Residential Credit Solutions

[Atchung: They were sold to ditech Jan 2016. We won.]

Their slogan sums it up, and yes, this is right off their web site:

"We pride ourselves in servicing your loan in ways you're not used to."

RCS is the worst company I've ever encountered other than an especially loathsome answering machine store in Westwood in the 1980s. There's a culture that regards customers (hostages) as lowlifes and speaks to us accordingly.

My loan servicing was sold by BofA to RCS in 2013, and I've long wondered why, as in "why me?" Notice how many Californians and western state Yelpers have posted reviews here? It's not necessarily a question of why BofA wanted to sell a lot of CA and western US servicing contracts, it's a question of why RCS wanted to buy them.

1. Trulia says CA has the 3rd highest listing and sales prices after DC and Hawaii, and is the #1 in interest among Trulia users. So, bigger loans with bigger serving fees, and more people interested in property here in case the houses go up for auction after foreclosure.

2. CA is heavy in millionaires who can buy foreclosures at auction with cash. In fact we have the most multi-millionaires in the county, per this:
http://www.businessinsider.com/this-is-where-americas-multi-millionaires-live-2012-3

3. But most importantly, and this pertains to the west in general, CA has non-judicial foreclosure. The lender or servicer decides if they have followed the law, and if they think they have, or pretend they have, they can have the sheriff on your stoop in the wink of an eye. Other states let a judge...in a courtroom...decide. How quaint. Here's a color coded map:
http://www.bankrate.com/finance/mortgages/foreclosure-judicial-or-nonjudicial.aspx

Of the 42 reviews to date, (25 including mine, on this page, and 18 non-featured ones), only four are in states with judicial foreclosure. (3 in FL and 1 in KS). Three are in states that have both (2 in MI, 1 in HI), and one's in a state with both that leans toward non-judicial (Georgia). See that NH review? Non-judicial state. And a new bank-supported law in Florida makes recovering a home after foreclosure impossible in certain circumstances, and makes foreclosure judgments final.

Non-judicial foreclosure is obscene. You might have sunk $100-$200K into your home and RCS, which you never chose to do business with, will mess you around until you're in default, as they do with loan mod applicants, and keep or sell your house.

Meanwhile, landlords whose whole income might come from a rental duplex cannot evict non-paying tenants without going to court.

RCS has been awash in taxpayer gifts for years. They are a low rent bill-collector propped up by $42M from TARP in 2009, of which they've spent $3.4M on borrowers and $3.8M on themselves. They were greatly enriched by the idiot Tim Geithner and his scandalously stupid PPIP which got them a share in the profits from $1.3B worth of lousy loans from a failed bank for $64M, which the FDIC lent them. The FDIC took 11/12 of the downside but kept just 50% of the upside. PPIP was designed and approved to get lousy loans off the books of LIVE banks, to keep them afloat. But no live banks were willing to sell at low-low prices like what RCS "paid." Read all about it: http://baselinescenario.com/2009/09/24/just-baffling/

Here's some research by a woman who looked into the histories of the guys who banded together to form RCS, after a rapid scuttle from their previous hole, Saxon Mortgage, a criminalistic enterprise operating in plain sight:
http://tinyurl.com/RCSsaga

Here's something that was posted in a comment elsewhere that I've never seen a blogger write about...it's Dennis G. Stowe, the "Godfather" at RCS, in some weird deal with FDIC in 2010, less than a year after RCS "bought" that whack of loans seized from a dead bank:
https://www.fdic.gov/buying/historical/structured/AmtrustNP/Reissuance_Purchase_Money_Note.pdf

I saved the best for last. This was posted on September 1, 2015. Caught red-handed? Naughty Dennis Stowe outsourcing forgery?:
http://www.nakedcapitalism.com/2015/09/proof-of-ongoing-foreclosure-fraud-and-mortgage-document-fabrication-in-five-emails.html

This is more of a BUYER BEWARE review more than anything else.....


I refinanced my home with a low class mortgage firm in New Hampshire about 1.5 years ago as I had recently been divorced and was on disability and Bank of America was not willing to refinance me even though I have never been late on a payment but the house was underwater.

My loan has been shuffled around so much it is ridiculous. I was informed in March that my loan was sold off to RCS but never received the package with my loan number, etc. I called my previous loan provider, got the phone number and made a call to RCS tonight. I have been on hold for over 35 minutes because they charge $5/mo to do online bill pay. This is highway robbery and I will not stand for this! I have a regular income stream, have never been late on my loan and don't know why I am being affiliated with a servicing company that uses Western Union for bill pay. This is really a bogus company and I will fight this all the way to the FCC if need be. They are messing with the wrong person!

STRAIGHT FROM THEIR WEBSITE:
The fees for Western Union are as follows
$5.00 for Web payments via www.residentialcredit.com
$9.00 for IVR Phone payments
$12.00 for agent assisted payments

RCS does not process payments on Sundays. Therefore, any payment received after 5PM Central Standard Time on Saturday will not be processed until Monday. Payments for months that end on a Saturday or Sunday must be received no later than 5PM Central Standard Time on Saturday to be reported as being received in the current month; otherwise, payments will be reported 30 days past due to all credit bureaus .

I Acknowledge the new fee amounts


Their website is NOT secured as it should and that alone is another MAJOR RED FLAG.

BEWARE if you end up with this place!

I work for a mortgage company and every time I have to deal with a representative from Residential Credit Solutions I have to cringe. Unprofessional and rude are the best two words to describe their reps.

I had an issue and was transferred around 3 times. What are the chances all three would be rude and condescending? Pretty darn high with this company.

They wouldn't let me finish my sentences and kept interrupting everything I said to show me how wrong I was.

I, like a lot of others that have posted, had my mortgage sold to RCS a couple years ago. I was an A paper borrower with a solid payment history on my other mortgage, and my mortgage was a conventional 30 year fixed, vanilla-type loan. I have had nothing but issues since my mortgage was sold to them, including stating my payments were late multiple times (until I started sending them certified), they charge to make payments online, and they are super difficult to work with on anything.

When I was married, I sent them notification, to which I received a letter response that they cannot adjust my name since my mortgage note is in my maiden name - totally fine and understood. However, I received notification, by mail, a few months later that they suspected fraud on my mortgage since my name does not match my tax documents. To which, I responded, that I had been married, and my name had now been changed, provided them a copy of the letter and documentation I had sent previously, so they were aware the reason my name doesn't match, and that it was not fraud, as indicated in the letter they sent me. I then received a letter back stating they can't change my name, yet again, and enclosed a copy of the letter they sent months previously. All in all, just super frustrating to deal with and I want to refinance my loan just so they are no longer the servicer.

Do I really have to give it one star? