Specialized Loan Servicing

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Consumer Complaints and Reviews

I am in the same boat as you. We have been paying off a 2nd that they bought. We tried to refinance our home in order to pay these ** off. They decided to report that we were late. (3) days late which needless to say kept us from getting the loan. Since we did not answer the phone (which we did but no one said anything) but they will leave a message "This is Specialized Loan Services. We are sorry that we missed you. Please call Specialized Loan Services @ 1-800-etc."

They have sent people onto our property to take pictures of our house to see if someone is living in it and then charged us $25.00. They have come on the property and hung a notice on the door stating for us to call a number. Does not say who we are calling. They are rip off artists. A class action suit sounds good to me.

My loan was transferred from ASC in June 2016 to SLS. I was never notified or sent a welcome letter as stated. Upon receiving a late notice regarding my mortgage I immediately called SLS to inquire why I was receiving a letter from them. I was informed that the mortgage was transferred to them. I then called ASC which confirmed this and called back to arrange payment. At that time I was told not to worry, that there was a grace period and that there would be no strike on my account. It is now September and they still don't show up on my credit report. Upon looking on my account through their website, I noticed that there was a 15-30 day late reported in their system. I called to inquire why and was told that unfortunately there is nothing I can do regarding this change.

I worked hard since 2008 to rebuild my credit and never had a late payment with ASC and because of this low budget mortgage company my credit will now be affected. The people that answer the phone have no clue what is going on when speaking to them and it is frustrating trying to explain anything. I feel helpless in this matter and now I can't wait to sell my house and find another lender. Thank God that the market has turned somewhat and will provide me with a way to get as far away as possible.

I have had this loan servicing company since February 2016, because my loan was bought by these thieves. Like many of you, I have done a complete audit between my ACH'd bill pay activity from my Capital One Checking account and what they are posting within the SLS portal. These two aren't even coming CLOSE to matching up. I have sent capital One into a frenzy, where they are able to provide precise information on when they sent the payment, when SLS received the payment and much more information. These scam artists have you call their "customer service" line only to be put on hold for hours upon hours. I have now filed papers to refinance through my local credit union, because they don't sell their loans and I can finally sleep at night.

I have received delinquency notices, on the 4th (when my payment is due on the first) and I have a 10-day grace period. These thieves love to try and see if you'll just pay the fees. However, if you get a hold of them, they are reluctant but willing once you provide ample proof they had the money on-time. They are the most crooked individuals in the industry. How are these guys not being audited. I would love to get in on this. They are complete scam artists and should be shut down!

I'm going through so much of everything mentioned by everyone else here. My house was sold at auction on Tuesday, all because these Bastards REFUSE to communicate! My state Senator is now involved and states that there is a good possibility I'll get my home back.

I have been going around and around with this company regarding homeowner's insurance. They requested a copy of my policy declaration page photographed and sent to them which I did right away in June. I didn't hear from them so I figured they'd received the information but then I get another letter threatening to purchase insurance for me if I didn't purchase my own. I then called my insurance company and was told they had provided the policy information as soon as the policy was renewed in June but would send it again. Today, September 6 I receive a notice from SLS stating that since I did not furnish any insurance, they bought one for me at over double the cost of my homeowner's insurance which has never lapsed and they would add the cost to my monthly mortgage payment. My mortgage was sold to SLS without my knowledge for I would certainly not choose to deal with this company.

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They lost papers signed and was suppose to be approved then want to continue to charge me for the rate of principal and interest and late fees. Every time I call, it's a different department or state and no notes are documented in system. Problem continues to exist since April, it is now September.

I've unfortunately been dealing with SLS for nearly 2 years on a Short Sale. They've kept the home from selling at every turn. My paperwork has been keyed in wrong, they've lost my paperwork, they've let 5 offers expire, and they keep adding new forms to 'complete' the file. I've been waiting months for a return call from a supervisor. A class action lawsuit needs to be filed against them.

BofA sold my stellar performing mortgage loan to SLS around 18 mos. ago. Last Fall (2015), I received a refi offer from JP Morgan and I started the refinance process. It is now August 2016 & my loan is still with SLS. They're blaming their attorneys; when I communicate with their attorneys I learn that they are waiting for SLS to send them docs. I have been calling SLS executive services dept. consistently (probably once or twice a week) since February, and every time I call it's like it's the first time I'm calling.

