Quick Answer: Why Was My Wells Fargo Mortgage Transferred To Specialized Loan Servicing?

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?

In May 11, 2020 the Consumer Financial Protection Bureau settled with Specialized Loan Servicing LLC (SLS) and ordered SLS to pay millions in monetary relief to consumers. SLS claims to be an asset management company and has purchased many of the loans it now owns from Bank of America.

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. Your year-end tax form reflects both names.

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 is the CEO of Specialized Loan Servicing?

Tom Millon is CEO of Computershare Loan Services US, including Specialized Loan Servicing, Capital Markets Cooperative, and CMC Funding. Tom founded Capital Markets Cooperative (CMC) in 2003.

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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.

Can my lender sell my mortgage?

Federal banking laws allow financial institutions to sell mortgages or transfer the servicing rights to other institutions. Consumer consent is not required when lenders sell mortgages. Don’t panic if you discover that your mortgage now belongs to another institution. Remember: a loan is a loan no matter who owns it.

How can I pay my mortgage off quicker?

Check your mortgage contract or contact your lender to find out about your prepayment options.

  1. Increase your payments. Increasing the amount of your payments, even by a small amount, helps you pay off your mortgage faster.
  2. Make a lump-sum payment.
  3. Prepayment penalties.

Is Select Portfolio Servicing a debt collector?

Select Portfolio Servicing, Inc. is a debt collection company located in West Valley City, Utah, with an office in Jacksonville, Florida.

How do I pay my specialized loan service?

Make a payment

  1. Set up Autopay. Online. Automate payments from your bank account.
  2. Make a One-Time Payment Online. Make a one-time payment through our portal. SLS will not charge a fee, however, your financial institution may charge a fee.
  3. Pay by Phone. Use our voice response system ($7.50 3rd party fee may apply).

How do you tell if I should refinance my mortgage?

So when does it make sense to refinance? The typical should-I-refinance-my-mortgage rule of thumb is that if you can reduce your current interest rate by 1% or more, it might make sense because of the money you’ll save. Refinancing to a lower interest rate also allows you to build equity in your home more quickly.

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Who is SLS mortgage owned by?

Specialized Loan Servicing LLC (SLS, or the servicer) is a wholly owned subsidiary of Computershare Limited (Computershare), an Australian-based global financial services firm operating in 22 countries with over 16,000 clients and over 125 million end users.

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