Mortgage -- Trouble during payment process -- Complaint #4686736
Complaint Overview
Complaint ID: 4686736
Company: Specialized Loan Servicing Holdings LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Indiana
ZIP Code: 46205
Date Received: 2021-09-02T12:00:00-05:00
Date Sent to Company: 2021-09-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My loan has been transferred again this time from CMC funding, Inc. To Specialized Loan Servicing. I continue to have a multitude of issues with payments been applied to my account as I have indicated clearly with clear and concise instructions. I submit my payments ( before the due months in fact before the payment is due ) using SLS 's payment site directly. Not using a third party or my financial institution. Despite this and clearly indicating how my payment should be applied again using SLS 's payment site they can not seem to follow instructions and apply the payments directly to principal instead of how I have indicated. On XX/XX/2021, I submitted a payment in the amount of {$1800.00} on the SLS payment form I indicated {$1500.00} should be applied to the principal and interest payment and the remainder {$280.00} applied to the principal balance. This was not applied correctly and the entire amount was applied to the principal balance. On XX/XX/2021. I submitted a payment in the amount of {$1800.00} using the SLS payment site. I indicated on SLS 's payment former to apply {$1500.00} to the principal and interest monthly payment and the remainder of {$280.00} to the principal balance. Yet again, SLS failed to follow clear and concise instructions and applied the entire {$1800.00} to the principal balance which is not what instructed them to do. I am sick and tired of having to monitor SLS every month to ensure my payments which are made in advance and should be applied to my account as I have indicated. It has been a complete and utter nightmare dealing with CMC Funding and now Specialized Loan Servicing. If a customer indicates how payment is to be applied why they can not follow instructions and apply for the payment as indicated and correctly? Is there no one at SLS that can follow instructions? I believe SLS needs to be audited to ensure no fraudulent activities are occurring at this institution.
Frequently Asked Questions
What is Complaint #4686736 about?
Complaint #4686736 was filed against Specialized Loan Servicing Holdings LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-09-02T12:00:00-05:00.
How did Specialized Loan Servicing Holdings LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Specialized Loan Servicing Holdings LLC?
Yes, visit the Specialized Loan Servicing Holdings LLC company profile at readthecomplaint.com/company/specialized-loan-servicing-holdings-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.