There's never an update, no one to email, just promises to open tickets and then when you call back two or three days later, you're told that there are no notes on the account. Phone clerks are powerless, useless and just a sounding board for frustrated customers. Supervisors call you back and tell you they don't have any information about your case. I've had neighbors successfully refi their mortgages in NY in 90 days or less. We're almost a year into this process with no end date in sight. Not sure how this company is even permitted to be in business. Any bank that willfully sells mortgages to this company should be held accountable.

I have had SLS for 3 years now, after filling chapter 13 and getting a modification from Wells Fargo. I have made every payment before or on time with confirmation numbers and bank statements proving they took the money. When I make my payment I'm told I'm 3 months behind. I have sent requests for an audit and a written statement why my payments are going up. I have not received anything from them and they say they received only certain papers from me. I sent bank statements to prove they took the money but they can't tell me where my payments (3 months) went to. I spent 1 hour and 45 minutes on the phone and spent 3 minutes talking to someone. Please, contact me.

Our loan was sent over to SLS from IndyMac/OneWest during the middle of a mod loan application. We never received any communication from SLS that they had taken over our account until half a year later, when we were notified of the foreclosure on our home. We hired a lawyer and the judge put a TRO on SLS's plan to foreclose. We've gone round and round with them. They still refuse to contact us directly, although all of our communication asks them to do so. It's been two years now. We've never once received a mortgage statement or phone call/message from SLS. They contacted our lawyer and said they'd give us the mod loan if we dropped the lawsuit, even admitting wrongdoing. We refused since the mod loan is gov't funded and not related to the case.

We sent in our three trial payments for the mod loan. They only cashed two of the three, and held on to one payment for a couple of months before saying they changed their minds and wouldn't give us the mod loan. The court process is slow and financially draining. We're waiting on their decision for yet another mod loan application, while the whole time they have our two cashed checks and will not return the money.

I have been with SLS for years paying off a 2nd that was sold over to them. I make my payments on time, payment is due on the 25th. All accounts have a grace period after the due date. SLS though has an automated system that will call you on the 26th or 28th - not reminding you or text you it informs you to call and contact SLS as soon as possible. I'm sorry that is HARASSMENT!

I would love to hear from any other similar complaints on getting calls when your account is on time and up to date. Some other complaints such as their non-user friendly payment page which apparently has a Western Union affiliation that takes more money out of the pockets of its customers. What percentage is SLS taking their $ - I want to change this for those people that don't deserve that harassing call from a lender. I have never received a call from a credit card or car company the next day the bill is due! This is unheard of, why should they be allowed to do this?

Anyone who has had a problem with SLS - please contact me. My loan was transferred 2/2015 -- they changed the terms/fees/charges. Have documented everything and submitted for over a year now... no answer, did not receive, received but cannot locate, re-submit. Filed complaint with Dept Ins/Fin Services -- did not respond. On 2nd "enforcement" attempt, response was copies of loan docs stating they could not answer other concerns. Having read all complaints on numerous sites, I am now extremely concerned about my loan and this company. Obviously something more serious needs to be done, please contact me.

In January 2016 my United Wholesale Mortgage was sold to SLS. I received notification a few days prior to my scheduled next mortgage payment. I immediately called SLS and was told that they did not have a mortgage loan number for me yet and that I would receive a "Welcome Packet" in the next 2 weeks. 2 weeks later, no such packet arrived. I called back, and this time was given my mortgage number and sent in a payment to their loan payments center, even though the representative told me not to worry and that I didn't need to do that. I also submitted a request for direct payment withdrawal using online forms I downloaded and returned. After reading all the below reviews, I am glad that I did that as I did not wait for the Welcome Packet as it never came.

Now I am receiving letters from them on a regular basis that my home insurance amount is not enough. The first time I called, I was told by the representative that I needed to have enough insurance to cover the home loan amount. I had not heard this before and contacted my insurance agent at USAA who was quick to tell me that in the state of Virginia, mortgage companies cannot require homeowners to have more insurance than the replacement cost of the dwelling. Armed with this information, I then called SLS, gave them USAA's number and told them that what they were doing was against the laws in Virginia.

