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?