Miscellaneous

What does Specialized Loan Servicing do?

by Bobbi Devlin

What does Specialized Loan Servicing do?

Within the mortgage industry, mortgage loans are often transferred from your original lender to a company like Specialized Loan Servicing that concentrates on processing payments, providing escrow administration and general activities associated with your mortgage loan after it has been funded.

What happened to Specialized Loan Servicing?

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) settled with Specialized Loan Servicing, LLC (SLS), a mortgage-loan servicer in Colorado. As of February 29, 2020, SLS serviced a portfolio of mortgage loans worth about $112.69 billion.

Is Specialized Loan Servicing a mortgage company?

​Specialized Loan Servicing LLC is the servicer of your mortgage loan. Specialized Loan Servicing LLC is a subsidiary of Computershare Holdings Inc.

What kind of company is Specialized Loan Servicing?

Specialized Loan Servicing LLC (SLS) operates as a financial company. The Company offers residential mortgages, as well as provides loan modification and planning services.

Who bought out specialized loan servicing?

Computershare
Computershare Finalizes Acquisition of Specialized Loan Servicing, LLC.

Is a loan servicer a debt collector?

Loan servicers generally make income from things on the debt such as interest, late charges, etc. A debt collector is an organization that owns the loan (either they are the original lender or they purchased the loan). The debt collector may or may not contact you or provide the service on the loan.

Is CMC Funding the same as specialized loan servicing?

CMC Funding is changing its subservicer from LoanCare to Specialized Loan Servicing (SLS). SLS will private label the services for CMC Funding loans; therefore, all borrower verbal and written communications will be under the CMC Funding brand.

What is specialized loan servicing?

Some loan servicing firms do the bulk of their business on loans that have already been established as being in a state of default due to chronic late payments by the borrower or for failure to pay as a precursor to foreclosure. This process is called Specialized Loan Servicing.

Are You being called by specialized loan servicing?

If any of them appear on your caller ID at any time, it means that you are being called by Specialized Loan Servicing. If they call you before 8:00 a.m. or after 9:00 p.m. in your time zone, they have broken the law, so hire a consumer lawyer and file a claim against Specialized Loan Servicing.

Who is servicing the loans?

Loan servicing is a function carried out by the bank or financial institution that issued the loan,a third-party vendor,or a company that specializes in loan servicing.

  • Loan servicing functions include collecting monthly payments,paying taxes,and other aspects of the loan that occur from the time the proceeds are dispersed until the loan is paid off.
  • Securitization of loans made loan servicing less profitable for banks.

    • What type of mortgage is best for You?

    Fixed-rate mortgages. A fixed-rate mortgage is one in which the interest rate on your loan is locked in for a set period of time,usually between 2 and 15 years,…

  • Standard variable rate mortgages (SVRs) These are rates which are set by the lender who is lending you the money.
  • Tracker mortgages.
  • Discount rate mortgages.