Consumer complaint received 2020-05-27
Company: Specialized Loan Servicing Holdings LLC
State: MD
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
My home equity loan was sold to Specialized Loan Servicing in XX/XX/XXXX. When the loan was first transferred to them for servicing there was some discrepancy about my monthly payment and interest rate, but it was at least close to what my monthly payment and interest rate should be. The interest rate at one point was stated as 5.51 %, when it should have been 5.26 %. But like I said, it was close. From there everything involved with the servicing of this loan has gone downhill. 

My loan originated with XXXX XXXX XXXX in XXXX as a HELOC. On XX/XX/XXXX, in anticipation of the end of the draw period which would be coming in XXXX of XXXX, I locked in my interest rate on the entire balance of the loan. My payment for the duration of the loan would be {$980.00} a month, and my interest rate would be 5.26 % fixed. 

For the past several months there has been a huge discrepancy about my interest rate and monthly payment, which has also effected the amount of days SLS says I am past due, as well as what amount they say I owe. At the time of this letter, I have not made my XX/XX/XXXX payment, but I am on a forbearance. Previously, I had fallen behind, no more then 60 days, due to my husband having XXXX and the effect it had on my finances. I was able to catch up recently due to the stimulus payment. 

I have called many times to try to get these errors corrected. There was a brief period when they had close to the right information, but one day when I called to make my payment the customer service representative told me I owed over {$9000.00}. I was in shock. That representative also insisted that I had a variable rate loan, not a fixed rate. Since that time, I have called probably about once a week to get this straightened out. I have been told a lot of different things by a lot of different people there. At times, Ill speak to someone who concurs with my figures and other times not. I did get transferred to the HELOC department once, and that person said he could see the documents that supported what I was saying. I just did not understand how they could be saying that my monthly payment was {$1900.00}. Then, just out of curiosity I divided that number in half and got what my monthly payment is supposed to be, {$980.00}. 

I also have had some representatives tell me that all the accounts they got from XXXX XXXX XXXX are messed up. I dont know what that means. But my account, interest rate, and payments were all consistent until XXXX took it over. They have opened several tickets to look into the issues with my account, and have said they will research, but nothing changes. They have also been saying my account is under maintenance, for months now. 

My payment log is also a mess. Apparently, because they didn't have correct information on what my monthly payment is, my payments were not applied the way they should have been. Payments are added and reversed. Ive never had any payments returned from the bank. 

On XX/XX/XXXX I sent them a Notice of Error Resolution asking them to make the corrections to my account. I included a letter I received from XXXX  XXXX XXXX in XXXX documenting the rate lock as well as a home equity loan statement showing a balance of {$0.00} for the parent loan, the HELOC, and the entire balance transferred to the XXXX, as well showing my monthly payment to be {$980.00}. I have since called to double check that they had received and uploaded the documents. I knew they had received the letter containing those documents as I sent it certified mail. The representative I spoke with confirmed that they did have those documents but that she could not tell me much else about my account except that I was going to be getting a new account number. Why? I have never heard of this. She advised me to check back in in a week. I am hoping this means they are fixing the issues with my account! I spoke to another representative yesterday and he could not see anything in my file indicating that I was being assigned a new account number. 

I also received a letter from them yesterday, I guess in response to my Notice of Error Resolution concurring with what my monthly payment should be, but saying I owe over {$7000.00}. This is horribly inaccurate. They should only have me owing my payment for XXXX as well as late fees left over from XXXX  XXXX XXXX. Their website and automated phone system still have all incorrect information as well. 

And unfortunately, because I was laid off from my job because of COVID-19 I reached out to them for help, hoping to get a payment deferral. They granted me a forbearance, but based the total amount due at the end of the forbearance on incorrect numbers. I need all of these issues corrected- the interest rate, the monthly payment amount, as well as the amount they say I will owe at the end of the forbearance.

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