Specialized Loan Servicing
Overall Satisfaction Rating
1.04/5
  • 5 stars
    1
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    0
  • 1 star
    49
Based on 50 ratings submitted in the last yearSHOW RATING DISTRIBUTION
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Specialized Loan Servicing

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Last updated: Dec. 5, 2017

261 Specialized Loan Servicing Consumer Reviews and Complaints

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Verified Reviewer
Original review: Dec. 5, 2017

I seriously can't believe this company is still in business! The CFPB will be getting a letter stating my experience with this company as I do mortgages for a living and can't believe they're getting away with the things they do! I've tried calling 6 times prior to December 1st and have waited over an HOUR and ended up hanging up. What company doesn't offer online payment without charging a $10 or $15 fee. This unacceptable and then to receive a default notice because servicing was changed after years with another company who has my payment but they just can't seem to figure this system out. At this point, they can call me. Default on my house and they'll look like a fool in court as far as I'm concerned.

Verified Reviewer Verified Buyer
Original review: Nov. 21, 2017

Worse service ever. These people are incompetent, understaffed, waiting time is extremely long, get routed automatically or by people to the wrong department too often. They charge fees that I never heard of and to date they have not provided me the documents where I signed agreeing to such fees. Document everything with SLS, read the fine print and prepare for a bad ride.

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Verified Reviewer Verified Buyer
Original review: Nov. 17, 2017

How is this company still in business? I have excellent credit, never made a late payment however, my financial situation changed drastically when my HELOC loan amortized and my monthly obligation doubled overnight (my income didn't). I provided every document required for the modification and for eight months I've been given the runaround. Their customer service is terrible, their business ethics are deplorable and after reporting them to the Consumer Financial Protection Bureau I haven't even received the courtesy of a letter or a phone call. I am currently seeking legal advice to pursue this matter in court. Perhaps filing a class action suit against "SLS" will assist the endless amount of families that are being bullied and ignored by this lender that does not have one positive review.

Verified Reviewer
Original review: Nov. 16, 2017

When we got our home loan, we knew it would be sold, but we had no idea who would manage it. Well lucky us... we wound up with this joke of a company. On our very 1st payment, they cashed the check but didn't apply it to our loan, so it looks like we didn't make a payment. Getting a hold of these yoyo's is a story in itself. When you do get a hold of someone, they are untrained individuals and have no idea what's going on. I have called 5 times, faxed & mailed bank statements, cancelled checks, bank documents showing checks have cleared, and still to this day, no resolution.

We have only made 3 payments to this company and just started with them! If it is like this now, what does the future hold. When I called today, yet again, they said they would open a ticket to look into it. Gave no timeline for resolution or when someone would call us back. We're already looking into refinancing with a different bank because we are not getting sucked into this company's vortex of lousy service. They have charged us late fees monthly, and this could hurt our credit history. Frankly it's B.S. and someone needs to do something about this company's business practices. Looking online, they have a horrible reputation. We had no choice in getting stuck with this company. Our advice is if you can, steer clear!!!

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Verified Reviewer
Original review: Nov. 15, 2017

I just went through a loan modification with this company. They are a bunch of rip off artist and liars. I had to equity line do for maturation and they said they would work to modify it and ended up ruining a great credit score and my payments. My nap thousand dollars a month into the year to go through the process and my credit was ruined.

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Verified Reviewer
Original review: Nov. 9, 2017

Well just like most here BOA gave my loan to SLS. They sent a letter I was in default... making payments every month. Faxed copies from my bank. Come to find out Bank of America was putting the payment into my 2nd mortgage I had even from a different banking account. Took months BOA called. 1st thing they say was ... "We are so embarrassed". LOL. "Sorry for all the problems." I lost a week of sleep at one point, sick, shaking all the time. They even sent a letter that I asked for, for what happened.

