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Business Profile

Bank

Servbank

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Complaints

Customer Complaints Summary

  • 86 total complaints in the last 3 years.
  • 31 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:10/03/2024

    Type:Service or Repair Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Serv Bank has filed a fraudulent lean on my home. They state they are removing the illegal lean put on my home which was proven to be fraudulent. They have acknowledged there mistake but have done nothing to fix there screw up. This is my last hope other then having to seek legal. Please help!

    Business Response

    Date: 10/17/2024

    Servbank does not post public responses to this forum as the
    response may contain your personal information and is viewable by the public.
    However, please be advised that Servbank has directly contacted the consumer
    and the BBB regarding these concerns.
  • Initial Complaint

    Date:09/26/2024

    Type:Billing Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Previous mortgage servicer: Specialized/Shellpoint-See Separate complaint filed. Problem originated with them, now continuing with Servbank. Specialized/Shellpoint has: wrongfully misapplied payments, kept and reported the account “Past Due” to credit reporting agencies, inappropriately charged $77.16 in late charges, applied $1,334.61 to additional principal, (an amount well over the “Past due” amount), and issued a refund of $1,514.02 which has “Disappeared” without explanation.
    I've asked Servbank, the new servicer since 7/1/24, to reassess and apply properly all past payments to Specialized/Shellpoint, find and apply to the account the "Missing" escrow funds, get the account out of "Past Due" status, and retroactively report the account properly to credit reporting agencies.
    To date, Servbank has done NOTHING to correct the account.
    Neither Servbank nor Specialized/Shellpoint have addressed the “Lost” escrow refund check, nor the inappropriate handling of double payments of property taxes (NOW 3 TIMES IN A ROW) caused exclusively by negligent actions by these mortgage service providers.
    Servbank still has the account reflecting the wrong principal balance, still shows the escrow balance with the wrong balance because of the "lost" refund check ($1,514.02) from Specialized/Shellpoint, and has negligently double paid the 2024 summer property taxes (1,969.25). Servbank proceeded to double pay the taxes at the end of August after being advised, (verbally & written), and after they confirmed to me, IN JULY, that they could see the taxes were already paid!!

    Business Response

    Date: 10/10/2024

    Servbank does not post public responses to this forum as the
    response may contain your personal information and is viewable by the public.
    However, please be advised that Servbank has directly contacted the consumer
    and the BBB regarding these concerns.

    Business Response

    Date: 10/10/2024

    Servbank does not post public responses to this forum as the
    response may contain your personal information and is viewable by the public.
    However, please be advised that Servbank has directly contacted the consumer
    and the BBB regarding these concerns.

    Customer Answer

    Date: 10/10/2024

    As explained in the first complaint, the first service provider and now the second service provider continue to apply the payments in the same manner which I do not agree with because they have kept the account in a delinquent status while taking late fees and applying excess funds to principal.  Please see my original complaint.  Both companies show the payment behind by one month when it is not if they take the excess funds applied to principal or the lost refund check and apply it to the account.  

    Another big issue is the refund check for the excess escrow funds which was voided AND RETURNED TO THE PREVIOUS SERVICE PROVIDER. I have received different stories regarding the missing escrow funds, and frankly I don't care about the stories, I just want the funds found and applied to the account.  WHAT IS IT GOING TO TAKE TO FIND THOSE MISSING FUNDS?!!?  I have called and written both companies on multiple occasions regarding the funds and no one seems to be able to locate those funds!!  I sent in my original complaint and am resending again here a copy of the check with the address to where the check was sent!! Those funds were returned voided in JUNE with another complaint letter to the first service provider, AND IT IS NOW OCTOBER!!!  Why can't someone find those funds??!?!?!!  This is unacceptable!!!

    Regarding the escrow account, I advised both companies that I will continue to pay my own taxes. I have and have provided proof and both companies have double paid the tax bills.  I want the escrow account removed because it has caused nothing but headaches all the way around!!

