Specialized Loan Servicing - Escrow "Cushion" costs us $1000
SLS bought the servicing on our mortgage in Oct 16. In Feb 17, our payment went up by $84 per month to cover the SLS calculated escrow required.
That knowledge took over 90 minutes to extract from 5 SLS employees. They claim that this is all legal and will stop next Feb 18, but I don't trust them. They claim to exploiting a loophole allowing them to keep a minimum of two months escrow in the account as a balance. both previous servicers did not do this and neither did any other mortgage provider.
Why didn't the other two banks keep this $1000?
SLS claims that the contract is moot. Perhaps they were honest.
Reason of review: Excessive Escrow.
Monetary Loss: $1000.
Preferred solution: Full refund.
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