Now, my homeowners insurance due Oct 8th, 2017. Received a letter from AAA said it was not paid. I called SLS and thought it was straighten out... nope. Been lied to saying it was overnighted last week. Even AAA called them. They were lied to. I had to pay for it myself! How can these companies get away with these tactics? One thing more, how do these employees working there live with themselves working for a horrible company and lying and treating people so poorly! AAA called me again today and said they still have not received the payment. They will call me again on Friday. How I love AAA. They are so kind and helpful! Today for the 1st time I had to take baby **. My vein in my neck was pulsing bad where my family was watching it. I felt horrible, chest pounding. They wanted to take me to the hospital. My husband had my blood pressure checked. It was 188 over 89. This ordeal is making me sick. It has never been more than 127.

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Verified Reviewer
Original review: Oct. 28, 2017

I have recently been transferred to SLS as of 10/16/17. I have not received a "welcome packet" of any kind. Instead I have received a past due bill payable on 12/1/17... Today is only 10/28/17 and my November payment is not due yet. How can they do that?

Verified Reviewer
Original review: Oct. 27, 2017

The property we have is in foreclosure. Bank of America (BOA) sold the loan to SLS in April 2017. My husband sent SLS an email requesting if we could do a mortgage modification. Got the letter saying a particular lady called 'Mary' would help us. Called today. Of course could not talk to Mary. Talked to another representative and found out that my husband is not on the loan according to the paper they got from BOA. Is it a mistake by BOA?? Then I was told that our application was denied and formal letter had just mailed.

I told her we didn't file any paperwork. She said my husband's email requesting help was considered as a hardship letter and they reviewed that email and made the decision. We hadn't submitted any application and it was denied. What a joke!!! I really wonder why they sent us letter telling us to contact them via phone or email regarding our loan. They just don't care. Now we have no choice being stuck with them. Expecting a foreclosure soon:-( Why can they be in business?

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Verified Reviewer Verified Buyer
Original review: Oct. 24, 2017

Go anywhere else for your mortgage... After Hurricane Irma we were "granted" an extension for 2 months only to get a bill two months later that said we were overdue on our mortgage. We even cancelled our auto pay at the advice of their customer service rep. We just called customer service and they informed us that our extension was denied, but we never received a letter, a phone call or any other form of communication informing us of the situation, which is usually pretty important considering a mortgage is typically what most households plan their finances around.

The customer service and supervisory department offered numerous apologies, but told us that there is nothing that they can do. We were told that our only option was a forbearance which is what I've already done unknowingly by skipping my mortgage payment for two months on my own. We will definitely be promptly refinancing through another company based on the lack of customer service that we received here. I sure miss Quicken Loans right now.

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Verified Reviewer
Original review: Oct. 17, 2017

As I've said before on this complaint site - SLS is terrible. They want all questions/concerns in writing, yet they will never give you a direct answer. There are thousands of complaints against SLS. Anyone "googling" SLS can readily find complaints across the board on them. It's shocking how this "company" still operates. Anyone who has a loan modification - or is trying to get one... please note: There is a Class Action Lawsuit that has been filed against them (finally... need to file more against these.) regarding improper mishandling of loan modifications... Will forward all info.

Verified Reviewer
Original review: Aug. 28, 2017

My loan was transferred to SLS on July 31, 2017. However beginning mid August of the same year I began receiving phone calls regarding my July payment. I was fine with the 1st, 2nd call where I explained that the payment was made mid July to the previous company two weeks prior to SLS taking over and as a response the representative mentioned that a note will be made on my account. I also called SLS to discuss the status of my account and arranged a payment for August 28, 2017. However, on August 26, 2017 I receive another call from an SLS representative explaining that they were calling in reference to collect debt. I proceeded to explain again that the payment was made July 14, 2017 prior to SLS taking over and I expressed my concerns about continuously being contacted for a payment that was made (on time) and how it was unfair that I can be harassed for something that I have no control over.

The representative, proceeded to make excuses and to justify the calls. Within this short period of time I concluded that SLS is out to purposely ruin my credit and to make the remainder of my loan a living mess. The quality of service also made me question the legitimacy of the company. My loan originally began in 2007 with Greentree Loan Servicing and has been transferred to other companies at least 3 times and I have never experienced customer service like I have with SLS. To upper management please consider revising your procedures in regards to acquiring new loans as a result of a transfer from another company as well as spending quality time on customer service training for your representatives. I wouldn't recommend a living soul to conduct business with SLS, As of August 28, 2017.

