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BBB Business Review

This Business is not BBB accredited

SAXON MORTGAGE SERVICES INC

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View Additional Phone Numbers 4708 MERCANTILE DRIVE, Fort Worth, TX 76137 http://www.saxonmortgage.com

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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:

  • 557 complaints filed against business
  • Government action(s) against business

Customer Complaints Summary Read complaint details

557 complaints closed with BBB in last 3 years | 138 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 5
Billing/Collection Issues 234
Delivery Issues 1
Guarantee/Warranty Issues 6
Problems with Product/Service 311
Total Closed Complaints 557

Additional Complaint Information

Complaints 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 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.

Read Complaints | Definitions | BBB Complaint Process | File a Complaint against SAXON MORTGAGE SERVICES INC
See Trends in Complaints on SAXON MORTGAGE SERVICES INC

  • Government Actions

    Department of Justice
    The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency.  If the matter is being appealed, it will be noted below.

    On May 26, 2011, the business entered into a consent decree with United States Department of Justice.  The consent decree settles charges the business wrongfully foreclosed upon active duty servicemembers without first obtaining court orders, in violation of the Servicemembers Civil Relief Act (SCRA). Under terms of the consent decree, the business agreed to establish a settlement fund, compensate additional SCRA-eligible members whom the business foreclosed on without court orders, and numerous corrective measures.  The consent decree was for settlement purposes only and should not be considered an admission of guilt or finding of violation of the law.  For more details go to:

    http://www.justice.gov/usao/txn/PressRel11/SCRA_Settlement_pr.html

    The company has been contacted for their response, but to date, has not responded.

    The Federal Reserve System

    The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency.  If the matter is being appealed, it will be noted below.

     On April 2, 2012, the Federal Reserve Board announced a Consent Order against Morgan Stanley to address a pattern of misconduct and negligence in residential mortgage loan servicing and foreclosure processings at its subsidiary, Saxon Mortgage Services, Inc.  The Consent Order requires Morgan Stanley to retain an independent consultant to review foreclosure proceedings initiated by Saxon that were pending at any time in 2009 or 2010.  For more details go to:

     http://www.federalreserve.gov/newsevents/press/enforcement/20120403b.htm

     http://www.federalreserve.gov/newsevents/press/enforcement/enf20120403a1.pdf

     The company has been contacted for their response, but to date, has not responded.

    What government actions does BBB report on?

  • Advertising Review

    BBB has nothing to report concerning SAXON MORTGAGE SERVICES INC's advertising at this time.

    What is BBB Advertising Review?

Customer Reviews Summary Read customer reviews

5 Customer Reviews on SAXON MORTGAGE SERVICES INC
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 5
Total Customer Reviews 5

Read Customer Reviews | Submit a Customer Review | See Trends in Customer Reviews on SAXON MORTGAGE SERVICES INC

Additional Information

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

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 met with the BBB on April 24, 2009, May 18, 2009, and August 19, 2009 to discuss their current rating and issues including unresolved complaints, serious complaints, complaint volume, and cause of complaints. The company furnished to the BBB information to verify the company's background information as well as a plan of action to address the issues discussed.

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
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BBB Complaint Process

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What government actions does BBB report on?

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