Loancare Mortgage Servicing Professionalism Is Questioned

I was informed by RoundPoint Mortgage Servicing that my mortgage has been transferred to Loancare LLC, a Servicelink company. RoundPoint is very professional. Roundpoint also informed me that my mortgage payment would decrease due to an escrow overage and escrow analysis. Loancare says they never got the memo. Loancare further stated that my mortgage payment would continue at the higher rate.

As any smart homeowner would, I immediately contacted Roundpoint. Roundpoint sent the information to Loancare. I immediately followed up with a letter to Loancare Escrow department, and the Loancare overnight address. I sent a copy with my November payment. Then I called Loancare customer service. Loancare customer service said anything sent with a payment is shredded. Then I was transferred to a rep with a faulty headset, or who was faking and just plain lazy. Hello? Hello? Then they hung up on me.

Loancare shows all signs of a questionable amateur operation. Their NMLS (National Mortgage Licensing System) number is #2916.
Here is the link to Loancare LLC licensing

Why have I researched my new mortgage servicer to this degree? Because I never received any replies to my letters. No correspondence, no phone calls… absolutely nothing. Then I logged in to the Loancare LLC website, where I left internal correspondence for the errors department. Again, no reply was received.

Today I am 4 days away from the cutoff for timely December house payments. The amount of my payment is still incorrect. The Loancare website says the Loancare call system is not working. They are correct. Call Loancare LLC, a Servicelink company, and the phone system hangs up on you. Again, they are a bunch of amateurs.

I immediately called Roundpoint again today. They said they contacted Loancare and by the 15th my information should be correct. I seriously doubt that will happen. I mailed my December house payment, for the correct amount, by priority mail with tracking info and return receipt. I sent the check and another copy of the paperwork to Loancare’s errors department. Loancare has been one big error from the very first day, and a first impression is a lasting impression.

Let’s take a look at regulatory action against the company:

Regulator More Info Action Type More Info Date of Action Multi-state
Action ID More Info Docket Number Associated Document(s)
Consumer Financial Protection Bureau Order – Consent Order 07/23/2015 N/A 2015-CFPB-0018 Final Order
Consumer Financial Protection Bureau Stipulation and Consent… 07/21/2015 N/A 2015-CFPB-0018 Stipulation and Consent…

And here is text from the stipulation and consent relative to Loancare LLC, a Servicelink company.

Remember that you cannot pick your mortgage servicing company. If I could I would not use Loancare LLC at all.