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Verified Reviewer
Original review: Aug. 22, 2017

Specialized Loan Servicing. SLS bought my loan in Jan 2017. First issue they said my escrow was $500 short because they were calculating at 1/6 basically paying two months at a time and collecting 12 months of escrow in 6 months. In the state of TN the most they are allowed to do by law is 1/10 basically 2 extra escrow payments per yr. Issue #2. I was trying to pay March payment on last day of month. They would not take it unless I paid 2 payments. One of which was not due till the next day. So that cost me an over 30 on my credit. That is illegal. THEY CANNOT REQUIRE a payment not due yet to be paid just to post another payment.

Next in July I got over 30 days late and called to make July payment in August. This due to premature twins having 3 surgeries in 6 month period which is not their fault but is reason for situation. Again saying I had to pay them both right then or pay one that day and then force me to ok them to draft another payment 10 days later or they would not allow me to pay the one. After asking for Briscos, the service rep in this situation, manager Marleena he said "let me see if ok to make one payment". He came back, said yes but had to pay late fee or they wouldnt take it. IT IS ILLEGAL TO NOT POST A MORTGAGE PAYMENT without the late fee. I again requested to speak to manager Marleena and he said she was in a meeting after just telling me she was sitting in cubicle beside him. He said would take my # and have her call me back. I went ahead and paid one payment with late fee because I wanted to get my account under 30 days late.

The FDCPA states a lender cannot require customer to pay late payment to post payment. All of this only after 20 minutes of them pressuring me to allow them to draft my account again 10 days later. Lastly I requested payoff on loan because wanting to refinance to get rid of these people from my life. They said they could not provide me one over the phone and would mail it to me. Which is legal as long as receive 10 days from request. So I am currently counting the days for that. I dont understand how the FDCPA would be ok with a business handling its customers this way with the Federal laws in place to prevent such abuse of homeowners. Stay as far away from these people as possible if you can help it.

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Verified Reviewer
Original review: Aug. 8, 2017

I have been dealing with these people over 3 yrs attempting to get my mortgage re-fi via Making Home Affordable government Obama deal. It is a very long story as it is about 3 years running. They came into my life un-announced due to Bank of America putting me with them. SLS doesn't own my loan. It is all Bank of America racket. SLS may represent other banks, I do not know but they handle mine for Bank of America. After about 18 months of SLS after Bank of America handed me over to them, POOF here is Bank of America again and SLS if out of picture. So, after dealing with Bank of America on and on. POOF here is SLS again and they are in charge!

Now after all these years, SLS claims they do not know how to contact me. They do have my phone number but I receive no mail from them since this latest hand-off. My credit score is tanked as many or most when undergoing the Making Home Affordable application. I checked my credit score July 2017 and surprise... way lower than last checked in 2015. My mortgage is now reported over $200,000 more than it is. This is apparently since the latest SLS hand-off. It is such a long story with these clowns. They play games upon games. I just do not know what to do. It is like talking to the dumb class. I am sure a class action suit is on the way but the ones that benefit from that is the Attorney. Not the homeowners that got foreclosed on. I continue to fight for my home.

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Verified Reviewer
Original review: Aug. 3, 2017

I have a HELOC loan with SLS and I always pay $300-$400 a month in principal over my loan amount. I started noticing when I went to pay online it said a payment wasn't due. I paid it anyway on time and when I would call I had 3 different service reps from SLS tell me that they couldn't understand their statement and why different amounts were being paid in the middle of the month when I only paid on the 25th. I got tired of all the BS and asked if I could settle my loan. After taking 3 months and me mailing all the info they needed, they said I had too much equity in my home and if I wanted to settle my account I would need to pay the full amount.

Two months later I had a $115 late charge on my account. When I called they told me it was a BPO charge for trying to settle my account. They never told me it would cost anything to settle my account so I disputed the charge. After 4 months they said I owed the charge. I made 7-8 calls and talked to supervisors and was told I should not have been charged the BPO fee and they would correct the mistake and call me back. After not being called back 5 different times I noticed they had reported that I was 15-30 days late on a payment this year. I have never been 15 days late and when I called I was told that I was not late and they didn't know why their website said I had been late.