    Customer Answer

    Date: 10/10/2024

    As explained in the first complaint, the first service provider and now the second service provider continue to apply the payments in the same manner which I do not agree with because they have kept the account in a delinquent status while taking late fees and applying excess funds to principal.  Please see my original complaint.  Both companies show the payment behind by one month when it is not if they take the excess funds applied to principal or the lost refund check and apply it to the account.  

    Another big issue is the refund check for the excess escrow funds which was voided AND RETURNED TO THE PREVIOUS SERVICE PROVIDER. I have received different stories regarding the missing escrow funds, and frankly I don't care about the stories, I just want the funds found and applied to the account.  WHAT IS IT GOING TO TAKE TO FIND THOSE MISSING FUNDS?!!?  I have called and written both companies on multiple occasions regarding the funds and no one seems to be able to locate those funds!!  I sent in my original complaint and am resending again here a copy of the check with the address to where the check was sent!! Those funds were returned voided in JUNE with another complaint letter to the first service provider, AND IT IS NOW OCTOBER!!!  Why can't someone find those funds??!?!?!!  This is unacceptable!!!

    Regarding the escrow account, I advised both companies that I will continue to pay my own taxes. I have and have provided proof and both companies have double paid the tax bills.  I want the escrow account removed because it has caused nothing but headaches all the way around!!

    Business Response

    Date: 10/18/2024

    Servbank does not post public responses to this forum as the
    response may contain your personal information and is viewable by the public.
    However, please be advised that Servbank has directly contacted the consumer
    and the BBB regarding these concerns. 

    Business Response

    Date: 10/18/2024

    Servbank does not post public responses to this forum as the
    response may contain your personal information and is viewable by the public.
    However, please be advised that Servbank has directly contacted the consumer
    and the BBB regarding these concerns. 

    Customer Answer

    Date: 10/20/2024

    SERVBANK'S RESPONSE OF DOING NOTHING IS ABSOLUTELY UNACCEPTABLE!!

    To date, Servbank has done nothing at all to remedy the situation. They sent a letter on 10/10 (see attached) stating they have found no error and making NO MENTION of the escrow lost funds from the previous service provider.  Servbank is still showing the wrong beginning principal balance from the previous mortgage servicer as well as the wrong escrow amount because they still have not accounted for the escrow refund which was sent back to the previous mortgage servicer.  The escrow still has not been removed, as requested, and the escrow funds have still not been applied to the principal/interest as I have also requested.  

    My next step, unfortunately, will have to be to take both service providers to court and force a remedy because neither servicer seems to be in any hurry, nor seems to want to take care of this situation.  I'm hoping to avoid that scenario, but if nothing gets resolved within the next 10 days, I will pursue that route because Servbank, as the previous servicer did, continues to represent this account as late causing a detriment to my credit rating.

    I DO NOT ACCEPT SERVBANK'S RESPONSE OF DOING NOTHING AT ALL!!!

    Customer Answer

    Date: 10/20/2024

    SERVBANK'S RESPONSE OF DOING NOTHING IS ABSOLUTELY UNACCEPTABLE!!

    To date, Servbank has done nothing at all to remedy the situation. They sent a letter on 10/10 (see attached) stating they have found no error and making NO MENTION of the escrow lost funds from the previous service provider.  Servbank is still showing the wrong beginning principal balance from the previous mortgage servicer as well as the wrong escrow amount because they still have not accounted for the escrow refund which was sent back to the previous mortgage servicer.  The escrow still has not been removed, as requested, and the escrow funds have still not been applied to the principal/interest as I have also requested.  

    My next step, unfortunately, will have to be to take both service providers to court and force a remedy because neither servicer seems to be in any hurry, nor seems to want to take care of this situation.  I'm hoping to avoid that scenario, but if nothing gets resolved within the next 10 days, I will pursue that route because Servbank, as the previous servicer did, continues to represent this account as late causing a detriment to my credit rating.

    I DO NOT ACCEPT SERVBANK'S RESPONSE OF DOING NOTHING AT ALL!!!

