About
Specialized Loan Servicing LLC is a third-party loan servicing company that provides services to mortgage lenders, investors, and borrowers. SLS was founded in 2003 and is headquartered in Highlands Ranch, Colorado. The company manages a variety of loans, including residential and commercial mortgages, as well as loans for other types of assets such as equipment and vehicles.
SLS offers a range of services to its clients, including loan boarding, payment processing, escrow management, default management, and loss mitigation. The company also provides customer service and support to borrowers, including assistance with loan modifications, forbearance agreements, and other options to help borrowers stay current on their loan payments.
Specialized Loan Servicing LLC is licensed to operate in all 50 states in the United States and is regulated by state and federal agencies. The company has received certification from the Mortgage Bankers Association (MBA) for its loan servicing operations and has been rated as a "3+" servicer by Fitch Ratings, which is considered a high rating.
Overall, SLS is a reputable loan servicing company that provides a variety of services to its clients and strives to help borrowers stay current on their loans through various loss mitigation options.
Key Features
Some key features of Specialized Loan Servicing include:
- Loan Servicing. SLS provides comprehensive loan servicing for a variety of loans, including residential and commercial mortgages, equipment loans, and vehicle loans.
- Payment Processing. SLS offers secure payment processing for borrowers, allowing them to make their payments online or via phone.
- Escrow Management. SLS manages escrow accounts for borrowers, including insurance and property taxes.
- Default Management. SLS provides default management services, including delinquency management, foreclosure processing, and property preservation.
- Loss Mitigation. SLS offers a range of loss mitigation options to help borrowers stay current on their loans, including loan modifications, repayment plans, and forbearance agreements.
- Customer Service. SLS provides customer service and support to borrowers, including assistance with loan-related questions, concerns, and issues.
- State and Federal Licensing. SLS is licensed to operate in all 50 states in the United States and is regulated by state and federal agencies.
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Certification. SLS has been certified by the Mortgage Bankers Association (MBA) for its loan servicing operations and has received high ratings from credit rating agencies, such as Fitch Ratings.
Pros and Сons
Pros
- Wide range of services. SLS provides a comprehensive range of loan servicing and management services, which can be helpful for borrowers who need assistance managing their loans.
- Customer service. SLS offers customer service and support to borrowers, including assistance with loan modifications, repayment plans, and other loss mitigation options.
- State and federal licensing. SLS is licensed to operate in all 50 states in the United States and is regulated by state and federal agencies.
- Certification. SLS has been certified by the Mortgage Bankers Association (MBA) for its loan servicing operations and has received high ratings from credit rating agencies, such as Fitch Ratings.
Cons
- Higher fees. Third-party loan servicing companies like SLS may charge higher fees for their services than traditional banks or lenders.
- Limited control. Borrowers who work with a loan servicing company like SLS may have limited control over the management of their loans, as the company may make decisions on behalf of the lender or investor.
- Complexity. Loan servicing and management can be complex and difficult to understand, which may make it challenging for borrowers to navigate the process effectively.
- Difficulty in resolving disputes. In some cases, borrowers may experience difficulty resolving disputes with their loan servicing company, which can lead to frustration and additional stress.
Products
As a third-party loan servicing company, Specialized Loan Servicing does not originate mortgages directly. Instead, SLS provides loan servicing and management services for a variety of loans, including residential and commercial mortgages, as well as loans for other types of assets such as equipment and vehicles.
When it comes to mortgage products, SLS works with a variety of lenders and investors to manage their mortgage portfolios. The specific mortgage products that are available to borrowers will depend on the lender or investor that SLS is working with.
Some common types of mortgage products that may be serviced by SLS include:
- Fixed-rate mortgages. These mortgages have a fixed interest rate for the entire term of the loan, which typically ranges from 15 to 30 years.
- Adjustable-rate mortgages (ARMs). These mortgages have an interest rate that is adjustable over time, meaning the rate can go up or down based on changes in market conditions.
- FHA loans. These loans are insured by the Federal Housing Administration (FHA) and are designed to make home ownership more accessible for borrowers with lower credit scores or less money for a down payment.
- VA loans. These loans are guaranteed by the Department of Veterans Affairs (VA) and are available to active-duty service members, veterans, and eligible surviving spouses.
- Jumbo loans. These are non-conforming loans that exceed the conforming loan limit set by Fannie Mae and Freddie Mac, which is typically $548,250 in most areas.
