Is Lakeview Loan Servicing Legit? An Expert Deep Dive

Yes, Lakeview Loan Servicing is a legitimate mortgage servicer. They are a real company that handles the day-to-day administration of mortgage loans, including collecting payments, managing escrow accounts, and working with borrowers facing hardship. However, like any large organization, they’ve faced complaints and scrutiny regarding their customer service and handling of specific loan situations. Understanding their role and potential pitfalls is crucial for any homeowner whose loan is serviced by them.

Understanding Lakeview Loan Servicing

Lakeview Loan Servicing is one of the largest mortgage servicers in the United States. When your mortgage is serviced by Lakeview, it means they’re responsible for managing your loan on behalf of the actual loan owner (often an investor or government entity). They didn’t necessarily originate your loan; they simply handle the operational aspects. This distinction is vital, as many borrowers mistakenly believe the servicer is also the lender.

Their Role in the Mortgage Ecosystem

Lakeview’s responsibilities include:

• Collecting your mortgage payments: They receive and process your monthly payments.
• Managing your escrow account: If you have an escrow account, they pay your property taxes and homeowners insurance premiums.
• Providing customer service: They’re your point of contact for questions about your loan, statements, and payment options.
• Handling loan modifications and loss mitigation: If you’re facing financial hardship, they work with you to explore options like loan modifications, forbearance, or repayment plans.
• Foreclosure proceedings: In cases of default, they initiate and manage the foreclosure process according to state and federal laws.

Potential Areas of Concern

While Lakeview is a legitimate company, they are not without their critics. Some common complaints include:

• Customer service issues: Difficulty reaching a knowledgeable representative or getting timely responses.
• Payment processing errors: Misapplication of payments or delays in processing.
• Escrow account discrepancies: Errors in calculating property taxes or insurance premiums, leading to shortages or overages.
• Difficulty navigating loss mitigation options: Challenges in getting approved for loan modifications or other assistance programs.
• Communication breakdowns: Lack of clear and consistent communication regarding loan status or requirements.

It’s crucial to remember that these issues are not unique to Lakeview. Many large mortgage servicers face similar challenges due to the sheer volume of loans they manage and the complexities of mortgage regulations. However, being aware of these potential pitfalls can help you proactively address any problems that may arise.

Navigating Your Relationship with Lakeview

If Lakeview Loan Servicing is your servicer, here are some tips for a smoother experience:

• Keep meticulous records: Save copies of all your mortgage statements, payment confirmations, and correspondence with Lakeview.
• Communicate in writing: Whenever possible, communicate with Lakeview via email or certified mail to create a paper trail.
• Be persistent: If you’re not getting the answers you need, don’t give up. Escalate your concerns to a supervisor or file a complaint with the Consumer Financial Protection Bureau (CFPB).
• Understand your rights: Familiarize yourself with your rights as a borrower under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).
• Seek professional advice: If you’re facing significant issues with Lakeview, consider consulting with a housing counselor or attorney.

By being proactive and informed, you can minimize the risk of problems and protect your interests as a homeowner.

Frequently Asked Questions (FAQs)

Here are 12 frequently asked questions about Lakeview Loan Servicing, designed to provide clarity and actionable information:

1. How do I contact Lakeview Loan Servicing?

You can contact Lakeview Loan Servicing by phone at 1-855-255-8413. Their website, lakeviewloanservicing.com, also provides various contact options and resources, including online chat and email forms. Make sure to have your loan number readily available when contacting them.

2. What is Lakeview Loan Servicing’s mailing address for payments?

The specific payment mailing address may vary depending on your loan. However, you can typically find the correct address on your monthly mortgage statement or on Lakeview’s website after logging into your account. Always double-check the address to ensure your payments are received and processed correctly.

3. How can I access my Lakeview Loan Servicing account online?

Visit lakeviewloanservicing.com and click on the “Borrower Login” button. You’ll need to create an account using your loan number, social security number, and property address. Once registered, you can access your loan information, payment history, and other important documents.

4. What should I do if I’m having trouble making my mortgage payments?

Contact Lakeview Loan Servicing immediately. They offer various loss mitigation options, such as loan modifications, forbearance, and repayment plans, to help borrowers facing financial hardship. Be prepared to provide documentation of your income, expenses, and the reason for your financial difficulties.

5. How do I request a loan modification from Lakeview Loan Servicing?

You can request a loan modification by contacting Lakeview and asking for a loss mitigation application. You will need to complete the application and provide supporting documentation, such as pay stubs, bank statements, and tax returns. Lakeview will review your application to determine if you qualify for a modification.

6. What is an escrow account, and how does Lakeview manage it?

An escrow account is an account held by Lakeview to pay your property taxes and homeowners insurance premiums. Lakeview collects a portion of these expenses with your monthly mortgage payment and then pays the bills on your behalf. They are responsible for ensuring these payments are made on time.

7. How do I dispute an error on my mortgage statement from Lakeview?

If you believe there is an error on your mortgage statement, you must send a written notice of error to Lakeview Loan Servicing. The notice should include your name, loan number, the specific error, and why you believe it is an error. Lakeview is required to investigate the error and respond to you within a certain timeframe. Sending the dispute via certified mail with return receipt requested is recommended.

8. What happens if Lakeview sells my mortgage servicing rights to another company?

If Lakeview sells your mortgage servicing rights, you will receive a notice from both Lakeview and the new servicer. The notice will include the effective date of the transfer, contact information for the new servicer, and instructions on how to make payments to the new servicer.

9. How do I file a complaint against Lakeview Loan Servicing?

If you’re unable to resolve an issue with Lakeview directly, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. You can also file a complaint with your state’s attorney general or Department of Banking.

10. Does Lakeview Loan Servicing offer bi-weekly mortgage payments?

Some servicers offer bi-weekly payment options. Check with Lakeview Loan Servicing directly to determine if this option is available for your loan. Be sure to clarify how the bi-weekly payments are applied to your principal balance and if there are any associated fees.

11. What is Lakeview Loan Servicing’s foreclosure process?

If you fall behind on your mortgage payments, Lakeview will initiate the foreclosure process according to state and federal laws. This process typically involves sending you a notice of default, filing a lawsuit, and eventually selling your property at auction. It is crucial to contact Lakeview immediately if you are at risk of foreclosure to explore your options for avoiding it.

12. How can I get help understanding my mortgage documents from Lakeview?

If you’re having trouble understanding your mortgage documents, you can contact Lakeview’s customer service department for clarification. You can also seek assistance from a HUD-approved housing counseling agency. These agencies provide free or low-cost counseling to homeowners on a variety of mortgage-related issues. You can find a list of HUD-approved agencies on the HUD website.

By understanding Lakeview Loan Servicing’s role, potential challenges, and your rights as a borrower, you can navigate your relationship with them more effectively and protect your financial well-being. Remember, proactive communication and diligent record-keeping are key to a positive mortgage servicing experience.