UPDATE: Just tried to call, No mortgage service staff available, and apparently they are no longer housed in Tallahassee so you literally have no recourse locally to handle this matter. I'm even more angry now then I was. On hold for 13 minutes so far, 10 callers ahead. Hopefully it's you guys calling to complain.
Update 2: Just spoke with someone, he was very nice, but the consensus was give them a chance. They PAY Selene for this service, but cannot do much in terms of helping out if something happens. I do not abide. Off to refinance land.
Tell anyone and everyone you know that's an Envision member...
This is a heads up to anyone who hasn't gotten their letter yet, but Envision Credit Union has sold all of their Home loan servicing to a company named SELENE FINANCIAL LP. I understand that this is fairly common practice, lenders using servicers/selling notes, but if you do even one short google search of this particular company you would be horrified, and simultaneously terrified as my partner and I were. We went with Envision as their promise at the time was to never sell the loan, and be the servicer for the duration. We both handle all of our banking there, and were comfortable using their services. No longer. I invite you to do a little reading up on Selene Financial LP if you're a current envision member, currently hold a home loan with envision, or were planning on doing business with them in the future. It appears our only option at this point is to refinance, just to get away from this servicer. Hopefully this post provides a little impetus for you as a member/homeowner to reach out and express your distaste for this change.
After closing, my lender sold the mortgage to Wells Fargo. I know the terms don’t change or anything, but still not thrilled since ive heard wells is a beast to work with. Any of you have tips for working with wells? Anything to watch out for? I plan to make additional payments to principal, and definitely need to ensure they don’t put the $$ towards future interest instead. Any other things to look for? Thanks
I took out a student loan with Wells Fargo to pay for college. Have made my regular payments with them since graduation, all the normal blah blah blah.
I received a notice from Wells Fargo that they will no longer be in the student loan business and have transferred/sold my loan balance to a different company.
All of my original promissory note and fixed interest information will remain the same.
My question is basically, is there any chance that this could “void” or cancel the loan in my favor? Like, since I didn’t sign the contract through this new company could I in some way be able to get out of it or something?
Any advice or insight would be appreciated.
Any thoughts would appreciated! Second draw said approved from k servicing, went to docusign and they had old bank info asked them to updated account. Sent document after doc to verify bank after 20 days now it says my SBA loan has expired, any ideas or thoughts? Btw K servicing customer service is a joke i called them 5x a day to resolve this with no resolution
FedLoan finally accepted my ECF, yay! In fact, I submitted Friday evening and today I had a letter confirming its acceptance and an updated payment count online! However, they only counted 94 payments to TEPSLF and it should be 108. The missing 14 payments were made while my loans were with Direct Loan Servicing Center (ACS) in 2012-13.
I called FedLoan this evening and got the override process started. Along with that, I uploaded copies of my bank statements from the relevant period showing that I had made those 14 payments. I also submitted the cover page to my Direct Loan consolidation application, which included my borrower account number as well as the payment plan I was assigned (standard - 240 months). I saw in older posts like this one that rmg@conduent.com can be an email address to contact to get old DLSC payment info - I've written to that address to inquire if that's still accurate, and if it is will follow up with more detailed info so they can hopefully pull my payment history.
My question is: in other older posts I've seen several other suggestions like reaching out to the Ombudsman or filing a FOIA request. I'm wondering if I should wait on those options to see if my bank statements are considered acceptable, but also if you think the bank statements as proof-of-payment will be enough as it is.
As an aside, I asked in a different post whether removing my paid-ahead status would magically fix the affected payments the way the rep said it would. Turns out, the rep was right, the payments were magically fixed!
Edit: I got a reply from that email address and they said they cannot help me, so it seems to no longer be a viable option
I got an email from SBA today, got excited because I thought it was about the grant. I open it up and it’s about some SBA branch that’s servicing my loan. I mean really? If they can send me this email they can send the one about the grant. I’m beginning to think it’s just never coming. The SBA just makes up whatever rules they want anyways. Anyone else get one of these emails? I have given up on this grant.
I applied for a PPP through K Servicing and the SBA approved the loan, but K Servicing never notified me! 20 days later I got an email (of course now they notify me) that my loan expired because I didn't send signed documents within 20 days of approval.
Multiple calls to K Servicing have been frustrating. First they told me to wait, that they're working it out with the SBA. Finally I asked to speak to a supervisor who recommended that I should withdraw my application and apply through another lender. I asked them to withdraw and they said it'll take 3 days, but lo and behold, my loan still has a status "active un-disbursed" on CAFS.... So they obviously have not cancelled my loan to make way for another lender.
Can anyone help me figure out how to get this loan # cancelled and/or disbursed?? The money is approved but K Servicing is holding me hostage.
e.g. has anyone had success working with the SBA directly to resolve this type of issue?
Thanks!
