What is Specialized Loan Servicing?
SLS’ headquarters is located in Highland Ranch, CO. They also have offices in Arizona and a payment processing center in Atlanta, GA. The BBB indicates that SLS was founded locally in 2003, and incorporated in Delaware in the same year. The BBB opened its file on SLS four months after SLS’ initial founding. The main web address for this company is www.sls.net, but the BBB lists a secondary site at www.samreo.net. Buzzfile indicates a founding date of 2011, an estimated annual revenue of $183.4 million, and an estimated staff of 1,258 people at the headquarters location.
SLS is not a collection agency, but they sometimes operate in a similar capacity. SLS describes itself as an asset management company and works exclusively with real estate loans, many of which are delinquent; thus, like collection agencies, SLS’ processes delinquent debt, but their efforts are focused on home foreclosures rather than credit card balances.
Normally, approving a home loan requires an applicant to appear at a lending institution such as a bank or savings and loan. After lending managers determine the borrower’s ability to successfully assume the loan, the bank exercises its professional judgement to either approve or deny the loan. The new homeowner typically pays off the loan over a course of thirty years. The bank’s interest in providing this service is realized in interest income and the potential for refinancing based on property improvements and appreciation.
As a third-party servicer of mortgage loans, SLS does not issue home loans. Instead, they work with financial institutions after loan signing to purchase home mortgages, often without the knowledge or consent of the borrower. SLS claims the benefit of this service is to provide more effective and profitable loan servicing. SLS also operates a group of affiliated loan service organizations, including Altavera Mortgage Services, Capital Markets Cooperative, Computershare Loan Services, and Mortgage Solutions.
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Complaints against Specialized Loan Servicing LLC – SLS
The Better Business Bureau lists 359 complaints closed against SLS in the past three years, with 126 in the past 12 months. Only 38 of these complaints have been resolved to the satisfaction of the complainant. Many of the complainants indicate that their mortgages were sold without their consent, and that SLS institutes new methods of distributing mortgage payments that result in increased interest rates, missed payments, late fees, and reports of delinquencies on their credit reports. The 63 negative reviews allege openly abusive customer service and fraudulent business practices. Justia lists at least 50 cases of civil litigation naming SLS as a defendant.
SLS Contact Information
Specialized Loan Servicing, LLC
8742 Lucent Blvd., Ste. 300
Highlands Ranch, CO 80129-2386
Understanding Your Debt Collection Rights
Federal agencies like the Federal Trade Commission enforce laws that protect consumers from collection agencies who engage in unethical business practices. For example, the Fair Credit Reporting Act (FCRA) restrict and regulate how collection agencies can conduct business. The FCRA’s regulations are focused on how collection agencies and creditors report delinquent debts to credit reporting agencies.
Federal laws also provide individuals with a means to seek damages in court. For example, the FCRA allows consumers who have been violated to recover monetary damages of up to $1,000, plus attorney fees and court costs. If you are concerned your rights as a consumer have been violated, seeking assistance can help you find relief.
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What Our Clients are Saying
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