Thrifts and Mortgage Finance
Company Overview of Specialized Loan Servicing LLC
Specialized Loan Servicing LLC, a third-party mortgage servicer, engages in the administration of residential mortgage loans in the United States. It offers a portfolio of performing servicing solutions that include monthly payment collections; distributing funds to an escrow account; customer account maintenance, including loan balance, payment, and other account activity; investor reporting; lien release processing; and payoff requests. The company also provides customer communications, cash and asset management, loss mitigation, loan administration, debt recovery, and investor reporting services; and REO asset management solutions, such as asset and evictions management, property preserva...
8742 Lucent Boulevard
Highlands Ranch, CO 80129-2386
Founded in 2002
Key Executives for Specialized Loan Servicing LLC
Senior Vice President of Research & Analytics
Compensation as of Fiscal Year 2016.
Specialized Loan Servicing LLC Key Developments
New Class Action Lawsuit Alleges Specialized Loan Servicing Improperly Processes Loan Modifications
Oct 13 16
A class action lawsuit filed on October 7, 2016 alleges Specialized Loan Servicing (SLS) improperly processed loan modification applications for customers in California that often led to overpayments on the loan and unjust foreclosures of the borrower's home. This class action lawsuit alleges that SLS violated the U.S. Consumer Financial Protection Bureau's new guidelines and failed to bring its system for processing loan modification applications into compliance. Specifically, the lawsuit alleges that SLS, among other things: Failed to timely respond to loan modification applications; failed to inform borrowers what information was missing in order to process their loan modification application; falsely told borrowers their application was missing information that had already been provided on numerous occasions; denied borrowers' loan modification requests without an appropriate explanation; and wrongfully threated foreclosure while a borrower's application was still under review. Margarette Smith, an 88-year old homeowner and the named plaintiff in the lawsuit, experienced all of the above behavior as she attempted to comply with the requirements set forth by SLS in numerous letters each month. Despite providing SLS with all the paperwork requested, often several times, Ms. Smith was still denied a proper loan modification. Consequently, the inability to modify her mortgage means Ms. Smith may lose her home.
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