Consumer complaint received 2024-05-03
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Loan sold or transferred to another company
Company: Specialized Loan Servicing Holdings LLC (IN)

I received a letter from XXXX XXXX XXXX XXXX ( my previous mortgage loan holder ) that my loan was being transferred to an entity called Specialized Loan Servicing LLC ( XXXX XXXX XXXX, CA ). This letter was dated on XX/XX/XXXX ( not sure when it actually arrived ), informing me that my loan had been transferred and that any auto-payments scheduled after XX/XX/XXXX would not be withdrawn. The letter said I would receive a new billing statement on or after XX/XX/XXXX. The XX/XX/XXXX is when my automatic payments are usually withdrawn. The letter did not have any additional information about XXXX, including even its website or what options I might have to get more information and set up a new payment with the new service provider. 

Frankly, the month of XXXX was extremely hectic at my job and I didn't have time to follow up. But I saw that my mortgage payment was not deducted on the XXXX and it reminded me that I needed to follow up with XXXX. 

I called XXXX and they said that they had almost no information other than the " loan documents '' about my loan, including my social security number, how much I owed, or what my monthly payment was. It was only in back and forth with their customer service agent that i was informed that there is some sort of law that apparently gives a 60-day grace period when a loan is transferred so that I do not get charge any fees, be considered a " late payee '' or have any sort of black mark against me/my credit due to any delays. None of this information was outlined in the letter I received from XXXX XXXX XXXX XXXX and I have yet to receive any information from XXXX. In my call with XXXX today, after much frustration, I was told to call my old mortgage holder and to call XXXX back next Friday to see if I would then be able to make a payment and set up autopayment going forward. 

I'm a working person and don't have unlimited time during the hours of operation of these financial institutions to make any of these calls. Relevant information about what timeline I have to make payment without penalty, and that I'm apparently protected from penalties during this transfer window, were not communicated by either institution ( and candidly, all I have is someone's reassurance over the phone that I am -- nothing in writing ). I was in an uncomfortable situation of being asked to give my SSN over the phone in the hopes that it might ping in XXXX XXXX database to verify that I'm a real person and that they do indeed hold my loan. 

I would like to file a complaint against both financial institutions. XXXX XXXX needs to give more notice of the timeline and reason for my loan being transferred to another provider, the protections I have as a consumer against any penalty or late fees, and the process by which I will establish my mortgage payment with my new provider. ( Even the website of the new provider would be helpful, it's the lowest possible hanging fruit. ) With XXXX ( and frankly with any financial provider ), I don't understand why the transfer of digital information is not instantaneous and I don't understand why they are not obligated to send me a welcome packet with clear information about how to set up my new account/payment, protections against any penalties for 60 days, etc., before the end of the term with the previous provider.