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Sketchy mortgage servicing company

Old 12-18-18, 09:10 AM
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Sketchy mortgage servicing company

My mortgage was sold soon after closing, as I expected. But it went to a company so sketchy that, man, it seems weird.

The website is slow and crashes often. I mean PAINFULLY slow. There's no way to make a dedicated escrow payment (shortage) except for check. They charge $12.50 for an over the phone transaction, and only accept debit or bank routing. They are continually asking for multiple phone & email contact information and each communication, mail or electronic or phone, has words to the effect that it is a debt collector and information obtained may be used to collect a debt. And they have instructions on everything for Moneygram and West Union transactions.

This does not sync with milld-aged upper-middle class white man privilege and my 815 credit score. I've lived in historic neighborhoods, so I recognize this predatory shit when I see it. It's a shame the only way to switch service companies is to refinance.


CMC Funding & Specialized Loan Servicing.
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Old 12-18-18, 10:30 AM
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Re: Sketchy mortgage servicing company

If you Google that name, the closest that comes up is Specialized Loan Servicing, which has a very bad rating with the BBB and seems to have a lot of consumer complaints. Yeah, based on the rules you explained with them, it sounds sketchy as shit.

A typical complaint:

04/05/2018

SLS has not resolved a misdirected payment issue, after almost 50 days. In February of 2018, my mortgage loan was transferred from CMC Funding Inc. c/o ******** LLC to CMC Funding Inc. c/o Specialized Loan Servicing LLC. I sent my Feburary payment (amount 1270) to the new address (PO Box XXXXXX, ******* GA, XXXXX-XXXX) with the old loan account number on the check. The check was cashed on Feb 13, 2018 by Specialized Loan Servicing electronically and not credited to my account. I contacted SLS on Feb 22 explaining the mistake. A ticket was open to research it. Resolution date from SLS is given as April 5, 2018. That is after the RESPA protection window, so I may be subject to fees, penalties for this misdirected payment. This is not a timely resolution for a simple misdirected payment, in my opinion. And that my check was cashed and held by the servicer means that I would have to make double payments to bring my loan current.

Desired Outcome
Locate the payment and apply it to my account.

https://www.bbb.org/us/ga/atlanta/pr...942/complaints
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Old 12-18-18, 10:37 AM
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Re: Sketchy mortgage servicing company

Would save money in the long run if you refinance?
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Old 12-18-18, 10:51 AM
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Re: Sketchy mortgage servicing company

I'm doing $50k recasts every year, so I should be paid off in about three more years. Refi doesn't really make sense ... except as a mental health issue ...
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Old 12-18-18, 11:18 AM
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Re: Sketchy mortgage servicing company

Are you dealing with Specialized Loan Servicing or CMC Funding? They seem to be related but have different websites.

CMC Funding

Specialized Loan Servicing

CMC Funding's BBB rating is dreadful as well. https://www.bbb.org/us/ga/atlanda/pr...-0443-27713624
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Old 12-18-18, 11:24 AM
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Re: Sketchy mortgage servicing company

I think they are "the same", in some sense. CMC Funding has SLS service the loans ... but I'm pretty sure they are very closely related companies. I'd say "different divisions", although I'm sure there some other legal seperation.

1) Find an industry where the consumer doesn't have any/limited choices.
2) Be brutal in how you treat them and in cost savings
3) Profit!
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Old 12-18-18, 12:05 PM
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Re: Sketchy mortgage servicing company

If it makes you feel any better, Wells Fargo bought my mortgage and it is the same kind of shit with them. They won’t apply excess payments, only full monthly amounts. They randomly send me full payments back at least twice a year. To make a payment through them is $14. When I had some medical issues a few years ago I spent three months dicking around with them and their “assistance programs”. I told them I needed a few months and it would all be caught up when I went back to work, but instead they forced me to go through three months of BS and then the agent actually got shitty with me when I paid the past due in full.

Had I known my “packager” was going to sell to WF, I would have found a new agent.
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Old 12-18-18, 12:10 PM
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Re: Sketchy mortgage servicing company

I’d suggest finding a mortgage broker and getting some ideas with them. They usually don’t charge and offer pretty good advice.
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Old 12-18-18, 12:11 PM
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Re: Sketchy mortgage servicing company

I think that debt collector info is required by law.