It's important to note that the specific terms and eligibility requirements for these mortgage products will vary depending on the lender or investor that SLS is working with. Borrowers should contact their lender or SLS directly for more information about the specific mortgage products that are available to them.
Reliability
Specialized Loan Servicing is a loan servicing company that provides loan management services for various types of loans, including residential and commercial mortgages. As a third-party provider, SLS is responsible for managing loans on behalf of lenders and investors.
In terms of reliability, SLS is licensed to operate in all 50 states in the United States and is regulated by state and federal agencies. The company has also been certified by the Mortgage Bankers Association (MBA) for its loan servicing operations and has received high ratings from credit rating agencies, such as Fitch Ratings.
However, like any loan servicing company, SLS may face challenges related to customer service, communication, and dispute resolution. Some borrowers may experience frustration or difficulties when working with SLS to manage their loans.
Overall, it's important for borrowers to carefully review the terms of their loan agreements and understand the specific services and responsibilities that SLS is providing. Borrowers should also keep in mind that SLS is a third-party provider and may not have the same level of control or flexibility as a traditional lender or bank.
Funding a Loan
As a loan servicing company, Specialized Loan Servicing does not directly fund loans. Instead, SLS provides loan servicing and management services for various types of loans, including residential and commercial mortgages, as well as loans for other types of assets such as equipment and vehicles.
The process of funding a loan typically involves an origination phase, where the loan is underwritten and approved by the lender, and a funding phase, where the borrower receives the loan funds. During the funding phase, the lender may use its own funds or raise capital from investors to provide the loan funds to the borrower.
Once the loan is funded, SLS may be responsible for managing the loan on behalf of the lender or investor. This can include tasks such as collecting payments, processing loan modifications, and handling delinquencies and defaults.
It's important to note that the specific loan funding process and requirements will vary depending on the lender or investor that SLS is working with. Borrowers should contact their lender or SLS directly for more information about the loan funding process and any specific requirements that they need to meet to receive loan funds.
Additional Services
In addition to loan servicing and management, Specialized Loan Servicing provides a range of other services for lenders, investors, and borrowers. Some of these additional services include:
- Loss mitigation. SLS offers loss mitigation services to help borrowers who are experiencing financial hardship and may be at risk of defaulting on their loans. This can include options such as loan modifications, forbearance, and short sales.
- Default management. SLS provides default management services to help lenders and investors manage loans that are in default or at risk of default. This can include collections, foreclosure, and bankruptcy management.
- Investor reporting. SLS provides detailed reporting to investors on the performance of their loan portfolios, including payment history, delinquency rates, and other key metrics.
- Customer service. SLS offers customer service to borrowers, including online account management, payment processing, and support for questions and concerns related to their loans.
- Insurance and tax management. SLS can manage insurance and tax payments on behalf of borrowers to ensure that these payments are made on time and that the property is properly insured.
It's important to note that the specific services that SLS offers may vary depending on the lender or investor that they are working with, and that not all services may be available to all borrowers. Borrowers should contact their lender or SLS directly for more information about the specific services that are available to them.
Terms and conditions
The terms and conditions for loans serviced by Specialized Loan Servicing will vary depending on the specific loan agreement and the lender or investor that SLS is working with. However, there are some general terms and conditions that borrowers should be aware of when working with SLS. These may include:
- Payment schedule. The loan agreement will specify the payment schedule for the loan, including the amount of each payment, the due date for each payment, and any late fees or penalties for missed or late payments.
- Interest rate. The loan agreement will specify the interest rate for the loan, which may be fixed or adjustable depending on the type of loan.
- Loan term. The loan agreement will specify the term of the loan, which is the length of time over which the loan will be repaid. This will vary depending on the type of loan and the lender or investor.
- Prepayment penalties. Some loans may have prepayment penalties, which are fees charged to borrowers who pay off their loans early. Borrowers should review their loan agreement carefully to understand if there are any prepayment penalties associated with their loan.
- Late fees. The loan agreement may specify late fees or penalties for missed or late payments.
- Default and foreclosure. The loan agreement will specify the consequences of defaulting on the loan, which may include foreclosure and other legal actions.
It's important for borrowers to carefully review their loan agreement and understand the terms and conditions of their loan. Borrowers should also keep in mind that SLS is a third-party loan servicing company and may not have the authority to make changes to the terms of the loan agreement without approval from the lender or investor.
