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SAXON MORTGAGE SERVICES INC

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Phone: (800) 594-8422 4718 Mercantile Dr, Fort Worth, TX 76137 http://www.saxononline.com View Additional Web Addresses

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BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered the rating for SAXON MORTGAGE SERVICES INC include:

  • Failure to respond to 1 complaint filed against business
  • Government action(s) against business


Customer Complaints Summary Read complaint details

79 complaints closed with BBB in last 3 years | 3 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 34
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 44
Total Closed Complaints 79

Additional Complaint Information


According to the business website www.saxononline.com Saxon has ceased the majority of it's operations and is no longer servicing loans. In the event that you need assistance regarding an account that was previously serviced by Saxon, please refer to the Notice of Service Transfer letter that was mailed to you. This letter provides you with the name, address and phone number of your new servicer, along with additional information.

If your account was transferred to Ocwen Loan Services, please visit www.ocwen.com
If your account was transferred to Specialized Loan Servicing, please visit www.sls.net
If your account was transferred to PHH Mortgage, please visit, www.phhmortgage.com
If your account was transferred to AMS Servicing, please visit www.ams-servicing.com
If your account was transferred to Residential Credit Solutions, please visit http://residentialcredit.com

Complaints previously brought to the company's attention by the BBB primarily involve service, credit, or billing issues. Specifically, consumers allege payments were sent on time, but were not applied to their mortgage on a timely basis or that problems and delays have occurred during their loan modification process. Consumers also state their phone calls go unanswered. The company has investigated and claims to have made appropriate changes.  Saxon Mortgage Services previously requests that consumers with a complaint contact the Customer Solutions and Innovation Team, at 888-433-6513 or email CSIteam@saxonmsi.com to resolve the issues prior to filing a complaint with the Better Business Bureau.

Customer Reviews Summary Read customer reviews

1 Customer Review on SAXON MORTGAGE SERVICES INC
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 1
Total Customer Reviews 1

Additional Information

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BBB file opened: April 01, 1995 Business started: 08/12/1960 Business started locally: 08/12/1960 Business incorporated: 08/12/1960 in TX
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Texas Department of Savings & Mortgage Lending
2601 N. Lamar, Suite 201, Austin TX 78705
http://www.sml.state.tx.us
Phone Number: 1-877-276-5550
Fax Number: 512-475-1360
smlinfo@sml.state.tx.us

Type of Entity

Corporation

Contact Information
Customer Contact: Mr. Eddie Tovar
Business Category

MORTGAGE & ESCROW COMPANIES MORTGAGES

Alternate Business Names
MERITECH MORTGAGE NOVASTAR SAXON HOME MORTGAGE SAXON MORTGAGE
Additional Information

Saxon Mortgage had a conference call with the BBB on February 5, 2010 to discuss the underlying issues of BBB complaints and how to address the issues of consumers not being able to get their questions answered when calling customer service and documents not being received by Saxon. Saxon stated they are actively addressing the underlying issues of these complaints.

Saxon Mortgage met with the BBB on July 16, 2010 to discuss the volume and pattern of their complaints as well as the company rating. The company later provided a plan of action designed to address the pattern and volume of their complaint. This plan included:

Implementing an interdisciplinary team to improve the customer experience throughout the firm.
Empowering associates to consistently, confidently and accurately answer customer questions the first time they speak with a customer.
Implementing an enhanced tracking mechanism and including it in employee compensation, to ensure all customer requests are completed in a timely manner by the associate who initiated the request.
Increasing monitoring to ensure all customer interactions our tracked in their system of record.
Consolidating all escalations in one group so they can continue to do root cause analysis.

Industry Tips
**** Mortgage Loans, What You Should Know **** Mortgage Reduction
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