The Services Of LenderLive

The Federal Reserve Board issued amendment to the Truth In Lending Act, for consumers to receive notice when their mortgage loan has been sold or transferred.

There are compliance guidelines which mortgage servicers must follow RE: transfer of service/loan ownership, escrow accounts, force placed insurance, fees, inquiries, disputes AND posting payments.

It is in this last component where LenderLive fails to comply with the law.

My loan was sold by Discover Home Loans to LenderLive. And boy, do i regret this ever happened.

I would have accepted a higher interest on my loan to simply not deal with this company.

The SERVICER must credit a payment to your account as of the day it is received.

However, the online payment website provided by LenderLive is faulty and continuously problematic.

You follow all the steps to make a payment but it logs you off after the final step, which leads you to believe you have made a payment.

If consumers are not diligent in following up days later, to see if your payment posted, which it may not – then you run the risk of being charged LATE FEES.

Lender Live also functions as a collection agency.

And i am sympathetic in this regard, since i imagine it deals with many customers who are undisciplined with their finances.

But in the case where you are being responsible and diligent about compiling with personal financial matters.

This company creates a hurdle, and i can see where others, who may be less tech savvy, will unwittingly fall into a trap and be assessed late fees for payments which are not properly posted.

I have written emails and made multiple calls to address this concern and to inform them they must correct this “bug” in their system.

They state it is the fault of my bank and not theirs. I have never had my bank’s debit card, check or credit card be denied at any business… ever!

This evening, i again attempted to make my mortgage payment through their website. Once again, i was logged off at the final stage.

I will call again in a few days, where i will ask the agent to manually withdraw money from my checking account.

LenderLive charges an additional fee when you ask them to do it by phone.

If you inform them you attempted via their website and now resort to calling them, they will offer to waive the fee – but only once!

Future calls to make payment shall incur a $9 fee. I wonder how much revenue this company generates on late fees?

Which are imposed on you as a result of their flawed system. The Federal Trade Commission is the nation’s consumer protection agency.

It works to prevent fraudulent, deceptive and unfair business practices in the market place. I hope the FTC initiates an investigation into this company.

Do yourself a favor, before you sign a loan for a home – ask the lender to see if they will sell your loan or obtain the services of LenderLive.

If so…. turn and walk away. Make sure your loan is serviced by another company.

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4 reviews on LenderLive

  1. How this company is still in business is beyond me...

    I refinanced my home via my local bank, and the loan was immediately sold to LenderLive. In the first month of my loan, I paid four months of payments to get ahead before I started some renovation projects on my home. The payments sat unapplied for weeks, and I was sent to collections — for paying ahead.

    Then, the company failed to pay my property taxes out of my escrow, and I am now in the middle of a battle with that, which still has not been resolved after three months. Customer service is lacking, and communication is non-existent.

    Never would I ever choose to do business with this company were it my choice. Now, I’m trying to make another mortgage payment, but their website has been down all day, I have been on hold for over 80 minutes, and I never received any information about how to send in a payment by mail. How this company is still in business is beyond me…

  2. This place is a scam!

    This is by far the WORSE company to deal with. To start with, they did not pay my homeowners insurance which has always been apart of our escrow but our payment never decreased. We were stuck having to get a different policy which was increased due to a lapsed policy,…Then they just sold my mortgage to a new company and my new payment increased by 1400.00 a month because they claimed they paid all this money in escrow.

    We wanted verification of the checks and NOTHING…finally they claimed they did not pay the insurance and sent the new mortgage a wire. New mortgage did not get the wire.. So we are in risk of our credit right now. We do not have any late payments… It is still a mess and we are on the verge of hiring a lawyer. This place is a scam!

  3. most horrible company ever!

    most horrible company ever! WJ Bradley sold our loan to them…since that day nothing but problems….they didn’t paid our house insurance and we went without insurance for over a week even tho we called them numerous times….toady is and we got our 1098 today way to late…not even a date on our 1098 form or envelop i can’t believe this…..terrible company and the people that work there don’t care at all…. thank W.J Bradley for doing this to us.

  4. but it shouldn't be so difficult to get an address updated!

    I’ve tried updating my address two times now to the actual address my loan is for…their website says thank you for your submission yet it never gets updated in their system and all of my mail keeps going to the address I lived at prior to my loan.

South Ash Street 710
Glendale 80246 CO US
Get directions
Reviews: 4
Reported Loss : 3698 $
Severity of Scam : Extremely High
Reported by : Anonymous
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