After the second letter, I called SLS again and pointed out to them that I have plenty of insurance to cover the replacement costs of my dwelling and I do not need to insure the entire mortgage amount. The representative on the phone told me that they routinely send out these letters to anyone whose mortgage amount is more than their insurance coverage amount, irrespective of the state that the home is in. I have since filed a complaint with the FTC along with the letter that I received.

I have had loans with Wells Fargo, USAA, Bank of America and United Wholesale Mortgage. Never have I dealt with such a shabbily run company. The payment options they offer consumers penalize those who cannot do direct payment transfer from their bank. If I had a choice, I would have never allowed my mortgage to be sold to them. Consumers need to be able to have a say in where their loans are going. We pick the mortgage company when we complete the mortgage application, we should not have our loans subjected to mismanagement when they are sold to substandard companies like SLS.

My Wells Fargo Mortgage that was through ASC was transferred to SLS in June of 2016. It has been a complete hassle and nightmare. TWO MONTHS and I'm fed up. Had to BEG for a statement and it had the wrong amounts, and the APR was raised by 1.1 percent. Received statement on July 1st showing a double payment due. Had sent payment for June, dated June 1. SLS claimed they did not receive it. Ended up cancelling June 1 check with Wells Fargo (FINED $31 penalty). Did online payment through Western Union - this time I did not have to pay $10 transmission fee. Sent mortgage payment in July. Sitting on pins and needles waiting to see if I get a statement for August, and if the statement is correct.

Not sure why I was transferred out of ASC but let me tell you this, it's going to be a hellish battle with SLS. I am terrified to think I have 20 more years dealing with these fools. I ask God daily what I did to deserve being transferred to SLS!!! I worked 38 years and never encountered ANY company or persons as incompetent as these individuals. Now I know why America's business standing has gone from the best to the worst! What a shame.

SLS is beyond awful, from their customer service to just getting to the right department. In November I made my mortgage payment. It cleared from my account so I assumed everything was good. Next thing you know I am getting late notices, foreclosure notices, etc. I called them. Shockingly they could not find my payment. After about 15+ phone calls and faxing my bank statement 5 times, they informed me that the statement was not enough proof! Ummm... How is that even possible? It shows you "SLS" cashing my check. So after 3 months my payment magically appears and was applied to my account. Now out of nowhere my credit report is showing that I have been 30-60 days late on my mortgage. I have over 800 payments on my report and 1 is showing late and it was not even late!! I disputed it with TransUnion and SLS had the guts to fight it saying I was late. I would NEVER EVER recommend working with this company.

Bank of America transferred my mortgage loan to SLS a couple of years ago. I kept submitting the Making Home Affordable applications (3) and was told that I did not qualify. It was the same with BOA. My paperwork kept getting misplaced. I kept being assigned to new agent. This all went on for months. I have all documentation (including fax cover sheets).

As I read in a previous complaint, BOA had transferred it and I was not notified until several months later. In January 2016, I signed the Deed-in-Lieu paperwork. It was not until today that I learned that I need the name of the investor and how much my house is worth. I called them, and was told that I needed a letter faxed to them so they could send me the requested information. Thinking that they could handle this within minutes. Called to find out where information was only to be told that it would take 30 days. UNSATISFIED. Yes a class action lawsuit should be taken against SLS and Bank of America if you had your loan transferred.

I review my credit report on a yearly basis and I noticed SLS placed our second mortgage on collection. This is an Arm 15 year balloon and a full payment is due on 2022. I contacted SLS to obtain their approvals/settlement amount on my offer and to have the lien removed from the property. They gave me 3 different offers as they declined all my counter-offers. On the most realistic offer, which we agreed to verbally, days later they send me a letter with another amount at a longer term and 4 times the amount. At this point my grace period to pay 33k expired and now is null. At this point they are not willing to work with me and they asking for 186k to settle. Due to properly devaluation the property holds enough equity to pay the primary mortgage company.

I asked for the final offer in writing and yesterday July 6th they send me in writing the offer that expired on June 30th. I sent them an e-mail asking if they have extended the offer I agreed to. Waiting for an answer. I know I can have this settle it down without having to file for chapter 13, need help. They asked for appraisal documents, Payoff letters from the other bank.

