As a homeowner, you may have experienced the surprise of seeing your loan transferred to Specialized Loan Servicing (SLS). This can be an intimidating experience, leaving many borrowers wondering why their loan was transferred in the first place. It is important to understand why a loan has been transferred to SLS, so that you can make the best decisions for your financial situation moving forward. In this blog post, we will explore the reasons a loan might be transferred to SLS, as well as how to navigate the loan transfer process. We will also discuss what options borrowers have should they experience a loan transfer. With this information, you can be equipped to make the best decisions for your financial future.
How to deal with Specialized Loan Servicing
When dealing with Specialized Loan Servicing, it is important to understand the process of loan servicing and the potential pitfalls that may arise. Loan servicing is the process of collecting payments, managing escrow accounts, and helping borrowers stay current on their loan. Specialized Loan Servicing is a particular type of loan servicing that provides additional services to borrowers, such as loan modification and forbearance programs.
If you are a borrower dealing with Specialized Loan Servicing, there are several steps you can take to ensure a successful loan servicing experience. First, it is important to keep detailed records of all transactions and communications. This will help provide a record of any changes that have been made to your loan and provide evidence of compliance with loan servicing laws
Why is the servicing of my loan being transferred?
A servicing transfer simply means that you, the borrower, will send your payments to a different business. Additionally, that business will now look after your escrow account, respond to inquiries about your loan, and oversee the foreclosure procedure in the event that you fall behind on payments. Mar 17, 2022.
Is specialized loan servicing legitimate?
Is Specialized Loan Servicing Legit? Yes. A mortgage servicing business called Specialized Loan Servicing, LLC, collects on residential mortgages. Many customers will get a notification from SLS even though their mortgage was initially held by Bank of America or even Country Wide.
Why did my mortgage loan get transferred?
Mortgage servicers receive fees for managing your account, and occasionally they might decide to sell the rights to manage your mortgage to another business. Your mortgage may be sold without your permission, and your loan may be sold more than once.
What happens when your loan gets transferred?
Until you receive the letter from the new lender, you should keep paying your old lender. Borrowers are given a 60-day grace period while the loan is transferred, during which the new lender cannot charge late fees or deem the loan delinquent.
Why do mortgage companies transfer servicing?
Lenders can authorize more mortgages by transferring mortgage loans, and by doing so, they can also profit when they sell bundles of mortgages on the secondary market. Jul 1, 2019.
What happens when mortgage servicing is transferred?
Your loan’s mortgage servicing rights could be transferred by your mortgage servicer to another business. You must begin sending your monthly payments to the new servicer after a specific date if your mortgage servicing rights are transferred to a new servicer. Aug 28, 2017.