Your author Whats your name? Other times, its a new company thats taken over since the transfer of your loan. If you have any questions or need assistance, please reach out to our Administering a loan has value because it earns the mortgage servicer money -- a small percentage of the interest rate you pay will go to the servicer. Loan servicers are supposed to make the transition from one servicer to the next as seamless as possible. Loans and the rights to service them often are bought and sold. What's the reason you're reporting this blog entry? 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. More. Refinancing could help you reach your goals faster. See the jurisdictions in which our lawyers are licensed, admitted, or otherwise authorized to practice. same here after 15 years, not happy! When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. It is common for a loan to be transferred in the mortgage industry. The attorneys were very kind and always available when I needed them., Thank you for standing with me Lemberg Law. Will your carefully budgeted payment amount suddenly change? For California Consumers: Please be advised that we collect information you provide to make the mortgage or HELOC payment. A4: Loan status information will be included when we transfer a student or parent borrower's Direct Loans from the Direct Loan Servicing Center (ACS) to ESA/Edfinancial. If youre wondering why your loan was transferred to Specialized Loan Servicing, the first thing you should do is review your loan documents. Loan sold to Specialized Loan Servicing Looking to see if anyone has any experiences and advice. At a point, he just wanted to pay them to get rid of all the annoyance, but because of Lemberg Laws assistance, he got free help, and the bothering calls ended immediately.. To help put your mind at ease, here are answers to all of the questions you might have about your lender selling your mortgage: Why do lenders sell mortgages?There are basically two main reasons why a lender might sell your mortgage. Write a comment below to share online. Mortgage Servicing. For requests for information and notices of error regarding your account, please use the address SLS has designated under the Real Estate Settlement and Procedures Act and Regulation X for this purpose: Request for Information: A request for information is a written request (other than a notice on a payment coupon or other payment medium supplied by the servicer) relating to the servicing of the mortgage loan that includes: (1) your name, (2) information that allows us to identify your mortgage account and (3) the information you are requesting regarding your account. Specialized Loan Servicing, LLC 8742 Lucent Blvd., Ste. Sign up for MyLoans (800) 968-7700 What best describes you? Customer Care Department at, 1-800-315-4757. If this happens, your loan will likely be transferred to Specialized Loan Servicing (SLS), a company that specializes in servicing delinquent loans. SLS' headquarters is located in Highland Ranch, CO. The first has to do with capital. With Home Connect, you could earn $350 to $9,500 cash back after close. Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. First, with regard to transferred loans, Ocwen will be required to extend these consumer protections to loans that were transferred and must determine the status of in-process loss mitigation requests within 60-days of transfer to Ocwen. I am not happy. P.O. The BBB indicates that SLS was founded locally in 2003, and incorporated in Delaware in the same year. Your account number, payment history, and escrow balance will stay the same. Read more about the firm. As soon as they write off the debt, they re-charge the debt to us and ding our credit again. They followed the Contempt Order for a whopping 3 months. Recording your mortgage payment against your account. If you're in the middle of applying for a loan modification, you may have to begin the process all over again. Get helpful articles directly in your inbox! I filed a Contempt action against them in bankruptcy court and won. Login. However, there are two reasons why lenders transfer mortgage loans. All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. Chances are we can. The BBB opened its file on SLS four months after SLS initial founding. The terms of your loan will remain the same. If you have any questions about our rates, mortgages, etc., you can always call us at 866.549.3583. Specialized Loan Servicing, LLC or SLS is a residential mortgage servicing corporation based in Colorado which receives a lot of consumer complaints to our law firm for debt harassment. Her loan was one that wasn't supposed to be sold and after all of the years gone by they sold it. What should I do once I hear from my new servicer?You'll want to read the first mortgage statement you receive from your new lender carefully -- verify that all the information it lists is true and accurate. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. There are many reasons why your loan might get transferred to Specialized Loan Servicing. If youre wondering why your loan was transferred to Specialized Loan Servicing , read on for more information. I retained an attorney who tried to find out the chain of custody and after paying several thousand dollars, could not. Box 69170 Borrower Login The transfer of service does not change the original terms of your mortgage loan. Where this process can get confusing is that neither the company that originated your loan, nor the servicer, may actually own your loan. The Federal Student Aid office approved that proposal in October, and Navient moved the accounts to the new servicer immediately.. Before the transfer, Navient serviced three types of . 8. Arizona Mortgage Banker License # 0911088. Normally, approving a home loan requires an applicant to appear at a lending institution such as a bank or savings and loan. Should include an accurate effective servicing transfer date. Though, there is a 60-day grace period where you will not receive a late fee if you paid the wrong mortgage servicer. a statement explaining your rights and what to do if you have a question or complaint about your loan servicing. We did a short sale on our house in 2011 and havent lived in it since. Its also possible that your loan was transferred because the original servicer no longer offers loans like yours, or because the terms of your loan have changed and are now better suited for a different type of servicer. Instead, they work with financial institutions after loan signing to purchase home mortgages, often without the knowledge or consent of the borrower. 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SLS headquarters is located in Highland Ranch, CO. In specialized loan servicing lawsuit, the plaintiffs are granted a lawsuit against the lender. If you get a notification that your loan was sold and are informed that you must make payments to another company, it is incumbent on you, the borrower, to confirm that the loan has indeed been. Therefore, they transfer the servicing rights for a fee to another company. -The terms of your loan contract state that the loan may be transferred to another servicer at the lenders discretion. In many transactions, servicing agents also pay property taxes and insurance with money placed in escrow by the borrower. In this case, the loan is usually transferred to a larger bank or mortgage company that has the resources to service it properly. Get to know the radio and television personalities who proudly endorse us. Many mortgage originators do not service loans and as a result sell your loan shortly after it funds to a mortgage servicer. After receipt of a notice of error, SLS will not furnish adverse information to a credit reporting agency regarding any payment that is the subject of a notice of error while your inquiry is being reviewed. Received notice from Wells-Fargo about change to specialized loan servicing llc, been with WF since 2004. Federal laws protect you. What You Should Worry About If Your Lender Sold Your Mortgage to Another Bank. If you're not sure if the impact in your area has been declared as a natural disaster, visit the website Federal Emergency Management Agency's (FEMA) for more information. Class counsel plans to ask for up to $1.25 million in attorneys' fees and expenses from the settlement fund. Q: Why was my loan transferred? Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. If your loan has been transferred to Specialized Loan Servicing, youll need to contact the company to set up your account and make payments. You may have questions about why your loan was transferred to Specialized Loan Servicing (SLS). Very scared after reading info on specialized loan servicing. I was 30 days past due, and I have brought my account current. (And, other times, another party known as a "subservicer" handles the servicing.) Understand that both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer. It is also not uncommon for you mortgage to be transferred from one mortgage servicer to another. I was awarded actual damages for, in part, forced placed insurance put into place by Wells right before they transferred the loan. We have been advised by our lenders not to accept phone calls from them, so we havent for two years now. Q: Will I have a different point of contact? This will help you ensure that you make all required payments on time. -If you have any questions about your loan or your account, dont hesitate to contact SLS directly. We are ranked A+ by the BBB. They simply did not .