Business ProfileforSecureNet Loan Services

The company I own is a small lender in *****. SecureNet was hired to service our loans. It was a total nightmare and I recorded many specific details, but this is the overview. The purpose of this review is to keep other lenders from wasting time and money by using them and to prevent the lenders borrowers from having bad customer service. I could not imagine the company being worse other than the fact that they did not charge me to transfer away from them. However, I would have been forced to file a lawsuit against them if they did not. I considered still filing one, but decided to move on and let their reputation be the justice. -There were an enormous amount of mistakes in how they **************** they received.-It would take an extremely long time for them to correct mistakes that I caught and notified them about. -There was very little accountability from them when they made mistakes.-They paid 2022 property tax late. They did cover the late fees, but what other choice did they have.-They did not adjust the escrow account payments properly which led to shortages in many accounts.-They would miss sending out notice of defaults and often mess up the ones they sent.-They said they didnt receive a bankruptcy notice that was sent by an attorneys office which caused me to foreclose on a house and then reverse it.-They were always bad on communication.-The borrowers had many complaints about Securenet that they voiced to me and the new servicer I am using. One borrower told me that they were bad mouthing me to them as well. My borrowers complained that it was hard to get in touch with them.Overall, this company has cost me a lot of time and money. I hope that you learn from my experience.I am more than happy to give more detail over the phone for any lender seriously considering using this company.

We service loans for hundreds of satisfied lenders. Wrap loans are very complicated. Also, as to the bankruptcy and foreclosure, we are a servicing company, not attorneys.  How bankruptcies and foreclosures are handled is up to a lenders attorney - not us. We notify borrowers of escrow shortages and perform escrow analysis on a regular basis, but ultimately, the borrower has to make payments as specified.  If a borrower refuses to make a payment into their escrow account, it will create a shortage that multiplies until resolved.  Most of the lenders we service loans for are seasoned lenders and are aware of this and how these procedures work.