Oh no....NOT Dovenmuehle Mortgage

[Anonymous]

Is anyone familiar with Dovenmuehle Mortgage?  My mortgage was just sold to them.  I've been reading unfavorable reviews on line about the company.  I found out they do not accept online payments (not used to that in this day and age).  I also called Dovenmuehle to make sure my account information was set up properly and they had no record of my account even though I had already received paperwork from them with my new account number (I did call my former mortgage company and they confirmed my account was sold to them).  Not a good first impression!! 

Has anyone had any experience with them?  Thoughts/insight/comments???

[StartingOver10]

I have never heard of them before you posted, but apparently they are one if the oldest subservicing companies in the country.

Here is a brief bio from their website:

Dovenmuehle Mortgage, Inc. (“Dovenmuehle”) provides a complete, private label mortgage subservicing program for commercial banks, thrift institutions, credit unions, mortgage bankers, and state and other housing finance agencies. Clients benefit from reduced operating expenses, improved borrower service and enhanced regulatory compliance.

The Dovenmuehle private label subservicing program includes the following services:

• New loan boarding with automated links to all major loan origination systems.
• Monthly borrower billing with fully customized statements using the lender’s name, logo, colors and monthly messaging capabilities.
• Payment processing including mail payments through multiple lockbox locations nationwide, telephone payments, on-line payments, branch payments and Western Union payments.
• Escrow administration including bill collection for property taxes, hazard insurance and flood insurance, bill payments, escrow analysis and annual escrow statements.
• Adjustable rate mortgage servicing including rate adjustments and notices.
• Investor remittances, reports and reconciliations for Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Home Loan Bank and various private investors.
• Collections counseling, loss mitigation including HAMP modifications, and default administration.
• Preparing payoff statements and processing payments, releases and satisfactions.
• Credit bureau reporting and all IRS and borrower year-end reporting.
• Support for portfolio and MSR valuations and transfers.

I see that according to their bio they take online payments. Maybe it was the CSR that wasn't aware or something else. It would be terrible if you had to mail in a payment each month or worse yet, go by a brick and mortor location.  

[Anonymous]

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@StartingOver10 wrote:

I see that according to their bio they take online payments. Maybe it was the CSR that wasn't aware or something else. It would be terrible if you had to mail in a payment each month or worse yet, go by a brick and mortor location.  

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Thanks for your response!  Since Dovenmuehle was unable to find my mortgage information, I have to call them back Monday.  I will check again to see if I can make online payments (I will post back here).

This is the 4th company that my mortgage has been sold to.  And it's the first company that's in another state; the last 3 companies had a local presence and multimple paying options.  I was happy with them.  I never understood why mortgage companies buy and sell off mortgages especially if you always make ontime monthly payments.  It's all very frustrating!

[Anonymous]

I had them before we refinanced and loved them. Payments posted on time and I had online payments they are just a servicer, but that's who does the cra reporting. I wish we have kept them now we have ditech and they hold payments that have already cleared the bank. Miraculously after every call the payment posts that night. Dovenmuehle also does mortgages as a real estate agent when I see them on closing docs I feel my clients call me less after closing lol

[Anonymous]

Oh and it takes a bit to process your account into the system. Your closer should have had a few payment coupons in your docs for mailed payments for at least the first payment which likely isn't due immediately for at least 1 month depending on the day you closed.

just looked back and see you said it was transferred did you get a letter announcing the transfer and how to make the first payment?

[Anonymous]

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@tamaralig wrote:

Oh and it takes a bit to process your account into the system. Your closer should have had a few payment coupons in your docs for mailed payments for at least the first payment which likely isn't due immediately for at least 1 month depending on the day you closed.

just looked back and see you said it was transferred did you get a letter announcing the transfer and how to make the first payment?

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My mortgage isn't new.....it's 15 yrs old.  It's the 4th company that my mortgage has been sold to.  And it's the first company that's in another state; the last 3 companies had a local presence.  I'm hoping things will go smoothly with Dovenmuehl​e as with my last mortgage companies.

[Anonymous]

*** UPDATE ***

My loan has successfully transferred from my old mortgage company.  The last two CSR were very friendly and informative. I was able to make an online payment. Everything went smoothly like @ tamaralig suggested.

TO MY SURPRISE..... Since my last mortgage company reported to the CRA that my loan has a $0 balance (at least with them), my credit scores with all 3 agencies have dropped an average of 30 points each.  Ugh....I didn't know this would happen.  I hope that once Dovenmuehl​e starts reporting my scores will all come back up. 

My current FICO 8 scores as of 11/21/15 are EQ 704 TU 663 EX 706

Thank you StartingOver10 and tamaralig for your responses!

[Mythic850]

I refinanced in 2013 and Dovenmuehle has been servicing the loan ever since. They've never once made a mistake and the CSRs have always been helpful and polite. I have nothing but praise for them. Much better then the servicing done by the bank (who retained the loan in their own portfolio) before the refinance.