speak with my secretary. After reading all the negative feedback I'm worried. They can research different lenders and loan products and then apply directly to their chosen lender. Specialized Loan Servicing SLS Collection Complaints. 300 Highlands Ranch, CO 80129-2386 Telephone: 1-720-241-7200 Website: https://www.sls.net/, Who are we? Don't be surprised if this happens to you -- multiple times -- because it's common that lenders sell mortgages. Part of HuffPost Money. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. We accept calls from relay services on behalf of hearing-impaired borrowers. When a loan gets sold, the lender has basically sold servicing rights to the loan, which clears up credit lines and enables the lender to lend money to the other borrowers. In the meantime, you are welcome to call us right away at 855-301-2100. Maybe your loan was sold by your current servicer, or perhaps SLS acquired the servicing rights to your loan. It is now going on 4 years, been through trial, appeal, and Supreme Court and the merits of the case were never heard or addressed. SLS Loan Service and is the WORST COMPANY that Ive ever dealt with!! The mortgage servicer and note owner is a mystery to me and at this point indicates SLS and Deutsche Bank as the servicer and note holder which was Wells Fargo. They refused to submit documents Ordered by the Judge. Servicing rights are also frequently bought and sold, separate from the underlying loans. In theory, yes. There are a lot of things to consider when going through a home loan transfer. The only way I found out is because my loan balance in mint went to $0. The new owner of your loan must notify you within 30 days of the effective date of transfer. Ugh. If you have any questions or need assistance, please reach out to our Have you ever taken out a loan from a mortgage company or bank only to find out a few months down the road that it's been sold? a statement explaining your rights and what to do if you have a question or complaint about your loan servicing. The company services home loans on behalf of lenders and investors. Learn how we've grown to be one of the nation's most trusted lenders. Your account number, payment history, and escrow balance will stay the same. Have you received a letter notifying you that your mortgage loan has been sold? The notice will include information about SLS and your new loan terms, if theyre different from your current terms. Providing customer care to the borrower. Auto; Best Extended Car Warranties; Best Car Shipping . I am surprised there is not a class action law suit against them. In any case, you may be wondering what this all means for you. Both notices must include: the date the current servicer will stop accepting your mortgage payments, the date the new servicer will begin accepting your mortgage payments, contact info for the current and new mortgage servicer, whether you can continue any optional insurance, such as credit life or disability insurance; what action you must take to maintain coverage; and whether the insurance terms will change. If youre not sure why your loan was transferred, or if youre unhappy with the new terms offered by the new servicer, contact both servicers and ask for an explanation. He not only harassed and threatened me but also abused workmates who received the call when I wasnt around. Once you know that the new servicer is legitimate, find out what your rights are as a borrower. What does this change really mean? Specialized Loan Servicing 1.1 /5 (506 ratings) Debenture interest rates. Citifinancial sold loan to these crooks! It's an inside racket, I'm afraid. After reading all the negative feedback I'm worried. Q: Do I need to do anything? Mortgage originators are entities that work with borrowers to set up and conduct the mortgage transaction. Only 38 of these complaints have been resolved to the satisfaction of the complainant. This post was published on the now-closed HuffPost Contributor platform. After lending managers determine the borrowers ability to successfully assume the loan, the bank exercises its professional judgement to either approve or deny the loan. To Free Up Capital When a lender funds your loan, they are giving you money from a specialized line of credit called a "warehouse line." It doesn't make any difference to you because you've gotten the money you applied for, at the terms you requested. The borrowers can go to a mortgage broker. For about 18 months, they would call and harass me daily multiple times. For California Consumers: Please be advised that we collect information you provide to make the mortgage or HELOC payment. Ensure the bill is not sent to the wrong servicer by following up with the insurance company or tax authority. Call us to today and well tell you how we can help. That's often not the case. Federal laws protect you. I CAN FIND NO COMPETENT OR AVAILABLE RESOURCES. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win. Her loan was one that wasn't supposed to be sold and after all of the years gone by they sold it. 119504607, 119505929, 119506567, 119506570, 119507419. SLS will contact you to discuss your options for getting current on your loan. They would not give me any info until after they put me in foreclosure! I was so afraid I could lose my job because of a caller who called my job number 4 hours straight back to back. One of our staff members will call you shortly. As long as you have been notified in a timely manner, your new servicer accurately lists your information, and you send in payments to the right address you should have nothing to worry about. Specialized Loan Servicing has not applied my last two payments to my loan. Recording your mortgage payment against your account. A request for information or notice of error does not prevent SLS from initiating foreclosure if proper grounds exist under the mortgage documents. What if I run into an issue? So, why do lenders transfer mortgage loans? Last year, Navient proposed to transfer 5.6 million student loan accounts owned by the Education Department to Aidvantage. We're honored to give back to charities and help support the people and communities we serve. Click here to view our California Consumer Privacy Act Notice that details the categories of personal information that will be collected and the purpose for which the information will be used. Note that dealing with a new company for your mortgage means that you may have to fill out paperwork that might look different, talk with new staff, and send your payments to a new address. Where this process can get confusing is that neither the company that originated your loan, nor the servicer, may actually own your loan. