Aidvantage took over some but not all student loans that Navient serviced. Then they sued me in foreclosure after not allowing me to reinstate. In any case, you may be wondering what this all means for you. But, there are instances when you may receive a statement from all lenders who carried your loan for that tax year. In many cases, the company you send your payment to is not the company that owns your loan. Don't panic if you discover that your mortgage now belongs to another institution. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. After lending managers determine the borrowers ability to successfully assume the loan, the bank exercises its professional judgement to either approve or deny the loan. Debenture interest rates. The borrower should experience no break or gap in any current status (such as deferment or forbearance) that applies to his or her Direct Loans as a result of the transfer. Our credit took a 200 point hit when they reported to the credit bureau that we had multiple missed mortgage payments on a home that we no longer owned. Why Was My Mortgage Sold to Another Company? | Pennymac I need to refinance, but hate to absorb any costs associated with doing so. Misled by a collector? If so, don't be alarmed! Better dig out that mortgage contract again. Really? SLS claims the benefit of this service is to provide more effective and profitable loan servicing. Q: Do I need to do anything? Notice of Error: A notice of error is written request (other than a notice on a payment coupon or other payment medium supplied by the servicer) that asserts a certain specified error that includes: (1) your name, (2) information that allows us to identify your mortgage account and (3) the error you believe occurred relating to the servicing of the mortgage account. We're recognized by local and national companies for our customer service and responsible lending. All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. Mortgage servicers earn fees for servicing your account and from time to time mortgage servicers may decide to sell the rights to service your mortgage to another company. Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. Not sure what is going on? Some companies transfer loans in order to charge higher interest rates or fees, so its important to know what youre entitled to. No, not according to them, they say they are just servicing the loan, and I have to send in a "Qualified Information Request" to find out who the loan holder is. Then, once the application has passed all of the appropriate checks, the broker will connect with a lender, who will provide the money for the loan at closing. They followed the Contempt Order for a whopping 3 months. As a mortgagor, you do have certain rights. Sometimes, the party that owns the loan (called the "holder") also services it. The selling or transfer can take place immediately after closing of your home loan or years later. The banks interest in providing this service is realized in interest income and the potential for refinancing based on property improvements and appreciation. there is nothing you can do as the bank has the right to sell the loan to any willing purchaser. Confidentiality Guarantee: We keep your information completely confidential and will not send you spam or sell your information. Specialized Loan Servicing, LLC 8742 Lucent Blvd., Ste. For example, you have the right to receive advance notice of the transfer and to choose whether or not to accept the new terms offered by the new servicer. This practice allows lenders to make more home loans. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. You may have questions about why your loan was transferred to Specialized Loan Servicing (SLS). Any one that have a loan immediately contact your lender, or previous lender and request a copy of your loan. time to refi. We did a short sale on our house in 2011 and havent lived in it since. 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. Here are answers to some common questions about loan servicing transfers. To Free Up Capital 7. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. If you received a letter titled "Borrower Notification: Freddie Mac Has Purchased Your Mortgage Loan," dont be alarmed. Sign up for MyLoans (800) 968-7700 What best describes you? 8. However, some companies, such as Pennymac, both originate AND service mortgages so your loan remains with your originator after it funds and you retain the relationship with your lender (often for the life of your loan). The second loan that we settled was with E-trade. The following information and collateral materials are provided to help FHA lenders. You may have already heard from Navient (or Aidvantage) that your loan is . Fax to: Specialized Loan Servicing LLC 1-720-241-7537 Attention: Payoff Department Please include your name and loan number on all requests. If this happens, you will be notified in advance so that you can adjust your budget accordingly. As a result, Weber had to make timely and acceptable monthly payments to SLS. Part of HuffPost Money. After the lien release, the. Read more about the firm. The BBB indicates that SLS was founded locally in 2003, and incorporated in Delaware in the same year. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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. To Request a payoff statement for your loan. But how do, Read More How to Apply for a Business Credit CardContinue, ContentsGet your credit report and scoreIdentify the negative items on your reportdispute the negative items on your reportrebuild your creditmonitor your credit report and score Bad credit can make it difficult to get approved for loans, credit cards, and other financial products. So, why do lenders transfer mortgage loans? Auto; Best Extended Car Warranties; Best Car Shipping . They will also request a $5,000 service award for the named plaintiff's services during the class action lawsuit. Surely it would be better to keep the mortgage and make all of the profit from all three streams; the origination fees, the servicing, and the interest? You should also consult an attorney. What ar. I was 30 days past due, and I have brought my account current. Loans and the rights to service them often are bought and sold. Borrower