Consumer complaint received 2015-11-13
Company: Specialized Loan Servicing Holdings LLC
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Cc : Consumer Financial Protection Bureau, Federal Housing Finance Agency, XXXX, Federal Reserve, New Jersey Attorney General 's OfficeSubject : Unfair mortgage service practices of Specialized Loan ServiceSubject property : XXXX XXXX XXXX, XXXX XXXX, NJ XXXXTo Whom it may Concern : On XXXX XXXX, 2015 my mortgage for XXXX XXXX XXXX, XXXX XXXX, was transferred from XXXX XXXX XXXX XXXX SLS ( Specialized Loan Services ). 
Both parties appropriately notified me of the transfer. I was notified on XXXX XXXX, 2015 from XXXX XXXX that my homeowners policy reflected the new processor ( SLS ) and by XXXX XXXX XXXX XXXX XXXX documented the change on XXXX/XXXX/2015. These changes were not made by me personally but done through the transfer process. At this time all policies were correct. 
In XXXX 2015, we was notified by SLS that I did not have sufficient flood insurance coverage to satisfy my loan obligation. It was at this time we contacted my insurance agent and questioned my policy. We were assured that we had the maximum coverage allowed by federal law which was a policy for {$250000.00}. We relayed that information to SLS and they said they would update the account. 
XX/XX/2015, we were still notified of lack of sufficient flood insurance for my XXXX XXXX XXXX property. Again we reached out to my insurance agent, as well as a representative from SLS validating appropriate insurance multiple times. Yet again we was informed via mail of lack of appropriate flood insurance. My insurance policies renewed in XXXX 2015. At this time, all policies reflected the correct information, yet still SLS disregarded this information. 
In summary up to XX/XX/XXXX, we contacted SLS multiple times verifying adequate flood insurance but SLS blatantly refused to acknowledge my requests, acknowledge the renewed policies, and made no efforts to resolve the issue. SLS at this point chose the path of adding a forced placed flood insurance policy. 
As we continued onward with more phone calls to SLS and different representatives we discovered that the account with SLS was listed as a multi-property account. We currently have another property XXXX XXXX XXXX, XXXX XXXX, NJ XXXX. This property is currently mortgaged through XXXX XXXX Bank. This property was NOT transferred to SLS. SLS obtained the insurance policies for the XXXX XXXX XXXX property and added the insurance policies to the escrow account for the XXXX XXXX XXXX property. I was asked if the properties were next to each other or connected in some way. These are XXXX separate properties and SLS is not entitle nor responsible to service XXXX XXXX XXXX. 
Through multiple phone calls to SLS, representatives opened tickets to investigate and resolve the issues. In the meantime, my escrow account is being charged for a forced placed flood insurance policy and a flood and hazard insurance policy for my XXXX XXXX XXXX property. From the calls and opened issue tickets I was told I would have resolution within 2 weeks after each call. 
After months of making every effort possible on our end to resolve this, SLS finally told us we would get a refund for the forced placed flood insurance policy back to the escrow account. SLS still has not updated the multi-property account nor has removed my XXXX XXXX XXXX insurance from XXXX XXXX escrow account. There were multiple escrow account analysis generated, the last being XXXX/XXXX/2015, of which the incorrect information is still listed. 
To make matters worse, we spoke with a representative on XXXX XXXX, 2015 regarding our loan information. We were told we have a conventional fixed rate loan for property XXXX XXXX but XXXX XXXX XXXX

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation