Consumers Report Mortgage Loan Servicing Problems
Serious Complaints Stack Up on Seterus Inc.
Anchorage, Alaska – Feb. 28, 2012 – Consumers across the U.S. are contacting Better Business Bureau about mortgage loan troubles through Seterus Inc., a "Payment Processing Service" based in Beaverton, Ore.
With 15,714 inquiries to date, Seterus is one of the most-inquired-about businesses nationwide, according to the Council of Better Business Bureaus. Since May 2010, BBB serving Alaska, Oregon and Western Washington has received 346 complaints on Seterus—a division of International Business Machines Corp.—which is also known as IBM Lender Business Process Services Inc. or LBPS.
Consumers with mortgage loans transferred to Seterus Inc. complain of customer service and billing issues; specifically, inconsistent billing statements, paperwork delays, unexplained fees and other problems are widely reported. Some complainants contend that the business' failure to correct billing errors or provide assistance has led to credit issues or foreclosure risks.
To date, the company holds an "F" rating with BBB. Although Seterus Inc. has been responsive to many of its BBB complaints, the volume and severity of issues have raised red flags.
BBB advises caution with mortgage loan servicers: Carefully read all statements and invoices; keep detailed payment records; and communicate in writing—by email, mail and fax. Review the Federal Trade Commission's Mortgage Servicing: Making Sure Your Payments Count and Mortgage Payments Sending You Reeling? Here’s What to Do. For more tips, read Better Business Bureau's Tips for Troubled Homeowners.
Better Business Bureau serving Alaska, Oregon and Western Washington: Working to advance marketplace trust, BBB is a neutral not-for-profit organization supported by BBB Accredited Businesses. BBB provides ethical business standards, BBB Business Reviews, Charity Reviews, complaint handling, marketplace events and tips. For more information, contact BBB or visit bbb.org.
Posted: February 28, 2012