Specialized Loan Servicing: How It Works and What Borrowers Should Know
Specialized Loan Servicing (SLS) is a third-party mortgage servicer operating in the United States, responsible for managing residential mortgage loans. Their services encompass loan administration, payment processing, and customer support, ensuring that borrowers meet their mortgage obligations efficiently.
Product/Service Features
SLS offers a range of services aimed at facilitating seamless mortgage management:
- Loan Administration: Overseeing the day-to-day management of mortgage accounts, including maintaining accurate records and handling escrow accounts.
- Payment Processing: Providing multiple payment options for borrowers, such as online payments, automatic drafts, and traditional mail-in methods.
- Customer Support: Offering assistance through various channels to address borrower inquiries and concerns.
Applying for Services
Typically, borrowers do not apply directly for SLS’s services. Instead, loans are transferred to SLS from the original lender or another servicer. This process can occur for various reasons, including the sale of the loan or a strategic decision by the lender. If you’ve wondered, “Why was my loan transferred to Specialized Loan Servicing?” it’s often due to such business decisions within the lending industry.
Customer Support
SLS provides several avenues for customer support:
- Specialized loan servicing phone number : (800) 315-4757
- Email: Inquiries can be directed to support@specializedloanservicing.com
- Mail: Correspondence can be sent to P.O. Box 636005, Littleton, CO 80163-6005
For online account management, borrowers can log in through the SLS website to access their loan information, make payments, and communicate with customer service.
Addressing Common Concerns
- What does Specialized Loan Servicing do? SLS manages various aspects of mortgage servicing, including payment collection, escrow management, and providing customer assistance to ensure borrowers adhere to their loan terms.
- How to deal with Specialized Loan Servicing? Maintaining open communication is key. If you encounter issues or have questions about your mortgage, promptly contact SLS through their customer service channels. Document all interactions and keep records of communications and payments.
Why Was My Loan Transferred to Specialized Loan Servicing?
If your loan was transferred to Specialized Loan Servicing (SLS), it’s typically due to business decisions made by your original lender or loan servicer. Here are some common reasons why this happens:
- Loan Servicing Transfers Are Standard Practice:
Mortgage lenders often sell or transfer the servicing rights of loans as part of their financial strategy. This means the responsibility for managing the loan is passed to a new servicer, such as SLS. - Portfolio Management:
Lenders may transfer loans to balance their portfolios, manage risks, or free up resources to issue new loans. SLS specializes in handling loans, particularly those that may require more tailored servicing. - Acquisition of Loan Pools:
In some cases, SLS purchases or acquires servicing rights for a group of loans from other financial institutions. If your loan was part of this acquisition, it may have been transferred to their system. - Improved Servicing Options:
Lenders may believe that transferring loans to SLS, a company focused solely on loan servicing, can provide better service to borrowers by leveraging their expertise in managing loans effectively.
What to Do After a Loan Transfer
If your loan has been transferred to SLS:
- Wait for Notifications: You should receive written communication from both your previous servicer and SLS informing you about the transfer.
- Verify Loan Details: Double-check your loan account number, balance, and payment terms with SLS to ensure everything is accurate.
- Set Up Payment Options: Visit the SLS website or contact customer support to set up your payment methods and confirm the due dates.
Remember, a loan transfer does not change the terms of your mortgage—only the company managing it. If you have questions or concerns, don’t hesitate to reach out to SLS directly for clarification.
Conclusion
Specialized Loan Servicing plays a crucial role in the mortgage industry by managing loan accounts and providing support to borrowers. While the transfer of a loan to SLS is a common practice, understanding their services and knowing how to effectively communicate with them can help ensure a smooth mortgage experience.