Specialized Loan Servicing Reviews

They did a mortgage review and did not include the check for $639.00 that was sent to them along with the insurance company reducing my premium, 6 months ago. They are asking me to give them more money in my May payment than I owe them, and refuse to take responsibility for their gross error in calculating my escrow. My insurance premium they are calculating in my escrow is for $2,800 when is should be $1,600. They refuse to take responsibility for their mistakes. I think they are asking me to pay so much more than I owe in an effort to steal my home, if I am unable to make their payment.

This is the worst company I have ever worked with. Having no way to pay additional to your loan or escrow is bad enough, but when my insurance company cancelled my policy by mistake, they decided to charge me $540 for a few days of coverage (Nothing happened to my home, of course). It should be illegal for these scumbags to buy your mortgage without you having a say.

In 40 years of title business, I have never come across a more incompetent, uncooperative, untimely, insensitive mortgage lender such as this one. And totally ignorant of probate rules for other states than the one they are located in. My son took his own life and they would NOT speak with me at all OR contact their foreclosure attorney located in my state to get the rules so that they could talk with me. Once they found out my son was deceased, they did nothing. We had to call the foreclosure attorney and advise them son was deceased and attorney office delayed foreclosure. It took FOREVER to get a final payoff...longer than the seven days (which is ridiculous to get a payoff) it normally takes. Closing was delayed because of them. Of course, they collected additional interest.

I am very curious how the Consumer Affairs allows this company to operate. If they are not following the Fannie Mae guidelines they are bound to adhere to, I can tell you they are, at best, immoral. In short their business model is as follows - They are purchasing mortgages on homes that have equity that are in covid 19 forbearance or other forbearances, and they try to foreclose on them to profit off the equity. They tell the home owner that they owe their entire past due forbearance balance immediately. (Which is not true and is against Fannie Mae covid 19 forbearance guidelines) When the homeowner does not pay, they report default to credit and try to foreclose on homes that have equity in them. In other words, they try to steal homes from good people, by breaking the guidelines set forth by our government.

Talk about a bad draw. My mortgage was purchased by this company after we completed the refi of our house. Though they offer the basics, they inexplicably don't receive updates of your insurance information. You're forced to go to a 3rd party site to upload your declarations page. Unfortunately, this site sometimes doesn't work. In that case, you can e-mail them your page. When I got my statement, I noticed they put a lender-placed insurance that was twice the cost of the one I usually get. They apparently never got the e-mails or uploaded docs. Despite opening cases about this, usually with a dismissive response from their agent, it still does not reflect the new policy. Unacceptable.

This is by far the most unorganized, unprofessional company I have ever dealt with in my life. DO NOT do any business with this company. DO NOT sign anything with these people. There are so many better loan companies. I sent in overage on a loan payoff. They owed me money ($3,000) for for 5 months. They reported to the credit bureau that I missed payments and have not paid the balance when it was actually owed to me. I was on the phone with them 6 plus times and was assured after every call that everything was taken care of only for it to not be the next time I received a call from their collections. Just a nightmare of a company ruining my credit because they cannot get their own internal ** together. NEVER use this company for anything.

Where do you start. Unethical group of loan people all working at the same place. Unorganized and bookkeeping nightmare. I'll keep it short. Got a HELOC, they sold it to SLS. We paid off the line of credit. But they still said we owed money every month, even after the $0 balance. Then, we called to pay it off and were told we actually had a credit. We were happy because this sounded correct. So, we ignored the messages saying we owed $27.00. 30 days later, they froze our line and said we owed $27.00 plus interest. We said, "Fine we will pay, just make sure to unfreeze the account." They said since we are 31 days late, they can't unfreeze. We lost the HELOC and they sent us to collections. We hired a lawyer because our 800 credit was tarnished and on top of it we still have a $27.00 credit according to the customer service department.

Our mortgage loan was sold to this company and it has been horrendous. We have 3 parcels to pay tax on that were escrowed from our original loan. Upon transfer they only paid 2/3 parcels. We paid the remaining parcel. The next year they only paid 1/3 parcels. When I contacted them they sent a check for the remaining parcels that miraculously never made it to the town. I asked several times for someone to fix our escrow as our delinquent tax bills piled up. After zero help, I closed our escrow. They still have $620 check that was never sent to the town and was not reimbursed to us. I have had to call numerous times and I get transferred from tax to escrow and no one can seem to help me. They misuse funds and do not have a consumer friendly customer service department. AVOID AT ALL COSTS!

I searched for reviews on Specialized Loan Servicing (SLS) and found many people shared horrible and similar experience with SLS on this website. After reading so many reviews shared here, I realized what I experienced is not a coincidence. I bought my house in June. All the school tax and city tax for this year was paid off during closing. However, SLS's escrow analysis showed that they paid my school tax again TWICE, and city tax again once. Thus they raised my monthly payment amount. I called them to explain that they should not be paying my tax again and it is not due until next year.