I then talked to a supervisor and she said It was a late fee because they applied the $115 BPO fee and my payment didn't cover that month's payment with the BPO fee. I had paid enough to cover the amount for that month and she didn't know why it was reported late. She then told me that the BPO fee is $250 and not $115 and she would fix my account and call me back. Guess what... she didn't call me back. Do whatever you can to run, not walk, away from this pitiful excuse for a company.

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Verified Reviewer
Original review: July 12, 2017

Like most every other review on this site, SLS 'became' my lender out of the blue a few months back. Each month my account says it's past due, even though I keep faxing copies of my bank records to 'prove' my bank forwarded the funds. What I found out today was that SLS takes 7 business days to post my electronic payment. 7 days seemed a long time... Like back in the old days of checks that had to be mailed coast to coast. 7 days seems like an intentional SLS payment processing scheme for 'new revenue'!

By slowing down payment posting and instead ding mortgage holders who worry about good credit, seems a very clever way to increase revenues when loans would not be past due IF SLS posted their electronic payments in 1-3 days instead of 7. We were going to pay the fees, but our bank manager talked us out of it. We are fighting SLS instead. With all these negative and similar posts... I paid on time. SLS didn't credit my electronic payment in a timely manner.

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Verified Reviewer
Original review: July 8, 2017

I started out with Countrywide which put me in a predatory option arm without proper explanation. Then we went from bad to worse with it being sold to Bank of America. In 2008, we finally got a loan modification for 5 years. In the middle of this, I became legally disabled on a fixed income. April 2010 I proactively asked BofA if we paid our loan modification on time and in full, would they please convert to permanent loan as my new debt to income ratio could only sustain the loan modification payment amount. They refused and even refused to do this when the Department of Banking got involved. In 2013, as the original loan modification that we paid on time and in full was about to end, we began the process of a new loan modification.

It was a constant stall tactic with us sending in all the paperwork and them constantly claiming that they did not get something or paperwork was outdated. They would make us constantly restart the loan modification process. By 2014, Bank of America had turned the servicing over to SLS who continued this same game. We have now attempted this loan modification process 11 times. The last few loan modification I started to use a Federally Funded Agency to help and still we got the runaround. With the 11th loan modification attempt, I made sure to include the Department of Banking (DOB) when I submitted all of my paperwork so they were aware that everything had been sent as required. As usual, SLS claimed paperwork was missing.

Both the Agency and DOB confirmed that the paperwork was NOT missing and had been submitted. Instead, we get a letter stating that we never submitted any of the paperwork. I am trying to sue SLS and all their predecessors that were listed on my land records in Federal court. And the DOB had me finally file a complaint against them. I do not hold out much hope but after 7 years of this game playing, it is really absurd. We are in CT.

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Verified Reviewer
Original review: June 29, 2017

SLS bought my loan from the lender I did my mortgage with. I have not enjoyed their website or customer service but dealt with it for two years. Now I got a new company to refinance my loan. SLS sent a payoff amount with debiting money for my homeowner's insurance. The title company paid out the funds and SLS will not accept them! SLS paid more than they submitted on the payoff for insurance and now are blaming others for not receiving enough money! When all along it is their fault for paying a different amount than listed on their own payoff quote! Terrible. They do nothing to help either saying they can't do anything or it's not their fault. Terrible!

Verified Buyer
Original review: June 28, 2017

Our loan got transferred from GMAC to SLS back in '09. Back in July of 2015, we discovered we were being charged a past payment. When asked why they could not verify where the missing payment was I asked repeatedly to contact us to the correct department to verify where this missing payment was because we had proof our payments and was NOT going to pay something if they could not verify it. Needless to say, I have called them from July 2015 - April 2017 (almost 2 years) to get a simple answer and over 60 hours of my time on the phone and researching this incident to come up with NO CONCLUSION. We recently sold our home last month and with the last conversation we had with SLS they said it was their error and would have it removed from the credit report.