About June 10, my bank sent me a notice that my mortgage payment to a different loan servicing company had been returned, uncashed. I contacted that company to find out why, only to discover that they had transferred the loan servicing to SLS three months ago. When I asked why I wasn't notified, they said that they sent out letters but all were returned. It turned out they were using the property address for mailing, not my mailing address. There is no mail delivery at the rural property address. They told me to contact SLS. I immediately contacted SLS who said they had acquired the loan servicing 3 months before that and had notified me of it, but they too sent the letter to the property address. I updated all their information on me and since the payment was now late, immediately sent them via electronic bill pay the June payment which had been returned by the previous loan servicing company.

Today, in a letter dated a week after the payment was sent, I got an overdue collection notice from SLS for the June payment, which was already made and the check has been cashed. It's after hours now so I'll have to call them tomorrow. What is with these loan servicing companies that can't even get a mailing address correct or enter payments received?

The worst company - they make you feel like you are ignorant. They said banks not always send the payments on time. Which we know is not true. They told me that because I filed for chapter 7 I am not allow to receive statements. (On my chapter 7 Specialized Loan Service was never included.) I am making my monthly payments. When you call every person tells you a different story. This is only one issue I had with them. It will take me pages to write my complaints. I DO NOT UNDERSTAND WHY THIS COMPANY STILL ON BUSINESS with all the complaints they have.

My loan was recently purchased and I am so frustrated. There are 3 methods to pay, by US Mail, by Western Union ACH which charges a fee of 9.95, or by signing up for automatic payments! What lender does not make it convenient for its customers to pay... SLS... that's who! I am not a fan of companies that charge customer when paying on their loan!!!

SLS is the worst run servicing company I've came across. They seem to never get all the paperwork and constantly ask for the same paperwork over and over. Their representatives are untrained and seem to read from the same script. They constantly lie about not receiving this or that. They even denied a sale I had for my house at full ask stating they only do short sales, another lie. I'm starting a Class Action Lawsuit against SLS. Contact me at ** if interested.

My mortgage was transferred from Bank of America to SLS in 2014. In August, 2015 I realized that my accounting was not the same as theirs and wrote them a letter showing my last few months payments. They sent a very convoluted set of payment sheets back to me which it took a while to decipher. Finally seeing they had not posted some of my payments, I spent several hours going through bank statements, from the first payment through current (at that time) and sent back to them on August 20, 2015. They sent responding correspondence saying they received my letter and would be back in touch. I never heard back from them and sent the same (having to make copies) back to them on November 19, 2015. Still no response.

Sent the same (again, making copies) on February 11, 2016. Still no response. According to my records I am one month ahead. Well, on May 11, 2016 I made my May payment online (15 day grace period) paying the Western Union fee of $9.95 in addition to my payment. When I went online to pay the June 1st payment I saw where the May payment had been "backed out" and it showed two payments due! I called the representative and she said it was because I was $10+ short on my payment! I have the print-out of my payment which is exactly what it should be! (I mailed my June payment via check because I will not pay another $9.95 fee.) Now they are showing I have a $59+ late fee from the May payment... which was neither late nor incorrect! This is the sorriest mortgage company I have ever dealt with. Their record keeping is abysmal!

Our mortgage was sold by Shore Mortgage in MI to SLS. The envelopes come with no more identification than a magazine subscription piece junk mail (i.e., bill enclosed, payment due). I tossed them like the countless pieces of vague junk mail that arrives every month. I finally opened an envelope to see we were two months behind on our newly transferred mortgage account. Full payment went out immediately. Despite that, multiple mailings, certified letters and actual hand delivered letters threatened us with foreclosure, even after our balance was zero. Who runs this organization? How are they allowed to continue in business and how can they be monitored to keep them from using scare tactics against honest homeowners?

My home mortgage was sold to SLS. Payments have been made every month on time or within the grace period. Now I'm getting letters saying I'm 300.00 and some dollars behind. Not true. Have all my banking statements. I call them and they tell me I've been behind 31 days every month for 4 years!!! This company is ripping people off big time. Look them up. A lot of people getting ripped off!!!

This company should be shut down! There are over 1000 complaints filed against them. Is anyone paying attention?! They have an excuse for everything. The response they give per complaint is unacceptable and inaccurate and still the consumer affairs department accepts their reasoning. My previous loan servicer was suntrust mortgage co. In which in 8 years I've barely had to call them for anything.

