Regardless of the reason, its important to understand what happens when your loan is transferred and what you can do to make sure the transition goes smoothly. Included in this notice should be the following information: the new owner's name, address and telephone number (and if different, the person who can resolve issues concerning your loan payments or any right to rescind the loan), the date of transfer, and whether the transfer of ownership is recorded in public records. Many of the complainants indicate that their mortgages were sold without their consent, and that SLS institutes new methods of distributing mortgage payments that result in increased interest rates, missed payments, late fees, and reports of delinquencies on their credit reports. As long as you have been notified in a timely manner, your new servicer accurately lists your information, and you send in payments to the right address you should have nothing to worry about. Although loan servicing companies are allowed to pass on charges from third-parties to consumers when these third-parties provide services to borrowers, they are prohibited from inflating these costs in order to pocket a profit. I also sent them funds for my escrow account for the difference when I changed insurance providers, they placed these funds in a suspense account for months (close to a year actually). After we sold the home, we started getting bills from SLS, saying that we owed the entirety of the second mortgage which we had just settled. I keep hearing thesame issues about SLS loan servicing. Here is what you need to know about your mortgage being sold to another company. The banks interest in providing this service is realized in interest income and the potential for refinancing based on property improvements and appreciation. If your lender is recommending a type of home that requires a loan larger than 28% of your disposable income, be wary. And, dont forget to keep your servicer informed of your current mailing address (in the event you have a PO Box or the loan thats being transferred is a second homes mortgage), so you receive all relevant correspondence. Loan sold to Specialized Loan Servicing Looking to see if anyone has any experiences and advice. As long as homeowners make timely payments during that trial period, the loan modification is supposed to be converted into a permanent loan modification. To view all available payment methods, please click here. You should also consult an attorney. Servicers sometimes fail to convert trial periods into permanent modifications. Management's Discussion and Analysis of Financial Condition and Results of Operations We are a specialty finance company. In most cases, you will receive your tax statement from your current lender. My original loan was sold to SLS and I never received any paperwork from the previous loan servicer or SLS. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Every 6 months they raise my interest. This is not legal advice. The firms main office is located at 43 Danbury Road, Wilton, Connecticut. But banks and other financial institutions view your mortgage differently. Last year, Navient proposed to transfer 5.6 million student loan accounts owned by the Education Department to Aidvantage. Please note these general contacts above should not be used to submit a request for information or notice of error regarding your account. From the perspective of a borrower, the sale of your mortgage usually means that the servicing of your mortgage has transferred to a new company, meaning you will be sending your monthly payment to a new company. The second loan that we settled was with E-trade. Don't be afraid to reach out to your new servicer if you have questions. Part of HuffPost Money. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Specialized Loan Servicing SLS Collection Complaints. Very scared after reading info on specialized loan servicing. They followed the Contempt Order for a whopping 3 months. If so, don't be alarmed! Good Neighbor Next Door Servicing. You may find some clues there, such as a provision that says your loan can be transferred to another servicer if the current one sells or transfers its servicing rights. Q: Do I need to do anything? For licensing information, go to: www.nmlsconsumeraccess.org. They can research different lenders and loan products and then apply directly to their chosen lender. They have me in foreclosure over an $11,000 heloc that belonged to My ex husband who is deceased. Heres how to get in touch: -By mail: Someone I trust referred me to Lemberg Law, and I dont regret having contacted them. Description: CFCU Community Credit Union (CFCU) is seeking a Consumer Loan Servicing Supervisor, who will be responsible for the daily operations of the Loan Servicing Department which includes servicing of $880+ million and growing loan portfolio.The successful candidate will ensure that all aspects of loan servicing - including quality review, collateral perfection and insurance, account . If you have received a request to submit funds made payable to an