NOW they finally claim they have found the error and after 2 damn years trying to resolve this issue they are reporting me late 30 days late which is now hindering us from getting any future home loan! Luckily each conversation has been recorded and I have kept detailed accounts of the dates called and whom I spoke with including the conversation where they agreed that it was their error. So now I am penalized for something that took almost two years to verify and having requested proof of any errors to us because we were willing to pay it IF THEY COULD FIND IT. After all, I was paying on two homes with no lates on the other two mortgages plus 0 lates on my credit cards. Now that our home is sold we either have to pay an extremely high interest rate or be denied. At this point, if it is not removed from our Credit Report which I have disputed we see no other way than to seek legal council for advice.

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Original review: June 27, 2017

No one in customer service knows anything! This company will force place lenders insurance on your property even though you already have insurance. They will insist homeowner has no insurance. I have faxed numerous times the same proof of insurance. About two months later the same cycle will start over -- no insurance. I got so disgusted with this incompetent company I paid off my mortgage. Now I am fighting to get a check for the overpaid interest as well as the refund for the "LENDER PLACED INSURANCE". One customer service rep told me the insurance company refuses to talk to me since the loan is PAID OFF. Another customer service rep told me that I had no right to a refund since I paid off the fees when I paid off the mortgage! I spent 4 HOURS AND 15 MINUTES on the phone last night trying to resolve this issue and get money that is owed to me. That's right over 4 HOURS!

Great customer service, and I am NOWHERE further along than I was previously. I mysteriously was cut off with a manager when it reached 8 o'clock quitting time! My previous lender sold my loan to this WORTHLESS company. They even sent a company to my house to make sure it was taken care of. Well, they deemed it ABANDONED and placed a sticker on my door! I found it when I got home. Abandoned? RUN, do not walk from this company and if your loan is sold to this company -- refinance ASAP. I do not understand why there aren't any class action lawsuits against this company who force places insurance when there is insurance provided by the homeowner and proof is given. I am still waiting for the policies they have placed on my home. No policy, means no insurance force placed. They are only taking my money. If I could I would rate this company with a negative score. DO NOT use this shady company, you will regret it.

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Verified Reviewer
Original review: June 23, 2017

My loans too was sold to SLS Jan. 2017. Since then I have been making principal payments on both loans. One loan the funds are being allocated correctly; the other loan SLS is using the funds as future payments which does NOT decrease the interest. I was given the email address crdocs@sls.net to send my written request to have these funds allocated correctly post asking every customer service rep to allocated the principal payments. I received an email that my request was received. Today I get a letter in the mail that said a request was received, but a written letter needs to be mailed to P.O. Box 630147 Littleton, CO 80163. After some research I found 877-276-5550 as a complaint number. Everyone call and report your experience!

Verified Reviewer
Original review: June 17, 2017

We've had our mortgage through Bank of America (BOA) for almost 20 years, with perfect payment history. As of December of 2016, and unbeknownst to us, BOA sold our loan to Specialized Loan Servicing LLC (SLS). In April (4 months later) we get a phone call from SLS saying we owe over $3,000 to bring our account current for our mortgage payments and late fees. This whole time BOA is still taking our monthly amount out of our bank account, so we had no indications they had even sold our loan!! I immediately call BOA and they confirmed the sale of our loan to SLS. I was beyond angry. Our credit was going to be beyond tainted and we didn't even have a letter from either of the companies.

To make a very long and frustrating story short. Through MANY HOURS on the phone with SLS they said we didn't have homeowners insurance (yes we have FOR 20 YEARS) and that our payment was going up... How is that even possible OR LEGAL. Our payment has been $870 for years... Now its $901 and that doesn't even include the insurance they tacked on and all the fees.

I had called BOA to stop the auto payments. FINALLY in May they reimbursed our 4 months of unauthorized withdrawals. In the mean time I HAD to make payments to SLS of $901 to keep them from REALLY screwing up our credit. I have set up automatic payments with SLS 2 times, and lo and behold JUNE comes and I receive a late payment notice in the mail. We owe almost $2,000.

