We just got a letter this month from US Bank stating ours was transferred to LoanCare as well. I am terrified. We never pay anything late and have been with US Bank for 3 years, but all the complaints online are terrible. A lot of them saying the problem started from day one when their loans were transferred because LoanCare recalculates your escrow account and then they delay posting payments to your account, or fail to make payments for property taxes/insurance all together.
For my own peace of mind, I called LoanCare last night, because our transfer is effective Mar 29 2017 and I still haven't received any papers in the mail from LoanCare. Anyway, I called their customer service, sat on hold for about 15 minutes. The guy that I talked to said that they don't board loan accounts for 15 business days after the effective transfer date???? He also stated that it can take 12-14 business days AFTER the effective date before I receive a "Welcome Package" from them. So I asked him, "How am I supposed to make my first payment, which is due Apr 1, if you don't have me set up in your system? The transfer was initiated by US Bank on Mar 03 2017." He stated that by law they can't assess any late fees for 60 days following a loan transfer. But judging from the massive amount of horror stories on Google reviews, YELP, BBB, FTC.. They withdrew people's payments more than once for a single month and then also assessed them late charges anyway.
This forum is the FIRST place I have seen ANYONE say ANYTHING good about this company. It doesn't leave me with a lot of faith. My husband and I are considering refinancing through our credit union just to avoid this disaster.
Meanwhile I can't seem to find anything legit that spells out my rights A-Z and LoanCare's legal responsibilities in this situation. I've been having anxiety attacks since we received the notice from US Bank. I really wish we had any say in the matter. Seems that we should get a say in things like this...since it is our house.
While the point of 'only the bad reviews make it onto Yelp' has merit - IMO that's no reason to not to be proactive and protect yourself.
As with any business interaction - the more records, phone conversation logs, receipts, emails, you can keep will help your case/legal team should legal action occur. Most likely it won't happen if you keep up on the maintenance of the mortgage/escrow - but if it does - you will be prepared.
That said - If you are "terrified" and having "anxiety attacks" - for your well being - you might consider consulting a Real Estate attorney to get a clear understanding of your position. Paying for an hour or two of consultation may be worth your peace of mind.
I closed in January of this year and my loan was transferred to LoanCare in the latter part of February right before my first payment was due. Like everyone else, I've read all of the negative reviews and then started to become concern why my mortgage hadn't reported on my credit, since at this point it had been at least 90 days. However, we I called in they informed me that it takes a full 60 days for them to start reporting, which would be this month. I did see it come through on Experian, but wondering do they report to all 3. Does anyone know? Overall, though, I've never had a problem with anything with them.
Yes, I have automated drafts and even though I've only been with them since March and this is my about to be 4th payment, I've never had any issues with them.
Our mortgage is through LoanCare and we have never had any problems. They started reporting about 90 days after closing (signed Oct 31, reported in Feb). Good luck!
Yes, I bought a home in March and had the loan sold to this company. It has been a horrible experience. They place the money in escrow needed to pay my taxes, then paid only the annual tax and refused to pay supplementals. But that was not the biggest problem.
I contacted this company 4+ times and each time was told I had to send something different in to have the $2000+ dollars returned to me that they pulled out and placed in my escrow account then would not use to pay the taxes. The last conversation with them ended with them telling me that everything I did was for nothing because I have to now wait to January when they Audit before giving me what is mine. They are sitting on money that they should have never taken out of my payment.
Do not ignore the complaints. Search for Loancare facebook page, search facebook, Yelp, Loancare lawsuit, and any other sites you can find.
I was able to streamline my loan in less time than I was able to get an answer from this company that did not discredit the answer I received from the customer service rep that I spoke to before the one of many tranfers that were done during every one of my calls.
Hi, I've had my home for over 2 years now and have been with LoanCare the whole time. The first year they MISAPPLIED EVERY SINGLE PAYMENT!!! And then charged me late fees and sent me to collections because they said I was behind. Their accounting system is so jacked up that it took me days to audit. I sent letter after letter and no one would help me. I finally went back to my mortgage company and filed a formal complaint. They apologized, everyone apologized and so they called it good!
This company has the WORST CUSTOMER SERVICE I'VE EVER ENCOUNTERED!!! If I was you I would go out and shop mortgages based on who they use as their servicer. I am in the process of doing this! Good Luck! You're going to need it!
Loancare misapplied every payment I made the first year that I had them. I paid on time and was not late on any payment ever!