Consumer complaint received 2020-03-19
Company: Specialized Loan Servicing Holdings LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Yesterday on XX/XX/XXXX, I completed an [ Online Refinance Loan Request ] with my Mortgage Loan Servicing Company. ( Specialized Loan Servicing ). 
On XX/XX/XXXX, I received a call from the Mortgage Servicing Company ( Specialized Loan Servicing ) and was told by their representative ( who completed the online application ) ( Mr. XXXX XXXX : XXXX ) that the ( Request for a Loan Refinancing ) was unable to be approved because of [ debt to income ratio ]. 
Approximately in XXXX of this year, I tried to refinance with my Servicing Company ( Specialized Loan Servicing ) but requested a Cash Out to help pay off debt, but the company was unable to ( approve/process the refinance request also ). 
My husband and I purchased our home with a ( 30 year fixed mortgage ) approximately 17 years ago in [ XXXX ]. And now after ( a modification ) approximately in XXXX ( which was supposed to be assisting and affordable ) we will be paying for this home for ( 47 YEARS ). Payoff in ( XXXX ). The mortgage also has a deferred amount of ( {$38000.00} ) which has not moved in approximately ( 11 years ). So I would like the Loan Servicing company to tell me what DEBT are they concerned about ( we the mortgage holder ) trying to pay off. 
The debt to income ratio has nothing to do with the denying of this loan. Because if the Loan Servicing Company wanted us out of debt, ( which they dont ) they would have allowed us to refinance out of these long term mortgage balances that [ YOU ] THE SERVICING COMPANY HAS US IN [ i.e. XXXX DERERRED BALANCE THAT HAS NOT CHANGED SINCE APPROXIMATELY 10 YEARS AGO. And facing ( 47 years of payment on a home ) instead of being allowed to reduce those years ( by 10 years ). Which Im trying to do with this refinance. 
Also, since there will be a Maturity Date of [ XXXX ) instead of [ XXXX ]. I just cant see where is All This CONCERN of DEBT, when the Loan Servicing Company wants to keep homeowners paying out such a [ fortune ] of money on these extremely Long Term Mortgages. 
As part of this Refinance, I requested a Payoff of an approximately ( {$22000.00} ) ( 30 YEAR Second Mortgage ) to be included, because we have been paying XXXX  XXXX XXXX FOR THAT MORTGAGE APPROXIMATELY ( 11 YEARS ) AND has barely seen it reduce. Also, the bank changed the Terms of The Mortgage somewhere along the way which we were not aware of. The bank withheld a number of pages in connection to the loan and sent it to us approximately ( 9 ) years later, with all these different terms. ( See attached form ). 
Also, the loan servicing was supposed to be concerned about debt, but made on an insurance projection without consideration of contacting us ( the homeowners ) reference our choosing of a more inexpensive insurance. The Loan Servicing raised the monthly Payment ( {$160.00} ) and caused an Escrow Shortage in an EXTREME AMOUNT OF [ {$1600.00} ] AND RAISE OUR MORTGAE ACCORDINGLY TO THAT SHORTAGE WITHOUT ANY CONCERN OF US MAKEING THE PAYMENTS OR ANY CONCERN OF ADDITIONAL DEBT. THAT ( THEY ) THE LOAN SERVICING COMPANY WAS IMPOSING UPON US. ( See Attached Monthly Payment/Escrow increase forms ) AS A RESULT, WE WERE ( CONCERNED ) ABOUT OUR MORTGAGE PAYMENT GOING UP, SO WE PURCHASED INSURANCE FROM A DIFFERENT INSURANCE COMPANY WITHOUT SUCH AN UNECESSARY HIGH COST. AND NOW WE HAVE TO ASK FOR AN ESCROW ANALYSIS TO HAVE OUR LOAN SERVICING COMPANY TO LOWER OUR MORTGAGE BACK TO ITS TOTAL BEFORE, THE LOAN SERVICING COMPANY INCREASED IT BASED ON A [ PROJECTION ). BUT NO ONE ASKED ANY QUESTIONS or ( had any DEBT concerns ) BEFORE RAISING THE MORTGAGE PAYMENT [ {$160.00} ) AND CAUSING AN ESCROW SHORTGAGE ON US OF [ {$1600.00} ]. WHICH THE MORTGAGE LOAN SERVICING STILL HAS NOT ADJUSTED/CORRECTED. 
ALSO, THAT ( {$160.00} ) COULD HAVE BEEN CONSIDERED PART OF A MONTHLY PAYMENT FOR MY REFINANCE REQUEST. 

Specialized Loan Servicing XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CO XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation