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Your monthly mortgage payment is paid to whats called a mortgage servicer. We're recognized by local and national companies for our customer service and responsible lending. Sign up for MyLoans (800) 968-7700 What best describes you? When a loan gets sold, the lender has basically sold servicing rights to the loan, which clears up credit lines and enables the lender to lend money to the other borrowers. Some companies transfer loans in order to charge higher interest rates or fees, so its important to know what youre entitled to. Really? 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. Everything you need to know about the current housing and mortgage market. If you have any questions or need assistance, please reach out to our Similarly, the lender, or mortgagee, has legal and fiduciary responsibilities to ensure you are treated fairly. -Mark the date of your transfer on a calendar, and start tracking your payments from that point forward. Whatever the reason for the transfer, its important to know that you have certain rights under federal law. Specialized Loan Servicing Reviews: 123 User Ratings - WalletHub After reading so . The Difference Between a Mortgage Lender and a Servicer The new homeowner typically pays off the loan over a course of thirty years. When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. Call us to today and well tell you how we can help. Why Do Servicing Transfers Happen? All loan programs subject to borrowers meeting appropriate underwriting conditions. Maximum Real Estate exposure is a marketing site designed to give Massachusetts home sellers a dominant online presence. Servicing means the collection of payments and management of operational procedures related to mortgages. 300 Highlands Ranch, CO 80129-2386 Telephone: 1-720-241-7200 Website: https://www.sls.net/, Who are we? -You move to a new location outside of the original lenders service area. A: In most cases, your monthly payment will remain the same. Specialized Loan Servicing LPI Class Action Settlement Maybe youre a new homebuyer and SLS is your loan servicer. What You Should Worry About If Your Lender Sold Your Mortgage to Another Bank. Specialized Loan Servicing, LLC 8742 Lucent Blvd., Ste. Q: Will I have a different point of contact? To $958. Servicing rights are also frequently bought and sold, separate from the underlying loans. The servicing agent is the entity that receives the mortgage payment, keeps the payment records, provides borrowers with account statements, imposes late charges when the payment is late, and pursues delinquent borrowers. P.O. All payments should be made payable to Specialized Loan Servicing, including those made via MoneyGram or Western Union. But, there are instances when you may receive a statement from all lenders who carried your loan for that tax year. Specialized Loan Servicing has done us good but a lower house payment would be nice if possible in the near future Product: Specialized Loan Servicing Mortgages 0 0 barbhennigan October 21, 2022 @barbhennigan I am dealing with my mortgage going from $623. 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.