What is Specialized Loan Servicing?
If you have a mortgage, there’s a good chance you’ve heard of Specialized Loan Servicing, or SLS. They’re one of the largest mortgage servicers in the US, handling loans for everything from small banks to large investment firms.
SLS is a bit different from your typical mortgage servicer. They’re what’s known as a sub-servicer, which means they service loans on behalf of other servicers. This can happen for a few different reasons – sometimes loans are sold to other servicers, or servicers might outsource the servicing to SLS to free up capacity.
Whatever the reason, if your loan has been transferred to SLS, it’s important to understand how they operate and what your rights are as a borrower. In this article, we’ll cover the basics of what SLS does and what you need to know if they’re your servicer.
What Does Specialized Loan Servicing Do?
As we mentioned, SLS is a mortgage sub-servicer. This means they provide servicing for loans that have been transferred to them by another servicer. In most cases, this happens because the loan has been sold to another institution or because the original servicer doesn’t have the capacity to service the loan themselves.
SLS is one of the largest sub-servicers in the US, servicing loans for a variety of different lenders, including small banks, credit unions, and large investment firms.
As a sub-servicer, SLS is responsible for all of the same things as a regular servicer. This includes collecting mortgage payments, managing escrow accounts, and handling customer service inquiries. They also handle things like loss mitigation and foreclosures on behalf of the lender.
One thing to keep in mind is that SLS is a for-profit company. This means that their ultimate goal is to make money, not to help you keep your home. This is important to keep in mind when dealing with them, as they may not have your best interests at heart.
How Does Specialized Loan Servicing Work?
If you’re struggling to make your mortgage payments, you may be considering working with a loan servicing company. Specialized Loan Servicing (SLS) is a large loan servicing company that works with homeowners who are struggling to make their mortgage payments. In this article, we’ll discuss how SLS works and what you can expect if you decide to work with them.
SLS is a loan servicing company that works with homeowners who are struggling to make their mortgage payments. If you’re behind on your mortgage payments, you may be considering working with a loan servicing company like SLS. SLS will work with you to create a repayment plan that fits your budget. They will also work with your lender to try to get your loan modified.
If you decide to work with SLS, you can expect them to be professional and helpful. They will work with you to create a repayment plan that fits your budget. They will also work with your lender to try to get your loan modified. If you’re struggling to make your mortgage payments, SLS may be a good option for you.
What are the Benefits of Specialized Loan Servicing?
If you’re considering using Specialized Loan Servicing (SLS) to help you with your mortgage, you may be wondering what the benefits of this type of servicing are. Here are three of the biggest benefits that SLS can offer you:
1. SLS can help you save money on your mortgage.
If you’re struggling to make your mortgage payments, SLS can help you lower your monthly payment by working with your lender to get a modification or other type of assistance. This can help you keep your home and avoid foreclosure.
2. SLS can help you avoid foreclosure.
If you’re at risk of foreclosure, SLS can help you by working with your lender to get a loan modification or other type of assistance. This can help you keep your home and avoid having your credit damaged by a foreclosure.
3. SLS can help you improve your credit score.
If you make your mortgage payments on time, you can improve your credit score. This can help you get lower interest rates on loans in the future and may even help you qualify for a mortgage with better terms.
What are the Drawbacks of Specialized Loan Servicing?
As with any type of loan servicing, there are some potential drawbacks to using Specialized Loan Servicing (SLS). These include:
1. Higher Interest Rates: Because SLS is a sub-prime lender, they may charge higher interest rates than traditional lenders.
2. Limited Customer Service: SLS has a reputation for having limited customer service options. This can make it difficult to get help if you have problems with your loan.
3. Possible Scams: There have been some reports of scams involving SLS. Be sure to research any company you’re considering doing business with to make sure they are legitimate.
4. Limited Loan Types: SLS only offers a few types of loans, so if you’re looking for a specific type of loan, you may need to look elsewhere.
5. High Fees: SLS charges high fees for their services, which can add up over time.
Overall, SLS is a reputable company that can help you get a loan if you have bad credit. However, there are some potential drawbacks to using their services that you should be aware of.
Is Specialized Loan Servicing Right for Me?
If you’re considering whether or not to use Specialized Loan Servicing (SLS) for your mortgage loan, there are a few things you should know. SLS is a national mortgage servicer that services loans for both borrowers and investors. They are known for their customer service and their ability to work with borrowers who are struggling to make their payments.
Here are a few things to consider if you’re thinking about using SLS for your mortgage loan:
1. Customer service. SLS is known for their excellent customer service. They have a team of customer service representatives who are available to help you with any questions or concerns you may have. They also have an online portal where you can access your account and make payments.
2. Loan modification assistance. If you’re struggling to make your mortgage payments, SLS can help you modify your loan. They have a team of loan modification experts who will work with you to lower your interest rate, extend your loan term, and lower your monthly payment.
3. Flexible payment options. SLS offers a variety of payment options that can help you make your payments on time. They offer online and automatic payment options, as well as a variety of payment plans.
4. Financial education resources. SLS offers a variety of financial education resources that can help you manage your finances and stay on track with your mortgage payments. They offer budgeting tools, credit counseling, and homebuyer education.
5. A variety of loan programs. SLS offers a variety of loan programs that can meet your needs. They offer conventional, FHA, VA, and jumbo loans.
If you’re considering using SLS for your mortgage loan, these are a few things to keep in mind. SLS is a reputable company with a team of experts who can help you with your mortgage needs. They offer a variety of loan programs and payment options, as well as financial education resources.