My loan was sold to them after closing. They are so incompetent that they have not paid the property taxes that are being paid through escrow. My property went to the state for Land Sale and now I am trying to do their work to save the home. God help you if you are dealing with them...

I called to update my last name. Customer Service representative was so rude. She would not allow me to explain my situation. I eventually asked for a supervisor. She did not ask me to hold but left me wondering if she had in fact hung up on me. I was about to hang up and call back when another rep came on the phone. It was an absolute nightmare.

SLS by far is the worst business I have ever come across. Customer service is unreachable. We did not choose this company as our loan servicer. They purchased our loan not long after we closed on the house. They screwed up the insurance payments in our escrow. No way to contact. I had to go through my home owners carrier to even figure out what they had done. They are horrible. No communication. The one time I did get through to a live human, she could barely converse intelligently. If you have a choice DO NOT USE SLS.

I've had many mortgages in my life and I have NEVER had as much frustration in dealing with any of them, as I have with SPECIALIZED LOAN SERVICING. It's insanity dealing with these people. Twice they have mistakenly opened an escrow account on my loan. I have spent hours getting shuttled around the departments trying to get the accounts removed, and the fees and penalties removed that were associated with their adding escrow to my account without my knowledge. Their predatory practices are purposeful. IF there was ANY way to avoid using them, I would. Unfortunately my loan was sold to them, and there isn't any way I can avoid them without paying the loan off in full.

When my father died two years ago myself and my mother took over the mortgage. We worked with Specialized Loan Servicing to find the account information to keep mortgage paid on the house. We sent them documents verifying that my dad, the original borrower, was deceased and for all communication regarding the account to go through us. A few weeks ago SLS sent us documents regarding a lapse in homeowners insurance which was inaccurate.

We have been patiently working with this company to receive account updates and missing payments applied for over 45 days. For documentation purposes, we call and email every day for assistance. We were told two weeks ago that we would receive a call back from a Supervisor in 24 hours. It's been two weeks. We call customer service every day and are told this is an attempt to collect a debt and the conversation is never resolved. The customer service team does not know how to handle each call based on the needs. They rehearse a script and lack of knowledge to handle case by case. We are still waiting for a resolution to move forward. The stress and frustration are unacceptable. We do not feel like valued consumers.

My mom is deceased and I accidentally set up auto pay with MY information and to get it taken off I had to submit death cert, MY DL and other documents. They took the mortgage out on Aug 11 automatically, BUT they also charged me a 7.50 fee even though it wasn’t paid VIA phone. I believe they are STEALING 7.50 and won’t refund me because they said I don’t have auto pay! I DID have auto pay which y’all took off because I sent in all that information. This place is corrupt and the guy that offered to set up auto pay after I told him this whole story AGAIN, must’ve been high, cause he sounded like he didn’t even know he was alive. He put me hold and then forgot who he came back to. Unacceptable! I’m glad my mortgage isn’t handled by this incompetent company!

This ties back from Wells Fargo who sold my husband's account to this fraudulent group. They are a third party debt collection agency. They do not give loans nor do they refinance. They lied to us and did not tell us that they were debt collectors until we already started making payments which is trickery and that is illegal! Their story keeps changing. I have received many letters from them claiming that they use our payments to help other neighbors. I guess that’s why we never built any equity after 15 years of paying. They have no records and are unorganized unprofessionals. This group is operating independently outside of the central bank. Everyone says that the central bank is greedy. But why would a central bank sell a mortgage to a third party group? Does anyone ever think to ask these questions? They breached it. Or someone dirty and shady in Wells Fargo is working a little side business fraud.

They bought my home equity loan, then stuck me with a balloon payment provision. When I tried to continue just paying a normal amount instead of the last 20% all at once, they went through a charade procedure with massive privacy infringement and back and forth, then rejected the claim. I am glad that I wasted my time wasting their time, because I want their business to fail. That's how a just world works. If an SLS employee is reading this, please know that your employment is temporary and you work for an employer that will fail, because that's what happens to companies like yours. Get out now, or at least admit to yourself that you are also a terrible human being, and enjoy working for a terrible company.

They will continue charge you after your loan has been transferred to another provider. Then make it impossible to contact them for help or support because you are no longer a customer (technically, even though they continue to take your money). This is not a stand-up company, this should be illegal.

I am so thankful to refinance my home and get away from Specialized Loan Servicing. They prey on hardworking citizens. I am sure the executives of this company are reaping the benefits of all of money they have robbed from countless customers.

My HELOC was sold and service was transferred from Cenlar, where I never had an issue, to SLS that has done nothing right yet. The first thing they did was double bill me for interest including a month before they took over the own that had already been paid to Cenlar. This scam works when people don't audit their statements. The interest doubled and the principal went almost to zero so many may not even notice since the total monthly payment remains the same. They also added a "Past Due" fee of $785. I sent them copies of my statements showing there had never been any $785 fee.