How in the WORLD is this company in business. From the beginning they have tacked on innumerable fees, that when I do the math... DONT EVEN ADD UP!!! I am beyond pissed with these people. I submitted (via fax) our homeowners insurance that we've had with State Farm for the entirety of owning our home, and I STILL haven't heard anything from them, and frankly don't expect to.

I will join anyone that starts a class action lawsuit against this company. I WANT THEM OUT OF MY LIFE!!! They have screwed up our credit and I am writing a letter to my Attorney General, my Congressman and calling the Better Business Bureau Monday June 19, 2017. I am also going to look into starting a class action lawsuit myself. Not sure how to do but I'M NOT LETTING THIS GO! Feel free to email me at ** if you want to help/join. THIS IS RIDICULOUS!!!

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Verified Reviewer
Original review: May 28, 2017

WF sold my loan. I didn't find out until I tried to make a payment to WF and they said my account was closed. I called Specialized to let them know I would be making payment. 2 days later an individual shows. Sneaks up to my home as my children and I are getting the groceries in through the front door. He literally walked up close to the door and he asks if I live here, and if the home is occupied at the same time trying to look inside my home even though my husband was trying to block him from him seemingly trying to get in. I felt like my privacy was completely violated. I'm wondering why there isn't a class action suit? We need to organize! This is not right.

Original review: May 26, 2017

My account was transferred to SLS early this year. Although I had been paying the house insurance since I purchased the home (with another lender), SLS on their own went on their own and escrowed my insurance. This caused my monthly mortgage to go up. I called a number of times, talked to different people who would then send me to another department, who then would send me to another customer rep, so on and so on. When I finally got hold of someone who sort of knew what they were talking about, I told them I needed this rectified. I sent them proof of the insurance policy and the current payment as it should have been and what I had signed for with the other company. SLS reported me late to the Credit Bureau and my score dropped by almost a hundred points from the mid 700 to the mid 600. All because they created this problem and I had to suffer the consequences.

I'm currently looking for a class action suit that I can join. I urge anyone who is with company to get out, sue them, do whatever it takes to break any relationship with this company. I do hope that the states or at least the feds are looking into their business practices and holds them accountable (hopefully someone will go to jail). Shut them down.

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Verified Reviewer
Original review: May 26, 2017

Again my escrow has increased to $115 per month because my taxes and insurance has gone up to a total of $503, between the tax and insurance, $102 on the insurance and $401 on the taxes. A $500 increase in escrow causes my mortgage to go up by $115 per month that will be a total of $1200 by the end of the twelve months, hum. Of course, when I called SLS to get an explanation I was treated like someone who cannot afford to make their payments and was told by one of the customer service rep Penny, that If I owe I am expected to pay back, she was very rude and nasty and also another that hung up on me that same day but I can't remember her name, but I guess this is how they are trained.

Paying what I owe wasn't the issue for me. I am paying my mortgage. The only thing is that my payments are being made towards the end of each month. If my mortgage increased I am going to want to know why especially in a cause where I am paying you double of what I owe. This company seems to be getting away with a lot of unfair act towards homeowners and nothing is being done about it. I believe that they are out to foreclosure on homes rather than to help, what a major scam. I would like to get SLS off my loan because I did not agree with them being my mortgage company. I never had this problem with Wells Fargo. Now that SLS took over it's a lot of stress and aggravations, due to them overcharging and increasing my mortgage and making it difficult for me to pay, which is their agenda. But they will not prevail in Jesus' name.

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Verified Reviewer
Original review: May 22, 2017

My loan was transferred to SLS this year and right away problems. They saying that I owe them 1,200 dollars from escrow when they just got it but no problem with the bank before them... But what I noticed is that my mom have them and she is always complaining about it, every month she has to call them 'cause they playing with her payments. We have to do something about it 'cause everything is wrong about them, I don't know what but it doesn't smell good... So now my mortgage payment went from 682 to 772 because they split the 1,200 in to a monthly payment of 90. I am not happy because I don't owe them anything. But what can we do?

