Friday, March 26, 2010

Sorry, there's no better way to say this, Saxon Mortgage is an IDIOCRACY.

I have never - NEVER - NEVER - in my entire 35 year career faced an absolutely hideous mortgage servicer.

Saxon uses teams of customer service people who seem to exchange roles in and out of the payoff department - each time you call you wait forever and any prior conversation is completely erased from the company memory.  Letters sent go into a black hole.  Money goes into a black hole and sits there for months before any human can decide how to handle it.  On the surface, the company looks like they know what they are doing.  They even threaten to send money back if a payoff is inadequate but do they?  Do they contact a remitter if there is a problem with a payoff -NO.

Back in November 2009 we remitted funds via wire to payoff two mortgages.  One account is still in La La Land.  Hideous, just hideous.  Never faced anything like it.  I feel sorry for consumers.  Saxon is a brickwall of smiling know nothings.

Okay, so this afternoon I get a new payoff letter to see if I can figure out what is going on.  We remitted via wire $18335.76 back in November and they couldn't figure out what to do with it though it was sent with the borrower name and property address and our return wire data.  The account number had a typo in it.  So rather than figure out which mortgage to pay off or simply return the wire to us, they sat on the money until late February when they contacted the borrower.  Now, in the meantime he had not been making any payments on this account and had received NO statements or late notices -NOTHING that would indicate that there was anything wrong. 

In early March the borrower contacted me and I provided evidence of the wire, we figured out what had happened with the typo and started trying to figure out how to move this account forward.  A gazzillion phones calls and one certified letter to Robert Meachum, EVP at Saxon and produced NOTHING.

So, I call again today and AGAIN, after previously talking to fifteen thousand people in their customer service department we have to start over.  This time, in frustration I just said send me a payoff letter.

I get the letter and see that the money they have had since November STILL hasn't been credited to this account.  They just continued to accrue interest as if the money didn't exist.  WHAT JERKS.

I sent in $788 in the form of a cashiers check via FEDEX out of our own pocket just to get this stupid issue resolved.  Who wants to place a bet that it's not over, eh?


Diane Cipa said...

update: Though the cashiers check arrived at Saxon on Monday, as of yesterday afternoon it had not been posted to the account.

Diane Cipa said...

...and neither had the money they have had in hand since November.

Diane Cipa said...

LOL I received a refund from a tax collector on a Deutsche Bank REO transaction. I cut a refund check and mailed it to Deutsche Bank with a copy of the HUD. I didn't recognize the address, but the check came back with a note that they cannot identify the account and want more info. Guess who the letter came from? SAXON, of course. Yes, with an entire HUD in their hands, they cannot identify an account. Do you think I should spend some more valuable time trying to give these folks money to credit to Deutsche Bank? It's like talking to a brick wall. I'm just going to leave the money in escrow and will escheat it to the Commonwealth of PA in five years.

Diane Cipa said...

While on the subject, I thought I ought to check in with SAXON to see if they ever applied our payment. Oh joy, rapture! They applied our payment on 3-30. The infamous mortgage is paid in full.

It might interest you to know that the consumer's attorney called me the other day for a status. In the course of that conversation I asked again whether the consumer had received any correspondence or notices from SAXON after our closing. The attorney said YES. Now, that is a different answer than the consumer had given to me. The consumer insisted that SAXON had never contacted him after November. That seemed bogus to me. I asked the attorney for copies of the correspondence. I doubt that I will get it but if I do, depending on how extensive the notice was to the consumer, I may try to recoup some of my money from the consumer. We'll see. If there is any new news, I'll share it here with you. ;)