Jane Dotson
Specialized Loan Servicing (SLS), a subsidiary of Computer Share Loan Services, is a third-party servicer and mortgage servicing company. The company has a track record of providing excellent customer service while optimising portfolio performance for its clients. However, there have been numerous complaints about SLS on the Better Business Bureau website, with customers reporting issues with their insurance, escrow, and billing. Some customers have also accused SLS of predatory lending practices, claiming that the company makes money by purchasing loans in arrears and forcing customers to accept unnecessary modifications to their payment plans.
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Specialized Loan Servicing LLC SLS is a third-party servicer
Specialized Loan Servicing LLC (SLS) is a third-party servicer and a subsidiary of Computer Share Loan Services. It was founded in 2003 by a group of seasoned mortgage professionals. SLS is a publicly traded company that invests in or operates a variety of financial companies. The company currently has three locations in Denver, Colorado; Tempe, Arizona; and Ponte Vedra Beach, Florida.
SLS is a mortgage-loan servicer in Colorado that services a portfolio of mortgage loans. The company purchases loans that are in arrears and enforces modified payment plans, which has led to complaints from customers who feel they are being taken advantage of. SLS has also been accused of overcharging for insurance and taxes, with some customers reporting that they were charged extra due to an alleged lapse in their insurance coverage, even when their accounts were up to date.
In addition to issues with billing and account management, SLS has received numerous complaints about their customer service. Customers have reported rude and impatient representatives, long wait times, and a lack of empathy or helpful solutions to their problems. Some have even claimed that they were given misleading or incorrect information, resulting in further complications and frustration.
On May 11, 2020, the Consumer Financial Protection Bureau settled with Specialized Loan Servicing LLC (SLS) and ordered the company to pay millions in monetary relief to consumers. As of February 29, 2020, SLS serviced a portfolio of mortgage loans worth about $112.69 billion. The Better Business Bureau (BBB) reports that SLS LLC has a total of 737 complaints closed in the last three years, with 419 complaints closed in the last 12 months. BBB gives Specialized Loan Servicing a rating of 1 star out of 5 based on 195 customer reviews.
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SLS has poor customer service
Specialized Loan Servicing (SLS) is a third-party mortgage loan servicer and subsidiary of Computer Share Loan Services. It was founded in 2003 and is currently headquartered in Denver, Colorado, with additional offices in Tempe, Arizona, and Ponte Vedra Beach, Florida.
While SLS offers a wide range of payment solutions, including payments via phone, website, Money Gram, and Western Union, the company has received numerous complaints about its poor customer service.
Customers have reported issues with long wait times, rude and unhelpful representatives, and a lack of empathy from SLS staff. There are also allegations that SLS engages in predatory lending practices, such as forcing customers to take out unnecessary second mortgages and overcharging for insurance and taxes.
For example, one customer complained that SLS downgraded their insurance rating from B+ to B without warning, forcing them to seek new insurance. Another customer reported that SLS inaccurately reported their mortgage payments as late for five consecutive months. Other issues raised by customers include problems with account transfers, incorrect charges, and difficulties in obtaining payoffs or loan recasts.
The Better Business Bureau (BBB) has received numerous complaints about SLS, and the company has a low rating of 1.2 stars based on 201 customer reviews on PissedConsumer.com.
Given the numerous complaints about SLS's poor customer service and predatory lending practices, it is clear that the company has significant room for improvement in how it interacts with and serves its customers.
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SLS has a 1-star rating on Better Business Bureau
Specialized Loan Servicing LLC (SLS) currently has a 1-star rating on the Better Business Bureau (BBB) due to numerous complaints about its poor customer service, predatory lending practices, and mishandling of insurance and tax matters.
Customers have reported that SLS engages in predatory lending practices, buying loans that are in arrears and then forcing customers to accept modified payment plans, often resulting in unnecessary second mortgages. In addition, customers have complained about SLS's poor customer service, with reports of long wait times, rude and unhelpful representatives, and a lack of empathy.
