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. Explaining the Loan Process: Service Transfer | Pennymac It's an inside racket, I'm afraid. Loan sold to Specialized Loan Servicing Looking to see if anyone has any experiences and advice. Navient Loans Transferred to Aidvantage: What the Move Means - Tate Esq LLC (EDGAR Online via COMTEX) -- Item 7. Once the loan is service released (if it's the 1st lien) to SLS or another servicer they will lose this cash incentive. For those with federal student loans, it is not unusual for the U.S. Department of Education to transfer a borrower's federally owned loan between members of its loan servicing team, which in . Or, instead you can send a secure message to our legal team. What is Subservicing? - Cenlar The transfer went smoothly, but then I began to worry about the run-around I might receive (and that I'd read about) if there was any issue with our escrow account, payment application, etc. SLS claims the benefit of this service is to provide more effective and profitable loan servicing. -Continue paying your loan according to the terms of your original agreement until you are notified of any changes. About 2 million people are about to get a new student loan servicer Your loan might be transferred to Specialized Loan Servicing (SLS) if the mortgage servicing rights on your loan were sold to another company. You dont need to do anything when your loan is transferred to SLS. For general inquiries and communications that do not include requests for information or a notice of error regarding your account, our general mailing address is: You may contact Customer Support via your message center by logging into your account, clicking on the message center letter icon, and clicking the New Message icon. Personal MyLoans MyLoans: Online Mortgage Servicing Center Access MyLoans to make online loan payments, view transaction history, review statements, and more. Write a comment below to share online. SLS also operates a group of affiliated loan service organizations, including Altavera Mortgage Services, Capital Markets Cooperative, Computershare Loan Services, and Mortgage Solutions. I retained an attorney who tried to find out the chain of custody and after paying several thousand dollars, could not. This website is attorney advertising: prior results do not guarantee a similar outcome. Please enter a valid phone number. Specialized Loan Servicing, LLC 8742 Lucent Blvd., Ste. This is common practice among most mortgage companies. 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. Part of HuffPost Money.
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why was my loan transferred to specialized loan servicing