Consumer complaint received 2023-06-12
Company: Specialized Loan Servicing Holdings LLC
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Good evening, On XX/XX/XXXX I sent a payment of {$10000.00} for a payoff payment for my home mortgage loan. Specialized Loan Servicing is my mortgage company, they denied my payoff payment because it was not a certified payment or wire transfer. I spoke to a customer care representative by the name of XXXX, who stated that out of the {$10000.00} they could apply {$9000.00} to the principle and then refund the remaining balance of {$1500.00} by check back to me and with that we would in return either send a certify payment or wire transfer to SLS for the payoff balance. 
On XX/XX/XXXX I received this information : Subject : Payoff Customer Specialized Loan Servicing to : Sent : XX/XX/XXXX XXXX XXXX  Hello, This message is to inform you we are in the process of returning funds received on XX/XX/XXXX in the amount of {$10000.00} certified funds required to close the loan. You can request to have a payoff quote generated by selecting the purple Payoff Quote button located on the right side of the home screen on the online portal. The Payoff Statement will have the information on how to submit payoff funds through wire transfer or cashier 's check. Thank You, XXXX XXXX ID : XXXX SLS accepts calls from relay services on behalf of hearing impaired borrowers. If you have questions that are general in nature, you may utilize our new virtual agent, XXXX. Simply click on Ask XXXX wherever the banner appears. A dialogue box will populate allowing you to pose your questions. XXXX will search our database and provide you specific information without the need to search the site. 

After receiving this information I called the Costumer Care contact number on XX/XX/XXXX and spoke to a Costumer Care Representative by the name of XXXX XXXX XXXX to acquire if SLS had mailed out my refund check of {$10000.00}. XXXX informed me that my funds were siting in a Cash Fund area and that to complete the process of returning my funds of {$10000.00} it wouldn't be completed until the XXXX of XXXX and at that point maybe a check would be sent out. I asked to speak to a Supervisor, XXXX informed me that they do not have Supervisors that work for the company and that I would have to wait till the process was completed. 

Later same date I called back and talked to a Costumer Care Representative XXXX XXXX XXXX, I explained the situation I was having to XXXX and asked him is they had any Supervisors I could talk to if he could not resolve my situation. XXXX replied with that the company does, but he would have to either email her or call her and that she would only respond if she felt like if she needed to. XXXX was very thorough on checking the status of my loan account and did inform me that it take 20 BUSINESS DAYS to complete a process to refund my check back and that they purposely with hold funds so that you have to make a monthly mortgage payment. 

My payoff quote is good till XX/XX/XXXX in the amount of {$9600.00}. My refund of {$10000.00} will not get to me in time to reach the time line of XX/XX/XXXX with out having to request another payoff quote, SLS is forcing me to have to make a monthly mortgage payment of {$2200.00} on XX/XX/XXXX so that they can continue collecting interest from me. 

No where in the information I received from XXXX XXXX ID : XXXX on XX/XX/XXXX that it would take XXXX business days to be refunded my money.

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