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Specialized Loan Servicing continued to draft my mortgage after my home loan was paid off. I called to complain and wanted my funds back. No satisfaction, talked to a front line employee who couldn't explain to me why that happen and told me it would be a month before I would receive a refund. I asked to speak with someone who could possibly help me with my refund, told me if would be 48 hours before a supervisor would get in touch with me. 10 days later no one has been in contact with me about my situation.
SLS took over servicing my mortgage loan three years ago. Escrow payments are included in my monthly payment, and SLS, as the loan servicer, is required to pay insurance premiums. SLS is now a perfect three-for-three in failing to make this payment and causing the policy to lapse. Last year I had to spend two full days on the telephone with customer service agents at SLS and the insurance company (American Modern, which is equally inept) to get this problem fixed. I now am getting a new insurance company, and if could choose who services my loan, SLS also would be history.
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Called Specialized Loan Servicing to get some answers to why a 30 late notice and another month had a negative mark on my credit report. I was told to mail in a dispute for that. One of their customer service people gave me the address to send it to which she was very nice. Sent the information which took me 2 hours to compile which had my bank statements for a year showing my payments along with a letter why I was disputing the inaccurate information. A week later I get a letter stating I sent the information to the wrong address. I sent it certified mail because I didn't want to hear they never received it.
Instead of wasting time and mailing a letter to me they couldn't send or fax or email the information to the correct department? Just poor customer service to me. This will now delay them looking into this for another two weeks. As soon as this is cleared up I will be refinancing with my local credit union which I have had great experience with in the past. Stay away from this company. They will not post your payments correctly and make you prove their mistakes.
This company is terrible to get in contact with. Their agents are rude, unprofessional and impatient and never return any calls. I don't have a deferment agreement with SLS. SLS is showing deferred principal ($***.96) and deferred interest ($****.95) on my statement. SLS should NOT be showing anything in the deferral portion of the payoff demand! SLS tagged the forbearance dollars onto the principal balance, rather than set aside in a FORBEARANCE agreement to be paid in 90 days.
This company is either spectacularly incompetent or spectacularly crooked. My mortgage was transferred to them at the beginning of the year and - in less than 12 months - they have managed to screw it up 3 times, including AFTER a trip to court and an attempted foreclosure. Their agents are either crooks or liars. I have been repeatedly given the wrong information, to then have the company turn around and claim that I am in default when I have PROOF that I am not in default. After the attempted foreclosure (which the court dismissed) they told my attorney that I was current on all payments. I have made payments by phone every month and, every month, I ask the agent to tell me what they are showing as the amount owed for that month's payment.
Every month, I ask the agent to tell me if I am showing as current on my account. Every month, I have been told I am. Now, in NOVEMBER, I suddenly receive a statement showing me a month in arrears, and I have an agent telling me that the payment I made in June was insufficient, and I am in default. These people are crooks, they are liars, they are monumentally deceptive. I simply cannot emphasize how dishonest they are. If your mortgage is with them, run as far away from them as you can get, as fast as you can. If you are considering shifting your mortgage to them, DON'T. You will live to regret it.
Company transferred from ASC To SLS, After 3 yrs in they started telling me I was missing a payment! Sent 5 yrs of payment receipts and they couldn’t find missing payment!! To satisfy them, I made a extra payment. Now they want $1800.00 in late fees for which they don’t even know when I missed payment. Total THIEVERY!! Also after making extra payment my new balance didn’t include late fee. Every rep will give a different answer. STAY AWAY.
My previous loan was sold to my current holder, I had never heard of them before. So far, experiences has not been good since taking over loan almost 1 year ago. I am currently submitting a refinancing application and how this process will result in a positive experience going forward.
My mortgage was recently transferred to CMC funding and SLS. After trying to set up recurring payments online, I have been trying to reach someone at this company by phone, online chat and email but was disconnected each time after being told that no one is available to respond. This is the second time that my loan has been transferred, but the previous change was extremely easy. I simply do not understand why this company makes it so complicated, all I am trying to do is set up recurring payments and you would think that the company would want to make this easy to ensure that the loan is paid in a timely manner. Unless their goal is to maximize late fees. If your core business is buying up loans, this process should be made easy to ensure timely collections.
Wow this is the worst company I've ever dealt with. In short I will list the issues.
2. If you make a payment in advance, they hold on to it for several weeks before processing it (Unallocated funds).
3. The payment they sent to my insurance company (at the end of year 1) out of the impound account "bounced". The insurance company then had to bill me directly. I took months and several phone calls to straighten out. Even then they did not reimburse me. They just kept the money in the impound account.
4. I refinanced after that just to get rid of them. They immediately lock you out of your account details (ie impound account balances and tax info). Still waiting to get my money back.
I refinanced with another company and it closed on 6/26. CMC's automated system says the payment was received 6/29. It is now 8/13, and after 10 phone calls, I still haven't gotten the refund for my prepaid July mortgage payment (not realizing the refi closing would happen so quickly), and escrow. They owe me $3,920. Paid off my mortgage to CMC with a refinance to another company on 6/29/20. Before the closing, I paid my July mortgage to CMC on thinking the refi would take weeks, and I didn't want to be late. CMCs phone system indicates they received and applied pay off payment on 6/29/20 before the July mortgage was due. They verbally claim they received it on 7/8 and deducted $272 in PMI for the month of July.
I've called them 7 times since 6/26. As of 8/10 they have yet to refund my escrow and the full mortgage payment for July. They told me verbally they mailed $3,648.86 (escrow and July payment) which I have not received. They siad they kept $272 in PMI for the month of July. They refuse to refund that money. I don't understand how they can charge and keep PMI when they no longer hold the mortgage. I've received no correspondence or refunds from them as of today, 8/10/20. They owe me $3,920 which includes the prepaid mortgage ($2,250) and escrow balance ($1,670).
Specialized Loan Servicing Company Information
- Company Name:
- Specialized Loan Servicing
- United States
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