Login To access this password-protected area, you must first register, then just login and select "Request Year-End Tax Info." Our turnaround time is typically 10 business days from the time your request is made. They refused to submit documents Ordered by the Judge. SLS will contact you to discuss your options for getting current on your loan. When rates rise, there are fewer people who benefit from a new mortgage. Instead, they work with financial institutions after loan signing to purchase home mortgages, often without the knowledge or consent of the borrower. If you have any questions about our rates, mortgages, etc., you can always call us at 866.549.3583. In the mortgage industry, rhythms are dictated somewhat by interest rates. In such situation, they take up a specialized loan servicing action against the bank. They don't care. Your account number, payment history, and escrow balance will stay the same. They want you to fail with their tactics!!! The broker will process their application in the same way as a lender will. Call SLS Loan Servicing's loss mitigation department at: 800-306-6059. How To Deal With Specialized Loan Servicing -You move to a new location outside of the original lenders service area. There are many reasons why a lender may transfer your loan to another servicer. why was my loan transferred to specialized loan servicing. Distributing the money to the correct people, i.e., the insurance company, loan owner, etc. I was almost going nuts receiving calls every afternoon from a person using profane language to push me to pay debts I dont owe. And this can happen several times throughout the life of your mortgage loan. The collection and recording of monthly mortgage payments from homeowners and the transfer of funds to investors, amongst other duties, including: Handling the acquisitions of new loans. See the jurisdictions in which our lawyers are licensed, admitted, or otherwise authorized to practice. In other cases, the holder sells the right to service the loan to a different company. Click here to view our California Consumer Privacy Act Notice that details the categories of personal information that will be collected and the purpose for which the information will be used. In the meantime, you are welcome to call us right away at 855-301-2100. P.O. Learn mortgage basics to better understand your home financing options. You dont need to do anything when your loan is transferred to SLS. Mortgage brokers typically have access to, Holding the loan, making money on the interest and selling the servicing. There is no charge unless we win. Call us to today and well tell you how we can help. NMLS ID # 35953. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA). The terms of your loan will remain the same. During the transfer of your loan, there is a 60 day grace period where you wont be charged a late fee for accidentally sending a payment to your previous mortgage lender. We are Lemberg Law, a Consumer Law Firm. About 2 million people are about to get a new student loan servicer Sound off and share your experience with other visitors in the comment box below. Whatever the reason for the transfer, its important to know that you have certain rights under federal law. The firms main office is located at 43 Danbury Road, Wilton, Connecticut. Mortgage companies have a legal obligation to protect consumers during loan transfers between mortgage servicers. Specialized Loan Servicing 1.1 /5 (506 ratings) Describe your legal concern or comment Briefly describe your experience Briefly describe your experience. The first thing you should do if your loan is transferred is to find out if the new servicer is legitimate. Or if you have any questions about our rates, mortgages, etc., you can always call us at 866.549.3583. The Difference Between a Mortgage Lender and a Servicer If this happens, your loan will likely be transferred to Specialized Loan Servicing (SLS), a company that specializes in servicing delinquent loans. Mortgage Servicer Violations in Loan Modifications - GeorgetteMillerLaw.com Get to know the radio and television personalities who proudly endorse us. Your lender may have sold your loan to another company or your loan may have been transferred to a different servicing company as part of a larger move of loans by your current servicer. They are owned by Computershare. Here is a list of our partners and here's how we make money. That's one of the main reasons why it sells loans like yours. Where this process can get confusing is that neither the company that originated your loan, nor the servicer, may actually own your loan. The mortgage servicer and note owner is a mystery to me and at this point indicates SLS and Deutsche Bank as the servicer and note holder which was Wells Fargo. 2022 Hyundai Veloster N - After replacing the tires with Contentinal 235/19 all seasons on OEM wheels the blind spot warning system was malfunctioning within one mile of driving. If youre looking to improve your credit score, there are a few key, Read More How to Repair Your Credit in 5 StepsContinue, ContentsIntroductionHow long does it take to get home loan approval?Factors that affect the time it takes to get home loan approvalTips to speed up the home loan approval processConclusion How long does it take to get home loan approval? We look forward to working with you to resolve your legal issues. SLS' headquarters is located in Highland Ranch, CO. A class action suit is being filed against sls. CFCU Community Credit Union Consumer Loan Servicing Supervisor in Denver, CO 80206. If you haven't already done so, create your " online portal " so you have access to all the documents SLS issues related to your loan. They would not give me any info until after they put me in foreclosure! Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. (EDGAR Online via COMTEX) -- Item 7. So Your Loan Was Transferred, What's Next? - Student Aid Alternatively, you may communicate with us regarding your loss claims by sending your check(s) and other required documents via regular mail or overnight mail or via fax at any time, as follows: For other inquiries please call our Insurance Department at 1-800-441-4145, If your inquiry involves real estate taxes, please contact our Tax Department at 1-866-801-1373.