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Not only does SLS not answer calls they dont even offer an email address. I closed my loan and they did not send my escrow balance back. I had over $2300 and they were sending $148. It's one of the worst companies to deal with and if your mortgage sells to them I'd recommend refinancing and leaving immediately. Too bad they don't offer 0 star ratings.
A one star rating if FAR too generous! Thanks to Wells Fargo, my mortgage was sold to SLS. Website is terrible, won't let me log in and when I do, it freezes. Received a letter stating my escrow account was short over 2000.00. Seriously? I have never ever been short. They told me they can hold double of my taxes. Which would be a little over 10k. She said 23,000. Their math really scares me and they've only held my mortgage for a year...Sounds like a desperate company!
My home mortgage loan was sold to Specialized without my knowledge or consent (didn’t know a bank could even do this). They have been adding on all sorts of fees and refusing to settle any and all disputes I have had. Finally, I have been paying attorney just to deal with them. They don’t even deserve ONE star - they get a ZERO in every category. Who can we report them to? They should be shut down immediately but I don’t even know how to start the process.
Worst company I have deal with. DO not work with you. My mortgage transferred to SLS. Balloon payment was due. Tried to refinance with them (good credit, excellent income). Every time I send papers they said something is missing and then they said I need to file new paperwork because time is up. They did not refinance me. They send me foreclosure letter. I got tired of them. Came up with money. I owned them 44000. I paid it off including late fee and other fees.
Tried to get another home few months later. I could not get loan. Loan officer explained to me that SLS reported me to credit agency that my loan was Write off not paid off. Write off means it was forgiven. That was not a case. It took me several months to straighten it up. I send all papers to credit and it was straighten up. But I lost the house I wanted to buy. Stay away. Worst company I ever deal with. Last month my rental house mortgage was transfer to them. Did not receive statement yet. I have to stay on top of the game and call them and beg them to take my payment, so I do not get late fee. That should be illegal. That company should be sued and shut down. If I had more time I would sue them for what they did to my credit. STAY away.
After my mortgage was transferred from Wells Fargo to SLS, by Wells Fargo and not me, I made my last payment to Wells Fargo in July and my new payments started in August. I sent them a payment August 1 through Wells Fargo bill pay, and it was paid on August 2. SLS has not given me credit for making the payment even though they took the money. When I received a bill from them showing that I had not made a payment, I immediately called them and spoke with someone on the phone and when I informed him that I wanted to talk to someone higher up than him, he told me there were no managers available. There is no way that this guy was the last resort because he couldn’t answer simple questions.
I then spoke to someone the next day and was told that I would need to send proof of payment via fax so I went up to Wells Fargo and we printed off all my transactions through their bill pay. We highlighted the payment sent to them on August 1 that was paid on August 2 and I faxed it to the number with my loan number per the instructions that SLS had directed me to. That was done on August 20. It is now September 6 and they still are “investigating” about where my money is and said that they should have an answer some time in October. How does it take them 6 to 8 weeks to find out where my money is? If I was to skip payments for 6 to 8 weeks, you better believe they would be all over me demanding an answer where their money is.They received my September payment because they sent me an email saying they had received it so I’m just really curious how they could lose my first payment.
Honestly, I think this company is a complete scam! I would avoid this company at all costs and if for some reason your loan is transferred to them by Wells Fargo, find a new bank or credit union and see if they will take on your loan because SLS is a complete farce.
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Absolutely terrible customer service. Absolutely terrible payment portal. 14 out of 25 months I have logged in to pay my mortgage payment, I have been unable to do so due to technical difficulties with the SLS website. I purchased a house in 2017. The bank immediately sold the mortgage to SLS. I refinanced the house in 2019 with a different bank. That bank also immediately sold the loan to SLS (just when I thought I was done with them). SLS repeatedly confused loan documents and payment amounts between the original loan and the refinance loan. My first payment to the refinance mortgage was late (but within the grace period) because SLS failed to onboard the new loan prior to the due date of the first payment. You will most likely not have any control over your loan being purchased and serviced by SLS. If your lender sells your loan to SLS, be prepared for regular headaches.
Although I have a letter from my taxing jurisdiction, a revised estimate for my tax bill, and a new assessment with the increased tax basis of my home, they refuse to recalculate my tax impound. As a result, I will be paying (somehow) an extra $900/month until they receive the tax bill AND take whatever time they will take until recalculating my impound amount. The math is: August payment through November (assuming they won't recalc immediately upon receipt in early October) = 4 months x $900 additional = $3600. No idea where this money will come from, and it definitely is a hardship for my family. Before I refi, I will be asking whether the lender uses CMC as their servicer, and refuse to do business with anyone that does.
After 4 years of easy Mortgage payments through monthly debit, they cannot debit from my bank account because they are using routing information from old pre-merger information. The number changed 3 years ago. I now have late fees and charges because of their error. The bank shows no attempt by SLS to debit the money from my account for the past 7 months. So they now demand that I pay by certified check. No one there will try to help solve the problem or look to the back office to solve the issue. In addition, today I received a check sent back to me by them that appears that they are generated online bill paychecks from the old bank. It has always been debit. SO how did they make this check? Are they trying to take money from 2 different banks? They will not talk to my bank. So until I can re-finance I am stuck with them and their fees for their incompetence.
BEWARE OF THIS COMPANY, THEIR CUSTOMER SERVICE IS NON EXISTENT. THEY TALK IN CIRCLES AND NEVER ANSWER YOUR QUESTIONS. My mortgage was transferred to this company. Six months later a notice appeared on my statement referring to my bankruptcy from 2006 (and has been discharged for over 5 years now). I called to ask why this notice was on my statement and what did it mean. Three transfers, two disconnects, 30 minutes on hold, and an "all of the managers are in a meeting and can't talk right now". Later I got the escalation department where a very rude woman STILL wouldn't answer my questions before sarcastically wishing me a nice day and hanging up. If you have a choice, do NOT do business with this company. If you suddenly find yourself a customer of theirs, do yourself a favor: run away, run fast and run far.
I paid my payment every two weeks in advance on my own and was never late once. Received five late payment charges. This is ridiculous. So now they say I need to make two payments in advance and be set up on their system for every two weeks or it will continue to charge me late fees. Really. Are these guys accountants or crooks?
Specialized Loan Servicing Company Information
- Company Name:
- Specialized Loan Servicing
- United States