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. I was awarded actual damages for, in part, forced placed insurance put into place by Wells right before they transferred the loan. In many cases, the company you send your payment to is not the company that owns your loan. Though, there is a 60-day grace period where you will not receive a late fee if you paid the wrong mortgage servicer. From the perspective of a borrower, the 'sale' of your mortgage usually means that the servicing of your mortgage has transferred to a new company, meaning you will be sending your monthly payment to a new company. You should be notified of the transfer before it happens. However, there may be some changes in the timing or amount of escrowed taxes and insurance as required by your new servicer. Let our expert team guide you through the process of getting a custom loan that saves you money. Really? There are many reasons why a lender may transfer your loan to another servicer. I keep hearing thesame issues about SLS loan servicing. SLS will provide a written acknowledgment of your inquiry within 5 days of receipt of your request (excluding legal public holidays, Saturdays and Sundays). There are many reasons why a lender may transfer your loan to another servicer. MY LOAN WAS OPENED WITH FLAGSTAR OR A FLAGSTAR PARTNER MY MORTGAGE WAS TRANSFERRED TO FLAGSTAR All property insurance policies should include the following mortgagee clause: Insurance documents may be mailed to the address above, faxed to 1-678-475-8763 or uploaded to www.MyCoverageInfo.com/SLS. Massachusetts Real Estate Exposure is owned and operated by RE/MAX Realtor Bill Gassett, who covers the Metrowest Massachusetts area and beyond including Ashland, Bellingham, Blackstone, Framingham, Franklin, Grafton, Holliston, Hopkinton, Hopedale, Medway, Mendon, Milford, Millbury, Millville, Natick, Northborough, Northbridge, Shrewsbury, Southborough, Sutton, Wayland, Westborough, Worcester, Upton and Uxbridge MA. How Often Should You Apply for New Credit Cards? They followed the Contempt Order for a whopping 3 months. They also have offices in Arizona and a payment processing center in Atlanta, GA. My home has been paid for many years. We're recognized by local and national companies for our customer service and responsible lending. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Please refresh the page and try again. These types of changes, however, can take place regardless of whether or not your loan is sold to another company. If enough people get involved, then maybe change can happen. Jaguar Land Rover to Pay $26,500 for Lemon Law Violation. same here after 15 years, not happy! A Manager is NEVER AVAILABLE . Call our Helpline today! I am not happy. She looked up the reviews and there are so many recent complaints about the company. Whether your home loan is through a mortgage company or a bank, the transferring process is usually a bundle of several loans. got my notice today! They don't care. We need a class action suit. This document outlines the terms and conditions of your loan, including your repayment obligation. He has been repeatedly recognized as the most active consumer attorney in the country. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Setting up loan files. In such situation, they take up a specialized loan servicing action against the bank. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Servicers sometimes fail to convert trial periods into permanent modifications. The collection and recording of monthly mortgage payments from homeowners and the transfer of funds to investors, amongst other duties, including: Handling the acquisitions of new loans. When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. Resolution Process What You Can Expect: Untimely Requests: A request for information or notice of error is not considered timely if the written correspondence is received more than one year after either the date of transfer of servicing or the date the mortgage account was discharged (either paid in full or discharged through foreclosure or a deed in lieu of foreclosure or a short sale without full satisfaction of the underlying contractual obligation). If you're in the middle of applying for a loan modification, you may have to begin the process all over again. They are rude, ruthless and DO NOT CARE !! Then, shortly after closing, you receive a letter from a new company introducing themselves as your servicing provider. Received notice from Wells-Fargo about change to specialized loan servicing llc, been with WF since 2004. They will also request a $5,000 service award for the named plaintiff's services during the class action lawsuit. To view all available payment methods, please click here. Loan sold to Specialized Loan Servicing Looking to see if anyone has any experiences and advice. However, you can continue to use the same online account login information and phone number for customer service. The 63 negative reviews allege openly abusive customer service and fraudulent business practices. This still plagues our credit as they have had to admit to our mortgage lenders on two occasions that they have written off the debt. To access this password-protected area, you must first register, then just login and select "Request Year-End Tax Info." Our turnaround time is typically 10 business days from the time your request is made. The Better Business Bureau lists 359 complaints closed against SLS in the past three years, with 126 in the past 12 months. SLS will provide a written response within 30 days (excluding legal public holidays, Saturdays and Sundays) and will make corrections to your account, if appropriate, depending on the outcome of our review. After your loan has funded, it moves to the servicing stage, which (again), is where you receive ongoing mortgage statements and escrow analyses. Other times, its a new company thats taken over since the transfer of your loan. Still cannot get in contact with these people. 