Specialized Loan Servicing Litigation
Peiffer Wolf is actively investigating claims and representing clients against Specialized Loan Servicing, LLC (“SLS”). SLS specializes in managing and servicing residential mortgage loans and allegedly violated federal law and state law by assessing “late fees” on payments that were in fact timely received.
Do you believe that SLS improperly assessed you with a late fee on your mortgage? If so, you may be entitled to file a legal claim. Contact Peiffer Wolf today by filling out a Contact Form or by calling (504)-523-2434 for a Free Consultation.
Specialized Loan Servicing
SLS is a mortgage servicing company that collects and processes payments, sends statements, provides escrow administration and handles other general activities associated with mortgage loans after they have been funded. The company, based out of Greenwood Village, Colorado, provides loan services across the country.
Our investigation has revealed that SLS may not have had appropriate processes and procedures in place to ensure mortgage payments were credited on the date they were received. This appears to impact only those payments made through the mail, and may have been due to an error or delay in retrieving mailed payments from the PO Box.
SLS | Did they break the law?
Enacted in 1968, the Truth in Lending Act (TILA) is a federal law aiming to assist consumers in dealing with lenders and creditors. Though it has been amended and expanded many times in the decades since its passage, the key components of TILA, according to Investopedia, have remained the same:
- Disclosure of Terms: Lenders are mandated to disclose the terms and conditions of a loan or credit, including the annual percentage rate (APR), total finance charges, amount financed, payment schedule, and any applicable fees.
- Fair Credit Practices: TILA prohibits certain unfair or deceptive practices in the lending process, such as misleading advertising and certain billing practices.
- Billing Statements and Notices: Lenders must provide regular and accurate billing statements.
We believe that SLS may have violated TILA and other laws by improperly imposing late fees on payments received through the mail. This also may have resulted in a breach of the mortgage contract with the homeowner.
SLS Litigation | File a Claim
Is your mortgage serviced by Specialized Loan Servicing, LLC? Peiffer Wolf is seeking qualified individuals to join our efforts to hold SLS accountable for their alleged improper and negligent late fee practices..
You May Qualify If You:
- Had a mortgage serviced by SLS at any point from 2014 to present;
- Made payments via US Mail in advance of the due date/grace period (15 days under federal law); AND
- Had fees/penalties charged to their account for a “late payment.”
If you meet one or more of these qualifications, you may qualify for a legal claim. Contact Peiffer Wolf immediately for a Free Consultation by filling out an online contact form or by calling (504)-523-2434.
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