Verified Reviewer
Original review: April 29, 2017

We were flooded in August 2016 with thousands of others. It took 6 months to get an insurance payment from our flood insurance and when we got it, it was made payable to both Specialized Loan Servicing and us so we had to send it to them to get it endorsed so we could begin the work. They deposited it and now refuse to disburse the funds for us to repair our home. We have tried over and over trying to give them what they want to get our money so we can begin the work on our house but they keep trying to put obstacles in the way. The flood insurance company issued the check after a lot of adjusters and structural engineers and now we can't get Specialized Loan Servicing to release OUR money.

We have never been late on our payments and have excellent credit. We also only owe 40% of the value of our home. The check would pay half of this. We are at a loss to get Specialized to release our insurance money and they never answer their phones and send you to a third party "Insurance Claim Check" to communicate who has no phone contact information. You have to download requests and won't get a call back until 3-7 days later. The person calling doesn't know what to do with the claim and keeps telling you to send in more documents.

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Original review: April 27, 2017

SLS still has not caught up with my payments since my loan was transferred there in Jan 2017. Also I cannot log in on their website. The site doesn't even load up. So then when you call the phone number to make a payment they charge you 9.95. What a racket!!!

Verified Reviewer
Original review: March 27, 2017

My home loan was moved (without my consent) to SLS on January 1, 2017. I have excellent credit and always pay my bills. It took me several weeks and several calls to even get an account number to pay my loan so it would not be late. I ended up having to make a payment online without even having any payment info from them to avoid being late. They tried to say that my homeowner's insurance had been cancelled, which it was not, and that they had put me on their insurance.

I got tired of the mess and went to my local bank and refinanced and got away from them. After loan had already been closed and I was no longer their customer, they changed my insurance payee to SLS without my consent. Additionally, they were taking some of my payment for escrow of taxes and insurance. That was never part of any loan agreement I signed. When my loan originated (not with them) I specifically made sure that taxes and insurance would not be escrowed. I pay my own taxes and insurance. They changed my loan without any signed agreement from me. Didn't think that was even legal.

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Verified Reviewer
Original review: March 22, 2017

I also had my loan sold to SLS and I'm not happy about a lot of things, especially their payment processes in general. For example, on-line payments are diverted to Western Union but when you print the payment confirmation, it says nothing about the payment being used to pay any kind of mortgage, much less an SLS Mortgage. It just says you handed over some money to Western Union, which essentially makes it a completely useless receipt. So, at any given time, SLS can simply turn around and claim that they never received any payments because they know you really don't have a useful paper trail that says so. To be fair, they haven't done this to me yet. But based on all the horror stories I've read so far about this shady company, I would not put this past them.

Also, a few months ago, my mortgage payment unexpectedly increased by over $200. When I called to complain, they said my property taxes had increased and there wasn't enough in escrow to cover it. I am still investigating if this is true or not. The Federal Trade Commission should really look into SLS' poor business practices. They seem to be getting away with too many unethical practices.

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Original review: March 21, 2017

I bought my home in 2014 and WJ Bradley was the lender. They then apparently sold the loan to this company, SLS. First they raise my escrow impound account amount due and I never received the letter, so I was short by less than $40 a month for a few months. Once I realized what happened, I called them and they told me they had applied my August 2016 payment as an "extra principal payment" - I told them that I did not authorize them to do that, so to please make it a regular payment (this was on December 22, 2016) and I paid the $394 that I owed in late fees & additional escrow impound fees because of the adjustment to the escrow impound account that I didn't know had changed. They refuse to send me a payment coupon book or monthly statement.

I was assured that December 22 payment made me current. I called today, March 21, 2017 just to make sure I am showing as current as I have paid every payment either on time or early, and again I am told I am behind a month (even though my March 2017 payment cleared my bank on March 6). I have now been on hold for over 25 minutes waiting to speak with someone who can supposedly assist me. It's terrible how these companies get away with the attitude of "it's not our fault, we're not the lender, just a collection company" when you try to call SLS.

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Specialized Loan Servicing Company Information

Company Name:
Specialized Loan Servicing
Website:
www.sls.net