47.206 (3) & (4). Normally, approving a home loan requires an applicant to appear at a lending institution such as a bank or savings and loan. a statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan. I just filed another Motion that is returnable January 28. Whats your name? I need to know who the loan holder is because the insurance company will give them the other half of the money to pay the roofing company with. Sergei Lemberg, Esq., is the Connecticut attorney responsible for this advertisement. If so, don't be alarmed! They won't stop until they take your house. Loans and the rights to service them often are bought and sold. This website is attorney advertising: prior results do not guarantee a similar outcome. Buzzfile indicates a founding date of 2011, an estimated annual revenue of $183.4 million, and an estimated staff of 1,258 people at the headquarters location. To Request a payoff statement for your loan. Harassed? When student loan servicer changes happen, StudentAid.gov says these are the steps that should be taken: Current servicers send emails to borrowers informing them about the transfer. All rights reserved. They claim that we still have a second loan on a home that we dont own. Sound off and share your experience with other visitors in the comment box below. After 20 years with wells Fargo,they are switching me to specialized loan servicing llc on mar.1st.im worried!5 years ago when I had good credit,wells Fargo let me spend several weeks driving to a local town 20 miles away to complete an application for a streamline refi at 2.75 interest rate.after I jumped through the hoops etc,they told me sorry,the veterans administration Does not allow streamline refi on manufactured homes!..I called the V.A and they said that's not true!! A: There could be several reasons why your loan was transferred. Let us guide you through reverse mortgage qualifications and benefits. Fax to: Specialized Loan Servicing LLC 1-720-241-7537 Attention: Payoff Department Please include your name and loan number on all requests. It's mandatory for lenders to disclose whether your loan will be sold and the percentage of loans it sells. Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. Very scared after reading info on specialized loan servicing. The technical storage or access that is used exclusively for anonymous statistical purposes. Some products may not be available in all states. I had my loan with Wells Fargo since 2006 and moved to SLS. You should also consult an attorney. The transfer of service does not change the original terms of your mortgage loan. There are many reasons why your loan might get transferred to Specialized Loan Servicing. Distributing the money to the correct people, i.e., the insurance company, loan owner, etc. Your old and new servicers generally must . All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. How Long Does It Take To Get Home Loan Approval? This can happen a couple different ways, depending on who you chose to work with on your mortgage. If Navient was your federal loan servicer, your loans have been transferred to Aidvantage. For more information, review Pennymac's state licenses and important notices. The transfer went smoothly, but then I began to worry about the run-around I might receive (and that I'd read about) if there was any issue with our escrow account, payment application, etc. Find out who they are, why they might be calling, and how you can stop them. Will your carefully budgeted payment amount suddenly change? The only change is who you would make payments to. But, there are instances when you may receive a statement from all lenders who carried your loan for that tax year. creating an account at the Insurance Loss Claim Website. The lender sells your loan to an investor immediately for a small profit. SLS is not a collection agency, but they sometimes operate in a similar capacity. Timing chain failure, crankshaft and oil leaking in pistons. In this case, the loan is usually transferred to a larger bank or mortgage company that has the resources to service it properly. SLS' headquarters is located in Highland Ranch, CO. If there is a lawsuit in the future please let me know. The new mortgage servicer must notify you within 30 days with their name, address, telephone number, date of transfer and whether the transfer of ownership will be a public record. Based on key financial metrics such as the price-to-sales ratio, shareholder yield and the price-earnings ratio, the following 3 stocks made the list for top value stocks in the REITs - Specialized industry. All of this is in the court record, but I had a terrible attorney who was suspended from practicing law and now Im pro se. Now they say I owe $31,000. Good Neighbor Next Door Servicing. Your email Whats your email address? W hen you get a mortgage, you may think the lender will hold and service your loan until you pay it off or sell your home. (EDGAR Online via COMTEX) -- Item 7. For requests for information and notices of error regarding your account, please use the address SLS has designated under the Real Estate Settlement and Procedures Act and Regulation X for this purpose: Request for Information: A request for information is a written request (other than a notice on a payment coupon or other payment medium supplied by the servicer) relating to the servicing of the mortgage loan that includes: (1) your name, (2) information that allows us to identify your mortgage account and (3) the information you are requesting regarding your account.