There have also been issues with SLS's handling of insurance and tax matters. Some customers have reported being overcharged for insurance and taxes, with SLS failing to correct these issues despite providing proof. In one case, a customer complained that SLS downgraded their insurance rating without warning, forcing them to seek new insurance. SLS has also been accused of freezing accounts and failing to properly credit or debit customer payments, resulting in confusion and frustration for its customers.
The BBB is a resource that assists consumers in finding trustworthy businesses. However, it is important to note that the BBB has been criticised for its rating system, which some claim can be influenced by partnerships and is not necessarily reflective of a company's ethical practices or customer satisfaction.
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SLS has a 1.2-star rating on Google
Specialized Loan Servicing LLC (SLS) has received a significant number of negative reviews, resulting in a low rating of 1.2 stars on Google. This rating is based on customer feedback and reflects their dissatisfaction with the company's services.
SLS, founded in 2003, is a third-party servicer that purchases loans in arrears and enforces modified payment plans, which has led to accusations of predatory lending practices. Customers have expressed frustration with SLS's handling of their accounts, including issues with incorrect payment postings, unexpected late fees, and unresponsive customer service. There are also complaints of overcharging for insurance and taxes, with SLS allegedly failing to rectify these issues even when provided with proof.
The low rating of 1.2 stars suggests that customers have had consistently negative experiences with SLS, with some describing the company as "incompetent", "rude", and "unhelpful". The issues raised in the reviews highlight a lack of empathy, inconsistent information, and a general sense of feeling misled by the company.
While star ratings on Google provide valuable insights, it is worth noting that Google treats reviews on a per-country basis, and the displayed ratings may vary based on the reviewer's location. Additionally, Google sources its ratings from its own Google Customer Reviews and approved third-party partner review sites, so the overall score is influenced by reviews across multiple platforms.
The 1.2-star rating for SLS on Google indicates widespread dissatisfaction among customers, and the company may benefit from addressing these concerns to improve its reputation and better serve its clients.
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SLS is a subsidiary of Computer Share Loan Services
Specialized Loan Servicing (SLS) is a third-party servicer with a proven track record of setting high standards for customer care while optimizing portfolio performance on behalf of its clients. It was founded in 2003 by seasoned mortgage professionals. SLS is a subsidiary of Computershare Loan Services (CLS), a leading international third-party mortgage services provider. CLS, in turn, is backed by the global strength of its parent company, Computershare Limited (ASX: CPU) or simply Computershare. Computershare is a global market leader in transfer agency, share registration, employee equity plans, mortgage servicing, proxy solicitation, and stakeholder communications. It is represented in all major financial markets and has over 14,000 employees worldwide, with some sources citing 16,000 employees.
Computershare entered the US mortgage market with the acquisition of Harris Bank in Chicago and has since grown into the world's foremost transfer agent and investor services provider. In October 2023, it was announced that Rithm Capital, an asset manager focused on the real estate and financial services industries, had entered into an agreement with Computershare to acquire Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC, for a purchase price of approximately $720 million.
As part of Computershare's Loan Services division, SLS manages a portfolio of more than $55 billion in unpaid balances, handling over six million customer phone calls annually with 1,300 dedicated employees. SLS has expanded its solution offerings to include sub-servicing for both prime and non-performing loans. Many of the world's leading organizations use SLS to streamline and maximize the value of relationships with their investors, employees, creditors, and customers.
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Frequently asked questions
Specialized Loan Servicing (SLS) is a third-party mortgage servicing company and subsidiary of Computer Share Loan Services.
The contact number for SLS LLC is 1-800-315-4757.
The Better Business Bureau (BBB) gives Specialized Loan Servicing a rating of 1 star out of 5, with 195 customer reviews.
The BBB reports that SLS LLC has received a total of 737 complaints in the last 3 years, with 419 complaints closed in the last 12 months.
Common issues reported by customers include poor customer service, unexpected fees, issues with insurance and escrow payments, and difficulties making payments or receiving refunds.
