Specialized Loan Servicing Escalation

Specialized Loan Servicing (SLS) is a mortgage servicer who at times are more difficult to deal with than other short sale lenders. The way they process their transactions often create hurdles. For example whenever any deal change or name change takes place they put the transaction back at the bottom of the file for review which will cause a huge delay in processing. Also, when they are in 2nd position they often request roughly a 20% release of their unpaid principle balance. This makes transactions more difficult as 1st lien holders generally allow roughly 8-10% of the 2nd lien holders unpaid principle balance. Negotiations may need to occur and potentially contributions will have to come into play. Specialized Loan Servicing Escalation contacts may need to come into play in these scenarios to expedite review time frames and negotiate down their release of lien amount.

The challenge of escalating at SLS is that they do not have an escalations department or an executive office to reach. You will have to request floor supervisors for escalation assistance which can be difficult to get a hold if you are easily pushed over or non determined. Another option would to reach out to the CEO of the company or any escalation contacts you may have access too. At times SLS can process short sales smoothly, but in general they are not one of best servicers to deal with.

For assistance in escalating with SLS please fill out the form below.

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