- Reasons for Loan Transfers
- Specialized Loan Servicing
- Tips for Dealing with Loan Transfers
If you’re wondering why your loan was transferred to Specialized Loan Servicing , read on for more information. We’ll explain the common reasons for loan transfers and what you can expect from your new loan servicer.
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Reasons for Loan Transfers
There are many reasons why your loan might get transferred to Specialized Loan Servicing. These can include things like falling behind on your payments, your loan being sold to a new servicer, or changes in your personal information. Regardless of the reason, it’s important to understand what happens when your loan is transferred and what you can do to make sure the transition goes smoothly.
Mortgage servicing rights sold to another company
Your loan might be transferred to Specialized Loan Servicing (SLS) if the mortgage servicing rights on your loan were sold to another company. If this happens, you’ll be notified in writing at least 15 days before the transfer date. The notice will include information about SLS and your new loan terms, if they’re different from your current terms.
You don’t need to do anything when your loan is transferred to SLS. Your account number, payment history, and escrow balance will stay the same. If you have a question about your loan transfer, please call SLS Customer Service at 888-815-6789.
Lender experiences financial difficulties
There are many reasons why a lender may transfer your loan to another servicer. The most common reason is that the original lender experiences financial difficulties and is unable to service the loan itself. In this case, the loan is usually transferred to a larger bank or mortgage company that has the resources to service it properly. Other reasons for transfer include:
-The original lender is acquired by another company.
-The terms of your loan contract state that the loan may be transferred to another servicer at the lender’s discretion.
-You move to a new location outside of the original lender’s service area.
You miss too many loan payments
Your loan is in danger of foreclosure if you neglect to make your mortgage payments on time. If this happens, your loan will likely be transferred to Specialized Loan Servicing (SLS), a company that specializes in servicing delinquent loans.
SLS will contact you to discuss your options for getting current on your loan. These options may include a loan modification, repayment plan, or short sale. If you are unable to bring your loan current, SLS may proceed with foreclosure.
Specialized Loan Servicing
You may have recently received a letter or an email notification from Specialized Loan Servicing (SLS) informing you that your loan has been transferred to their servicing platform. There are a few reasons why this could happen. Maybe your loan was sold by your current servicer, or perhaps SLS acquired the servicing rights to your loan. Maybe you’re a new homebuyer and SLS is your loan servicer. In any case, you may be wondering what this all means for you. Let’s take a look.
What to expect when your loan is transferred
If your mortgage loan is transferred from one servicer to another, it’s important to know what to expect and what, if anything, you need to do. Here are answers to some common questions about loan servicing transfers.
Q: Why was my loan transferred?
A: There could be several reasons why your loan was transferred. 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.
Q: Will my monthly payment change?
A: In most cases, your monthly payment will remain the same. However, there may be some changes in the timing or amount of escrowed taxes and insurance as required by your new servicer. If this happens, you will be notified in advance so that you can adjust your budget accordingly.
Q: Will I have a different point of contact?
A: Yes, you will likely have a different point of contact at the new servicing company. However, you can continue to use the same online account login information and phone number for customer service.
Q: Do I need to do anything?
A: No, you don’t need to do anything when your loan is transferred. Your new servicer will provide you with all the information you need about the transfer and what, if any, changes to expect.
How to contact Specialized Loan Servicing
Specialized Loan Servicing (SLS) is a mortgage loan servicer with a customer service center in Denver, Colorado. The company services home loans on behalf of lenders and investors.
If your loan has been transferred to Specialized Loan Servicing, you’ll need to contact the company to set up your account and make payments. Here’s how to get in touch:
-By email: [email protected]
Specialized Loan Servicing
P.O. Box 69170
Denver, CO 80206
Tips for Dealing with Loan Transfers
You may have questions about why your loan was transferred to Specialized Loan Servicing (SLS). Maybe you received a notice in the mail or saw the change on your online account portal. Here are some reasons why your loan may have been transferred and some tips for dealing with the change.
Keep track of your loan
It can be difficult to keep track of your loan after it’s transferred to Specialized Loan Servicing (SLS). But it’s important to remember that you’re still responsible for making timely payments on your loan.
To avoid any confusion, we recommend that you do the following:
-Keep a copy of your promissory note. This document outlines the terms and conditions of your loan, including your repayment obligation.
-Mark the date of your transfer on a calendar, and start tracking your payments from that point forward. This will help you ensure that you make all required payments on time.
-If you have any questions about your loan or your account, don’t hesitate to contact SLS directly. Our customer service team is here to help.
Review your loan documents
If you’re wondering why your loan was transferred to Specialized Loan Servicing, the first thing you should do is review your loan documents. You may find some clues there, such as a provision that says your loan can be transferred to another servicer if the current one sells or transfers its servicing rights.
It’s 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. For example, if you have an adjustable-rate mortgage (ARM), your loan may be transferred to a servicer that specializes in servicing ARMs.
Whatever the reason for the transfer, it’s important to know that you have certain rights under federal law. 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. You also have the right to continue receiving certain services from your old servicer for a limited time after the transfer.
If you’re not sure why your loan was transferred, or if you’re unhappy with the new terms offered by the new servicer, contact both servicers and ask for an explanation. It’s also a good idea to keep careful records of all communications between you and both servicers in case you need to refer back to them later.
Know your rights
The first thing you should do if your loan is transferred is to find out if the new servicer is legitimate. You should receive a notice in the mail with the new servicing company’s contact information. Once you have that, call customer service and verify that the company does, in fact, service your loan.
Once you know that the new servicer is legitimate, find out what your rights are as a borrower. Some companies transfer loans in order to charge higher interest rates or fees, so it’s important to know what you’re entitled to. The Truth in Lending Act (TILA) requires that you receive certain disclosures whenever your loan terms change, including when your loan is transferred to a new servicer.
Under TILA, you have the right to:
-Receive notice of the transfer at least 15 days before it happens
-Receive timely and adequate information about the new servicer
-Continue paying your loan according to the terms of your original agreement until you are notified of any changes
If you feel like your rights have been violated or that you’re being charged unfairly, you can file a complaint with the Consumer Financial Protection Bureau (CFPB).