SLS vs Union Home Mortgage
Specialized Loan Servicing and Union Home Mortgage are both companies that provide loan servicing and management services for various types of loans, including residential and commercial mortgages. However, there are some key differences between the two companies that borrowers may want to consider when choosing a loan servicer.
Union Home Mortgage is primarily a mortgage lender, although it also offers loan servicing and management services for its own loans. SLS is focused exclusively on loan servicing and management and does not originate its own loans.
Both companies offer customer service to borrowers, but borrowers may have different experiences with each company depending on their specific needs and circumstances.
Union Home Mortgage offers a variety of loan products, including conventional mortgages, FHA loans, VA loans, and USDA loans. SLS provides loan servicing and management for a variety of loan types, but does not originate its own loans.
Both companies have generally positive reputations in the industry, but borrowers should research each company's reputation and customer reviews before choosing a loan servicer.
Ultimately, the choice between SLS and Union Home Mortgage will depend on a variety of factors, including the specific loan products and services that are available, the borrower's individual needs and circumstances, and the reputation and customer service of each company. It's important for borrowers to carefully review their options and choose a loan servicer that best meets their needs.
SLS vs American Financing
Specialized Loan Servicing and American Financing are both companies that provide loan servicing and management services for various types of loans, including residential and commercial mortgages. However, there are some key differences between the two companies that borrowers may want to consider when choosing a loan servicer.
American Financing is primarily a mortgage lender, although it also offers loan servicing and management services for its own loans. SLS is focused exclusively on loan servicing and management and does not originate its own loans.
Both companies offer customer service to borrowers, but borrowers may have different experiences with each company depending on their specific needs and circumstances.
American Financing offers a variety of loan products, including conventional mortgages, FHA loans, VA loans, and jumbo loans. SLS provides loan servicing and management for a variety of loan types, but does not originate its own loans.
Both companies have generally positive reputations in the industry, but borrowers should research each company's reputation and customer reviews before choosing a loan servicer.
Ultimately, the choice between SLS and American Financing will depend on a variety of factors, including the specific loan products and services that are available, the borrower's individual needs and circumstances, and the reputation and customer service of each company. It's important for borrowers to carefully review their options and choose a loan servicer that best meets their needs.
SLS vs Arvest Central Mortgage
Specialized Loan Servicing and Arvest Central Mortgage are both companies that provide loan servicing and management services for various types of loans, including residential and commercial mortgages. However, there are some key differences between the two companies that borrowers may want to consider when choosing a loan servicer.
Arvest Central Mortgage is primarily a mortgage lender, although it also offers loan servicing and management services for its own loans. SLS is focused exclusively on loan servicing and management and does not originate its own loans.
Both companies offer customer service to borrowers, but borrowers may have different experiences with each company depending on their specific needs and circumstances.
Arvest Central Mortgage offers a variety of loan products, including conventional mortgages, FHA loans, VA loans, USDA loans, and jumbo loans. SLS provides loan servicing and management for a variety of loan types, but does not originate its own loans.
Both companies have generally positive reputations in the industry, but borrowers should research each company's reputation and customer reviews before choosing a loan servicer.
Ultimately, the choice between SLS and Arvest Central Mortgage will depend on a variety of factors, including the specific loan products and services that are available, the borrower's individual needs and circumstances, and the reputation and customer service of each company. It's important for borrowers to carefully review their options and choose a loan servicer that best meets their needs.
SLS vs HomeLoanServ
Specialized Loan Servicing and HomeLoanServ are both companies that provide loan servicing and management services for various types of loans, including residential and commercial mortgages. However, there are some key differences between the two companies that borrowers may want to consider when choosing a loan servicer.
HomeLoanServ is focused primarily on providing loan servicing and management services for its own loans, as well as loans that have been sold to it by other lenders. SLS is focused exclusively on loan servicing and management and does not originate its own loans.
Both companies offer customer service to borrowers, but borrowers may have different experiences with each company depending on their specific needs and circumstances.
HomeLoanServ offers a variety of loan products, including conventional mortgages, FHA loans, VA loans, USDA loans, and jumbo loans. SLS provides loan servicing and management for a variety of loan types, but does not originate its own loans.
Both companies have generally positive reputations in the industry, but borrowers should research each company's reputation and customer reviews before choosing a loan servicer.
Ultimately, the choice between SLS and HomeLoanServ will depend on a variety of factors, including the specific loan products and services that are available, the borrower's individual needs and circumstances, and the reputation and customer service of each company. It's important for borrowers to carefully review their options and choose a loan servicer that best meets their needs.