individual, please contact Customer Care Department with questions at 1-800-315-4757 Monday through Friday, 6:00 a.m. until 6:00 p.m. MT. For about 18 months, they would call and harass me daily multiple times. MY LOAN WAS OPENED WITH FLAGSTAR OR A FLAGSTAR PARTNER MY MORTGAGE WAS TRANSFERRED TO FLAGSTAR The attorneys were very kind and always available when I needed them., Thank you for standing with me Lemberg Law. Your author Whats your name? The transfer of service does not change the original terms of your mortgage loan. If Navient was your federal loan servicer, your loans have been transferred to Aidvantage. Federal banking laws allow financial institutions to sell mortgages or transfer the servicing rights to other institutions. The new homeowner typically pays off the loan over a course of thirty years. FHA Catalyst: Single Family Default Monitoring System (SFDMS) EDI - Electronic Data Interchange. Compensation for potential legal violations, and any results obtained, depends upon the specific factual and legal circumstances of each case. If this happens, you will be notified in advance so that you can adjust your budget accordingly. And this can happen several times throughout the life of your mortgage loan. If you are unable to bring your loan current, SLS may proceed with foreclosure. When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. 300 Highlands Ranch, CO 80129-2386 Telephone: 1-720-241-7200 Website: https://www.sls.net/, Who are we? All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. Sign up for MyLoans (800) 968-7700 What best describes you? We accept calls from relay services on behalf of hearing-impaired borrowers. Home for the Holidays: Why Some Return to Their Hometowns, Pennymac's state licenses and important notices. They also process all of the ACH payments for Wells. How Long Does It Take To Get Home Loan Approval? Contact a salary-based mortgage consultant for answers to you home purchase or refinancing questions. The Veterans Administration doesnt require a minimum length of time, Read More How Long Do I Have to Occupy My VA Loan Home?Continue, Mortgage servicing rights sold to another company, Lender experiences financial difficulties, What to expect when your loan is transferred, How to contact Specialized Loan Servicing. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. The technical storage or access that is used exclusively for statistical purposes. This practice allows lenders to make more home loans. These same funds were used for my monthly payments when they used part of these funds as interest and when they fixed it they still did not reverse these payments. If you are in a confirmed FEMA disaster area, please contact Customer Service at 1-800-315-4757. For example, if you have an adjustable-rate mortgage (ARM), your loan may be transferred to a servicer that specializes in servicing ARMs. Maintaining bookkeeping records. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. -Receive timely and adequate information about the new servicer After 20 years with wells Fargo,they are switching me to specialized loan servicing llc on mar.1st.im worried!5 years ago when I had good credit,wells Fargo let me spend several weeks driving to a local town 20 miles away to complete an application for a streamline refi at 2.75 interest rate.after I jumped through the hoops etc,they told me sorry,the veterans administration Does not allow streamline refi on manufactured homes!..I called the V.A and they said that's not true!! I just received letter from Wells Fargo that my mortgage will be transferred to Specialized Loan Servicing, LLC effective March 17, 2020. Mortgage originators are entities that work with borrowers to set up and conduct the mortgage transaction. SLS will contact you to discuss your options for getting current on your loan. I was so afraid I could lose my job because of a caller who called my job number 4 hours straight back to back. We have been advised by our lenders not to accept phone calls from them, so we havent for two years now. got my notice today! To $958. Not consenting or withdrawing consent, may adversely affect certain features and functions. "Consumers should not be collateral damage in the mortgage servicing transfer process," said Consumer Financial Protection Bureau Director Richard Cordray. Originally an Australian based company, Computer Share Loan Services acquired Specialized Loan Servicing LLC in 2011. The most common reason is that the original lender experiences financial difficulties and is unable to service the loan itself. Sending the borrower a monthly or annual mortgage account statement, whichever was agreed upon when signing the mortgage documents. That means the change will not impact the existing terms, conditions, interest rates, loan discharge or forgiveness programs, or available repayment . If you're in the middle of applying for a loan modification, you may have to begin the process all over again. I was awarded actual damages for, in part, forced placed insurance put into place by Wells right before they transferred the loan.