  • Initial Complaint

    Date:09/11/2024

    Type:Order Issues
    Status:
    ResolvedMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    In May of 2024 we paid our homeowners insurance directly to the insurance company and I advised Servbank and provided proof. I requested that they remove from our monthly payment - about $60/month. As of Sept 11, 2024, it has still not been removed. I have made many phone calls, *** submitted requested information many times (they continue to ask for the same document every time I call). They confirm that they will remove by ** date but never do. I want our money back for the insurance portion and I want them to remove from our payment. Worst part is that there is no way to escalate the issue. No corporate office, no formal method. Its stealing in my opinion.
  • Initial Complaint

    Date:08/27/2024

    Type:Service or Repair Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Servbank managed my VA home loan from *********. I listed my home for sale in late 2023, and I advertised an assumable mortgage contingent upon the buyers substition of VA entitlement. I found an acceptable buyer and began progressing through the sale. I validated multiple times that my entitlement would be restored. The buyer submitted a signed VA Substition of Entitlement form. The mortgage closed 12/15/2023, and I thought all was well.In June 2024, I contacted a new lender about buying a home in my new state. I quickly learned that my VA eligibility is still tied to the house I sold. I contacted the VA and was told that the buyer added his non-military partner to the mortgage application, and thus the VA wouldnt guarantee the assumption or restore my entitlement. I was also told that Servbank has received plenty of training materials to ensure this wouldnt happen.Ive since spent two months communicating with Servbank representatives, especially the Director of Mortgage Operations, by phone and email. They fully understand the problem, and theyve fully admitted fault. Theyve also clearly indicated they have no intention of fixing the issue or reprocessing paperwork such that my entitlement can be restored. Im missing a key veterans benefits due to their failure to follow appropriate processes. Because of Servbank, I cant afford to buy a home in my local area.I want Servbank to reprocess the mortgage such that the buyers eligibility is correctly substituted for my entitlement. I dont really care how it happens assume the mortgage back to me and then back to the buyer without the non-military partner, for example only that its fixed. I assume Servbanks unwilling to fix it due to an expected financial hit, but Ive been financially damaged in this situation, and its entirely on them to make me whole. I want my VA entitlement back.
  • Initial Complaint

    Date:02/12/2024

    Type:Service or Repair Issues
    Status:
    ResolvedMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    All customer service agents are placing me on hold just to disconnect call. My issue is a password reset issue that is preventing me from logging into site to receive **** but to also make additional payments and review data associated to my home loan. I have been attempting resolve issue for 4 weeks now.

    Customer Answer

    Date: 02/20/2024


    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

    Regards,

    *************************

     
  • Initial Complaint

    Date:01/11/2024

    Type:Service or Repair Issues
    Status:
    ResolvedMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    My wife was called to active duty from her reserve status from October 1, 2022, until September 30, 2023. She was then extended another year from October 1, 2023, until September 30, ****. Under ********** Military Relief Act we are able to defer payment on our mortgage up to 6 months with each set of orders. I have been told multiple times by Servbank that my payment would be deferred with the new set of orders, yet it hasn't been deferred yet with the new set of orders. We did apply this benefit from the 2022-2023 orders from June 2023 until November 2023. Their interpretation of the law is mistaken. While it does say that a deferment should not be longer than 6 months out of a year it isn't taking into account that these are two different sets of orders for the service member. I have wasted hour upon hours talking with them and being assured each time it was handled and to only be contacted to make payment after it was "handled. I would like to be reimbursed for my time wasted (over 10 hours of my time at minimum wage in ********** equates to $200) and for the payment to be deferred as the law states for the next 6 months, which would be from February 1, **** through July 1, ****.

    Customer Answer

    Date: 01/19/2024


    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

    Regards,

    *********************************

     
  • Initial Complaint

    Date:12/06/2023

    Type:Service or Repair Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    In October, I made 2 months payments to get on bi-monthly payments. They said all will be set for December. I called 5 times since December 1. Not one of the agents, based over seas, said the same thing. One of the times I uploaded my bank statement to show the money was debited. Now, a day before the bi monthly payment is to be taken out. They are saying I need to pre pay. Again. They acknowledge a mistake in the way someone allocated the payments. But, refuse to correct it. They are disgusting scam artists and its been a nightmare since it was sold to thes people.

    Business Response

    Date: 01/03/2024

    Better Business Bureau

    Re: ID# ********

    To Whom It May Concern:
    Servbank (NMLS# ******) is in receipt of the complaint filed by ************************* (the Customer) with
    the **********************. Mr. ***** complaint states that he was set up on biweekly ACH drafting;
    however, there was an application error and Servbank is stating that he must again pay ahead to have
    the draft reinstated.

    Upon receipt of the complaint, Servbank conducted a thorough review of the loan file and determined
    that the account has been set up on biweekly ACH drafting since June 15, 2022. On September 8, 2023,
    the first half payment, in the amount of $1,355.41 was drafted. The second half payment, in the amount
    of $1,355.42, was drafted on September 22, 2023. The combined total of $2,710.83 was applied to the
    October 1 payment on September 25, 2023.

    The second payment, for $1,355.42, was returned by the ************** for non-sufficient funds (NSF)
    on September 29, 2023. Therefore, the entire October 1 payment was reversed and the remaining
    $1,355.41 placed in a suspense account.

    Because a Customer must be paid ahead for biweekly payments, the reversal caused the loan to be due
    for October 1, 2023 and the next biweekly draft could not take place. The biweekly ACH should have
    been removed once the payment was returned by the ************** and the Customer then
    informed he would need to pay a month ahead. This is a requirement set by Cash to have the Customer
    set up biweekly ACH after a return is resolved. Unfortunately, the Cash employee who processed the
    return did not delete the biweekly draft.

    Since the returned payment, the Customer has made two payments, one for $1,445.64 with a live agent
    on October 18, and the other for $4,051.05, through the online portal, on October 20, 2023. As of the
    date of this letter, the loan is due for the December 1, 2023 payment, in the amount of $2,710.83.
    A portion of the funds paid in October was applied to principal, after the November and October
    payments were applied. These funds, in the amount of $1,290.00, were reversed from principal and
    placed in suspense on December 12, 2023.

    If the Customer would like to have the account resume the biweekly ACH, he will need to pay a total of
    $4,161.91. The $4,161.91 is comprised of the $1,420.83 which can be added to the funds in suspense to

    complete the December 2023 payment and $2,740.46 for the January **** payment. The January
    payment has increased slightly, due to an escrow analysis completed on November 2, 2023.
    Servbank has attempted to reach the Customer by phone on several occasions so that they can explain
    the reversal from principal and application of funds to suspense, as well as discuss what is needed to
    reinstate the biweekly ACH drafting. The Customer has not answered nor responded to the voicemails
    left for him.

    At Servbank, we strive to exceed our customers expectations with every interaction. Servbank fell short
    of this goal and sincerely apologizes for the failure to cancel the biweekly ACH and the resulting
    confusion the Customer has experienced.

    If you have any questions or need further information regarding this complaint, please contact the
    Servbank ******************** at ************** from 8 am to 9 pm ET, Monday through Friday, and
    Saturday 8 am to 12 pm ET, excluding major holidays, or message us at
    servbank.servicingdivision.com/mgs.

    Sincerely,
    Servbank ******************** Team

  • Initial Complaint

    Date:10/31/2023

    Type:Service or Repair Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    They made a completely unaufhorized chsrge. Overdrafted my account. Continue to hold mu money.
  • Initial Complaint

    Date:06/13/2023

    Type:Billing Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Loan# ********** I have been requesting a description of the corporate advance fees that were charged on my loan for the last week now with no luck. This is a timely matter which is needed by another lender and for some reason I cannot get anyone from this company to provided me with a description of the corp fees and reasons they were billed to my loan.
  • Initial Complaint

    Date:05/30/2023

    Type:Service or Repair Issues
    Status:
    AnsweredMore info

    Complaint statuses

    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I called Servbank to check on the possibility of a loan assumption for my VA Mortgage Loan. They said that since they took over the previous company (TMS) that they no longer do loan assumptions. I believe that, according to federal law, All VA Loans are completely assumable. I believe this should be a service required by federal law for any bank. This is very discouraging information and would like to see a quick resolution to this bad news.

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