Specialized Loan Servicing Reviews

The worst company of all time! They are like the mafia!!! This company should be banned from servicing loans. Every time I try to make an online payment from my bank account, it tells me that my account information is incorrect. But when I make a payment through the automated phone system, it takes the minimum payment without issue with the exact same banking information. Unfortunately, it will not give me an option to make a principal payment by way of automated phone payment. It just simply WILL NOT let me make a payment on line and it definitely will not allow me to make a principal payment. This obviously keeps me from paying down my loan faster and therefore forcing me to pay mostly interest on every payment. Then when you try to call, they always treat you like you're in collections by saying "This is an attempt to collect a debt".

This company SLS Stole $30,000..on my downpayment for loan modification...now my account went transfer to Shellpoint Mortgage.. and they do not know nothing about my situation.. I have a lawyer..but we have to process legally against this companies. Terrible service. It is so sad that they take advantage of working class people to sacrifice to pay their loans!!!. Please try help homeowners not abuse us!!!

Terrible terrible company. Too many complaints to type. No access to our funds for one month now. Terrible miscommunication. Missed 'deadlines' / dates. Nobody at 800 number has any answers or helpful information - just keep asking to be patient and "WAIT" it out. No paper checks after 1 month of waiting. No online access for 2 weeks. Rude customer support at times. Stressful. Somebody needs to be fired over this.

I am writing to express my utmost disappointment and frustration with the recent transfer of my mortgage to your company. The experience I have had thus far has been nothing short of abysmal, and I feel compelled to share my grievances with you. To provide some context, my mortgage was initially with Logns Financial, a company that proved to be an absolute waste of time and resources. After enduring countless hours of tedious paperwork and negotiations to secure a loan for a commercial property, I was shocked to discover that my loan had been transferred to your company, Specialized Loan Servicing.

For those whose loans ended up with SLS, was your loan previously with Wells Fargo? If yes, did fee balances transfer that were not/could not be reconciled? Was your escrow account shorted for months, causing vast escrow shortages, causing corresponding payment increases to offset the deficiency the undercollection caused? Did this cause further hardship? Did you feel the servicing of your loan was NOT in a manner to support you staying in your home? Are you experiencing same/similar problems with "Shellpoint/NewRez" ?? Does SLS math not add up? Were you bombarded with calls that appeared to come from a dialer, not a PERSON despite advising they could NOT contact your cell phone using automated dialers? Guess why I ask...

Horrible company and as of May 2024 is now under the name of Shellpoint. They mislead, ignore phone calls and written requests and threaten to foreclose while simultaneously refusing to negotiate terms. SLS sent me to the Bank of England because the BOE would allow me to refi just the HELOC on my primary residence. After following this suggestion from SLS, BOE would not refi the loan because I had an NOD with SLS. I began working with a rep at BOE who said she was able to work with the "higher ups" at SLS and had negotiated my loan to a more manageable balance due. What did I need to do? Get a private loan to pay off SLS and pay her 2.5% for negotiating for me.

This company is simply the WORST, you try to communicate by phone you rarely get a person, they only respond on their site with generic information. They do not send any information concerning changes. I think they are a complete rip off assisting in the malpractice of helping homeowners lose their homes. I would have never dealt with them if another rip off bank (WF) had given choices. This third party system is not consumer friendly or worthy.

I was with Specialized Loan Services for 2 years and their system is a mess. I spoke with CJ who told me that even though they charged me double for my mortgage in one month I have to wait for 30 days to get my money back. They are going to send a check in the mail and I will have to process that with my bank. So in total 40 days for a double payment that they caused. The inconvenience is unspeakable!!!! STAY AWAY FROM THIS COMPANY.

All financial advice folks urge you to make extra principal payments on your mortgage to pay it off sooner. They need to add a phrase to that: "...unless your servicer is Specialized Loan Servicing." This company apparently can't handle the oh-so-difficult math involved. Instead of applying the extra to principal they'd apply it to next month's payment, put it in Escrow, send it back, or (the worst) divide my monthly payment into principal, interest, and extra and then put all the numbers into the wrong boxes.

I really needed a HELOC for some medical expenses a couple of years ago. I only went with them because no one was giving HELOCs then. They took advantage of my situation and charged me 2.5% over fed rate even though I have excellent credit. I accidently put the wrong year (2023) earlier this year and they denied payment without telling me. I finally paid off my balance and closed my account. DO NOT GO WITH THEM!!!!