Karl Renius

Review of MyLoanCare

If they're your loan servicer, try to imagine ever...

If they're your loan servicer, try to imagine every problem that could happen in the future and nip it in the bud ahead of time.

My loan was purchased by LoanCare. In the time between that sale and the transfer there were payments to my prior loan servicer that were not accounted for by LoanCare.

I contacted the company multiple times with absolutely no response to emails or response back after "escalations to management". Despite the multiple contacts, LoanCare didn't do anything to figure out where the payments to the previous company went. The third person I got a hold of was pretty rude and said that the onus was on me to figure out where the money was.

They also had no record of insurance for escrow and didn't ask me about it at all. I imagine if I didn't bring it up they simply would have collected the money and not paid it at time of renewal.

edit: A couple days after posting this they corrected the issue, and I haven't had problems since. There are a lot of negative reviews here but I'm going to give them the benefit of the doubt.