Now, I've had SLS for 1-1/2 years and I've been on the phone, emails, letters & complaints 100 software times. I have been sent 9 different escrow analysis reports in 1 year! With 6 different mortgage amounts, on a set rate mortgage. What's the deal?! They paid my insurance twice then escrowed for the double amount and gave themselves a 2 month "cushion" amount & then had the nerve to say I was short in my escrow balance & charge me for the $700 shortage! Which is the amount they double paid! A scam, a scam, a scam. There is no nice way to say it.

Company not applying extra payment towards principal as directed. Service rep explained that the "Atlanta Payment Center" tends to "overlook" these requests. Instead applied payment towards future interest and principal. Rep said he would reapply these past payments correctly. I asked how this could be avoided in the future - unless I allow them access to my bank accounts as automatic payments it basically can't be avoided. I could of course send extra money to their home office in Colorado, but was told that money will most likely not be reflected on any statements I receive. This really sounds like fishy accounting practices to me! I'm researching with my mortgage broker how to get far away from this company.

My experience with SLS started 4 months ago. I received notice from my prior lender that my mortgage was purchased by SLS and that they would contact me shortly. I received a notice asking me to pay another company (Cenlar), and then pay SLS after. Confused, I reached out to try and pay my monthly payment. Be prepared to wait over a half hour to talk to someone. The SLS rep didn't know why I was asked to pay another company and I could not pay them as I did not have an account number yet. The woman on the phone said I had a 60-day grace period so not to worry about it. I received a notice from SLS with an account number and asking me to pay my monthly mortgage by a certain due date. The notice was dated after that due date. Within a week or two I started to get harassing phone calls from them.

Payment is not easy with this company. You cannot use a debit card. You essentially have to sign up for ACH or pay a $10 fee every month to Western Union for payment. You cannot sign up for ACH if you're within 4 days of the payment due date. You will need to have your routing and checking account number to make payment. I finally got the payment method taken care of (Western Union; ridiculous) and last week I receive an email stating that my insurance was insufficient for them. My insurance was fine with my last lender, and I had refinanced within a year providing that insurance as part of my loan. I'm unsure whether the notice is a mistake or something sneaky they are trying to do. This lender is not very trustworthy... I wish I could have stayed with my prior lender.

Just got a call from SLS. We purchased a second home for retirement last summer, and the loan was immediately transferred to SLS. We had some of the initial hassles mentioned by others, but the big glitch came last December when they mistakenly credited us for a double payment. We contacted them over a dozen times over a two week period when we discovered the error. We were always told they would get right on this and call us back the next day. No call. So we end up on the phone with supervisors who would voice concern that "Andy" didn't call us back. They assure us they will call us back, and they provide a "direct line" number to them. They never call back and when we call the direct line it is never answered.

Fast forward to today, the SLS caller informed me that they did an audit and discovered we were incorrectly credited with two payment in one month. I pointed out that we told them this repeatedly last year. I was told, well they had to do an audit. Then I'm told they will block the next automatic payment and they will draw an extra payment at the end of this month, unless I wanted to make up the payment error by giving credit card information so they can bill for it. I refused and said I will not respond to this until I receive something from them in writing explaining the situation. Bad, bad company. Should be investigated by the federal government, there are far too many complaints.

So, I've never been late on my mortgage payments and my loan was transferred to SLS. I received notification late and when I went to my old loan company United Mortgage they instructed me that it had been given to SLS. SLS has to be the most incompetent scheming company I've ever had to deal with in my lifetime. Every month to make a payment I have to go through giving route number, account number all over again through a Western Union payment option! The account is never updated and I never receive notification about my monthly payment alert like all the other banks and loan companies.

After reading all the mishaps with automatic payment I refuse to give these thieves any direct access to my personal banking!!! They got my insurance wrong - thank God I have a good insurance agency who has dealt with them before and were able to make sure that I wasn't robbed by SLS placing their own "insurance"! I really need to get my loan out of these people's hands!!!

Was told by my old mortgage company that my loan was going to transfer to SLS. I called SLS for an account number and they said I don't have an account with them. Why does these people sound so "I don't know" attitude. I try to set up an account on-line and still "I don't have a account with you". Is anybody else having a issue with setting up with this company. I'm don't want my credit to get screwed up.

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Specialized Loan Servicing