If you are searching for a mortgage company DO NOT USE THIS COMPANY. They are indescribable. Their customer service is non-existent. They do not respond to account inquiries. They do not return phone calls or written requests. They do not care about the customers. They are only out for their bottom line and your family home does not matter to them. When you do call you are transferred multiple times and given different answers by each representative -- nobody knows the correct answers! I would not recommend to my worst enemy. They restructure loans without homeowners consent or knowledge causing negative impacts on your credit score -- I personally experienced. I truly believe they are a participant in illegal and unfair lending practices and should not be in business. They do not deserve even 1 star. On my final call I was lucky enough to speak with Caitlyn and she was friendly, as well as knowledgeable.

I paid off my mortgage in March of 2021. I have come to find out in March of 2022 when I am selling my home that this company NEVER filed a release of lien with the city of Suffolk, Va. So I am under contract and the title will not clear. I have made multiple phone calls and get a different story each time. I am now forced to hire an attorney to sue SLS in order to get them to get my recorded certificate of satisfaction so I may sell my home. I would avoid this company like the plague. They are not trustworthy and their customer service is terrible.

This company is a hot mess. Every month trying to make the payment is a joke. I make my payment and they split it all up as into categories of interest, principal, late fees, escrow. 1) Where am I getting a late fee from if even their records show no late payments. 2) I should not have any escrow fee on my heloc, where did they get that from? My payment amount is never the same on statements and they have it set up each month as though I am late and adding late fees. I've been in the real estate field for 21 years and from what I am seeing from this company seems to be a predatory service provider with suspicious intent, as I see reviews with loan modifications that result in foreclosures. I'll be paying this loan off.

My experience with SLS has been a nightmare! I have been trying to get refunded for charges on a home I sold in 2018. It is not possible to be transferred to a supervisor. I have spent so much time on hold- transferred and then disconnected. I now am getting an attorney to resolve the issue of being charged escrow and insurance on a home that closed on Jan. 31, 2018. Run as fast as you can from this poorly run and unethical company!

Specialized Loan Servicing (SLS) took over servicing my loan in December of 2021. When I went to pay my mortgage, there was a fee totaling over $700. I filed a complaint, and the charge was removed. When I went to pay my most recent statement, there was another service past due charge of $25!!!! When I contacted them to find out what the charge was for, I was informed that it was a charge to me for a “drive by” inspection of my residence to confirm that the home was occupied. BTW, how could they confirm the home is occupied when they never knocked on my door? Unbelievable! It’s not the $25 fee, but the principle of them spending my money on their behalf! Unacceptable! Can’t wait for SLS sells their right to service my loan to another company!

I get different answers every time I call them. Customer service is horrible. If they accidentally take two payments out of your account they will not issue a refund for one of the payments for 15 business days. They have yet to straighten out my ACH payments. I set up ACH for a 2nd time with them and my payment was to come out on Feb. 1st. I get a letter from them confirming my ACH request with a start date of March 1st. When I log on to my account it show a start date of Feb. 1st. The last time this happened I made a one time payment and a day later they took out a 2nd payment from my account. I would refinance again but the mortgage would probably just end up with SLS again. There should be better laws regulating these mortgage servicing companies.

I don't know how to describe this mortgage company, I been several months trying to solve my problem, after forbearance plan, it's been a nightmare, I'm not allowed to make payments, they want me to pay in full, no payment arrangement, then apply for mortgage assistance, it's been months and no one call me to know what's going on with my application, I call them, nobody knows anything, different answers from different tellers. I'm so frustrated and afraid to lose my home. If somebody out there can help me or give me advise cause this is getting out of control. I have never been in this situation before.

My mortgage, like many of the other peoples reviews was sold to SLS in 2015, by Bank of America. SLS, stands for "sleazy". This is by far the most corrupt company I have ever had the displeasure or working with. Their staff is completely oblivious. You are put on hold for literally hours. And every time you call you have to tell your current situation over and over. They will always tell you someone will contact you in 7 to 10 days and no one every does. Once they bought my loan, they fraudulently said I was past due to B of A. Untrue. So they began putting a portion of my mortgage payment into unapplied funds, and hitting me with a late fee every month. By which they were racking up unfounded late fees and ruining my credit at the same time, so I could not re-finance away from them.

I mortgage loan was recently transferred. Unfortunately, the recipient of my loan was SLS. I've been with them for two weeks and I'm not feeling good about their business practices. After seeing their reviews, I'm wondering why the investor who owns my loan chose this company to service my loan. I'm getting several different messages from different employees at SLS. One being, your home has an "intent to foreclose" message on my account. Another telling me, "No that's not the case." Once I find that I, I immediately call to straighten out the matter with their modification dept. I have a screenshot of the phone call I made to that department and I was on hold from 2:15 pm until 10 pm when the phone just hung up. I'm going to try to take my loan elsewhere, mainly to get away from SLS. These people are horrible. #STAYAWAYFROMSLS!