Consumer complaint received 2019-06-25
Company: Specialized Loan Servicing Holdings LLC
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I have a Home Equity Line of Credit ( HELOC ) that I originally obtained from XXXX in Florida. I have had the account for over 10 years and have never missed a payment. I currently have an XXXX credit score, my income is enough to give me a very low debt-to-income ratio. I have been in the same home for 27 years and the same job for 9 years. My property value would make the Loan-to-value ratio less than 25 %. I am a XXXX XXXX XXXX at a XXXX  and I actually worked at XXXX and helped create the HELOC product that I have. 

At some point I think in XXXX or XXXX, my HELOC was sold or transferred by XXXX to a company called XXXXpecialized Loan Servicing, LLC " Part of the XXXX XXXX ''. In XXXX of this year, I called Specialized to inquire about what payment I needed to make to bring the account to a XXXX  balance ( to avoid getting another statement for pennies owed or a credit balance the following month as has happened in the past ). I explicitly stated that I did not want to " PAY OFF '' or close the account. I subsequently made appropriate payments to get it to a XXXX   balance. My last payment was made in XX/XX/XXXX. 

This past Thursday, XX/XX/XXXX, I received a letter from Specialized, dated XX/XX/XXXX that said my account had been paid in full and the release or satisfaction of mortgage document was in process. I called Specialized on Monday, XX/XX/XXXX and spoke with a customer service rep named XXXX who confirmed from his notes that I had stated back in XXXX that I did NOT want the account to be closed and satisfied. He told me that he could not fix the problem, but that he would refer my case to the Consumer Escalation Department. Someone named XXXX ( not sure of spelling ) called me today and again reconfirmed that their records show that I did not authorize my account to be closed and satisfied, however, because the paperwork had already been processed, there was nothing they could do to correct the situation. She kindly suggested that I go to another bank and get a new HELOC. I should not be inconvenienced by Specialized breaching the valid contract of my HELOC loan documents. I also don't know if I can duplicate the interest rate that I currently have ( Prime-1 % ). I requested that they reinstate my account and I would be happy to re-sign the lien paperwork to be refiled. They refused. I then suggested that they make me a new loan at the same terms as the one they cancelled ; they said they are not a lender, but just a servicing company, so they also refused that suggestion. The bottom line is that they have chosen for whatever reason to cancel my account ( perhaps they can get a higher interest rate from other consumers who have weaker credit scores? ) This is unacceptable. I know that there are laws governing how a lender or servicer can suspend a HELOC for cause, but in my case, I am the closest customer you will ever find who is 100 % risk-free. I appreciate your help in rectifying this situation and to highlight the Unfair and Deceptive practices that Specialized Loan Servicing has used against me, a long term, excellent customer.

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