I never even deal with my mortgage service company, I set up bill pay through my bank and pay them that way. My servicer could be sketchy AF and I wouldn't know it, so long as they take and apply my payment.
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Old 12-18-18, 12:50 PM
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Re: Sketchy mortgage servicing company

Originally Posted by LurkerDan View Post
I never even deal with my mortgage service company, I set up bill pay through my bank and pay them that way. My servicer could be sketchy AF and I wouldn't know it, so long as they take and apply my payment.
Same story here. I use my bill payer, have it setup to send the payment on the 27th of every month. Setup the first payment with a bigger cushion if you want, calibrate as needed. I would log into their website (the mortgage company) and get screen caps of the account info and payment instructions. Use the exact payment instructions and payment address, setup the payment in your billpayer with your mortgage account number in the memo line. The first month, send in a test payment of $1.23 in addition to your manual payment, just to verify that the bill payer service is working. Call the mortgage company 4-5 days after the payment has cleared and ask them to verify that the payment was applied to your account (or if you can manage to login and view your account, verify on your own). Once you have things setup and running smoothly, you won't have to worry about it, and you can go in whenever you want and send in extra payments through the billpayer.
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Old 12-18-18, 01:03 PM
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Re: Sketchy mortgage servicing company

This is DVDTalk. Just pay cash for your house(s).
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Old 12-18-18, 02:27 PM
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Re: Sketchy mortgage servicing company

Originally Posted by bryce0lynch View Post
My mortgage was sold soon after closing, as I expected. But it went to a company so sketchy that, man, it seems weird.

The website is slow and crashes often. I mean PAINFULLY slow. There's no way to make a dedicated escrow payment (shortage) except for check. They charge $12.50 for an over the phone transaction, and only accept debit or bank routing. They are continually asking for multiple phone & email contact information and each communication, mail or electronic or phone, has words to the effect that it is a debt collector and information obtained may be used to collect a debt. And they have instructions on everything for Moneygram and West Union transactions.

This does not sync with milld-aged upper-middle class white man privilege and my 815 credit score. I've lived in historic neighborhoods, so I recognize this predatory shit when I see it. It's a shame the only way to switch service companies is to refinance.


CMC Funding & Specialized Loan Servicing.
Number one problem with these companies as mentioned:

misdirected payment issue
They're trying to skim interest and I've heard about people making their payments that were NOT credited to the original mortgage holder so this might be an early sign of this company getting ready to jump ship. So, be very sure you have that payment credited and I would actually start a communication with your state's attorney general.

Sounds easy but yeah refinancing would be the best option. However, this might save your ass if this company takes your money and runs with it at a last-minute ditch--generally happens when they get a lot of payments from their determined max clients. Because you will be fucked in the ass. You will be held responsible for past payments, your credit will go into the toilet, regardless of what these assholes do with your cash and how illegal it may be. Why? You have to WAIT for the justice system to determine their guilt while your credit goes into the crapper. And it is not easy to regain homeowner buying power like it is opening another credit card account after a bad credit situation.
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Old 12-19-18, 07:20 AM
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Re: Sketchy mortgage servicing company

All I can say is that I'm fairly certain that about 12 years from now, a representative of this fine company will drop by the ashes of this forum to reply to this thread.
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Old 12-19-18, 11:47 AM
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Re: Sketchy mortgage servicing company

I had a sketchy mortgage company for a short term before my loan was sold off again (for like the 6th time). The issue I had with them was the property tax escrow and payment to the county.

Keep track of this yourself. Figure out what your tax is, how much you should be paying into the escrow account, and followup with the county to make sure they pay it

or alternatively, find a way to opt out and just pay it yourself (not everyone can do this)
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Old 12-19-18, 10:41 PM
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Re: Sketchy mortgage servicing company

I have CMC formerly SLS. I haven't had any issues with either. I had autopay with SLS but not since CMS took over. I just started using their site though. There are options to make a payment, pay towards principle or pay into escrow. I called them a few weeks ago to ask about extra payments. Anything over your monthly payment is supposed to go directly toward the principle. I haven't tried it yet though.

Seems decent enough to me.

I'm going to set up autopay in Feb. and never think twice about them.
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Old 12-20-18, 04:30 AM
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Re: Sketchy mortgage servicing company

Weird. It's an escrow shortage, from a tax increase, that's the issue. I auto-pay, and do NOT see an escrow payment option on the website.

And that website is slow as all hell.
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Old 12-20-18, 06:41 AM
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Re: Sketchy mortgage servicing company

Yeah the website is slow as fuck. I don't understand that at all.

To see the payment options you have to click the purple "Make a payment button" then click the purple "Continue" button on the popup window which takes you to an external payment website. On that new page you select your bank account and hit the "submit" button. It takes you to a final page where it verifies your bank info and allows you to select how you want the payment applied.
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Old 12-20-18, 09:14 AM
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Re: Sketchy mortgage servicing company

Helluva security breach potential.
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