I still haven't received a new EIDL grant email (rec'd $1000 EIDL grant over the summer plus SBA loan). However, I did get a random email below on Saturday:
"Dear Borrower,
Please see the attached letter for information on the SBA office that will be servicing your loan and payment options.
In these unprecedented times, we understand the challenges you are facing. The SBA is making every effort to support small businesses, which are the backbone of the American economy. We appreciate the opportunity to be of service"
I've been reading the posts here and the email address in my post title is who people have mentioned is the sender of the new grant email. Did anyone else receive this email about loan servicing? Did the EIDL grant email come soon after?
I applied with Kservicing on the 19th and on the 21st got a message my application was being submitted to the SBA. I see on CAWEB a new PPS loan number for 1/23. In the interim I've gotten no updates from Kabbage and to make matters worse my dashboard message switched from saying my application had been submitted to the SBA to the original message saying I was eligible for x amount. Is there anyway for me to contact the SBA with my new loan number to find out who the actual lender is (not kabbage - the bank that will be giving the money) to deal with them directly? I can't get anyone from Kabbage on the phone or to respond to me via twitter and I'm worried my loan will be kicked by the SBA for not accepting within 10 business day. Thanks!
I am still in business but did not get SBA Debt Relief because my bank put my loans in liquidation status without my knowledge (so my loans were no longer in regular servicing). Can they liquidate my loans without my knowledge?
https://www.forbes.com/sites/adamminsky/2020/10/22/major-student-loan-servicing-change-will-impact-1-million-borrowers/
Very unfortunate, I was very happy with CornerStone and I have heard plenty of bad things about FedLoan.
RIP
Hello, We've got a great quote for refinance from Better.com and we are about to close soon. Our experience has been great so far but we've just realized they do not service their own loans. Anyone who has closed with better.com? Who was your loan sold to after closing? Appreciate if you could share your post closing experience.
I apologize in advance for poor formatting/ grammar (on mobile).
In case you haven't already heard, according to Forbes, changes in provider won't be happening this year.
"FedLoan Servicing, Great Lakes, Navient, and Nelnet have now been extended through December 2021, and further extensions for CornerStone, Granite State, Edfinancial, MOHELA, and OSLA Servicing have been extended through March 2022."
See full article for details on Forbes: " New Details, Timeline Announced For Big Student Loan Servicing Changes".
This will give some of us some breathing room for now.
Would guess this would affect only new loans. No clue how it would affect, PSLF, though.
Edit: @betsy514 has clarified that it will affect all loans. See her comment below.
Hi,
After sitting down and trying to account for all of my loans, I realized that I am missing perhaps 12 payments from Direct Loan Servicing Center before my loans were transferred to Nelnet in 2013. I found this reddit post from 2 years ago as literally the first thing that came up when I Googled this and realized I was in for a struggle.
Does anyone have any experience successfully finding those records and getting Fedloan to count them? I applied for PLSF and was approved, given that I make the rest of my payments. I think I am missing around 12 from Direct Loan Servicing Center.
My State Credit Union only readily gives statements from 2 years ago and I don't have any paper copies of statements. I am able to infer payments from my Gmail messages, but don't have direct proof so far yet.... Thanks!
Anyone have any experience with Cenlar as a loan servicer? I recently refinanced and found out the servicing has been transferred to them. After reading what seems like hundreds of 1 star reviews I'm freaking out a bit. The rationale side of me says no one leaves good reviews for these type of places, but it's still nerve racking.
So Equifax and TransUnion show that all of my defaulted student loans (showing up as Fedloan Servicing) are now "Closed," showing balances to $0, and remarks of "180 days past due" removed. Transunion also shows a comment of "Closed due to transfer."
So, I'm wondering what this actually means? I'm sure they didn't just forgive the $50k in loans. Does this mean the Department of Education sold them off to a debt collector or something?
Link for Reference: https://accountaccess.myfedloan.org/
I was unable to find any other threads that attempted to walk through the steps needed to request the suspension outlined in the pinned post at the top of this subreddit.
Has anybody done this, or does anyone have information? I'm looking to assemble a step-by-step guide for others! I plan on calling tomorrow.
I applied with Kservicing on the 19th and on the 21st got a message my application was being submitted to the SBA. I see on CAWEB a new PPS loan number for 1/23. In the interim I've gotten no updates from Kabbage and to make matters worse my dashboard message switched from saying my application had been submitted to the SBA to the original message saying I was eligible for x amount. Is there anyway for me to contact the SBA with my new loan number to find out who the actual lender is (not kabbage - the bank that will be giving the money) to deal with them directly? I can't get anyone from Kabbage on the phone or to respond to me via twitter and I'm worried my loan will be kicked by the SBA for not accepting within 10 business day. Thanks!
According to Forbes, servicing will be changing at the end of the year. So what are you thoughts on this?
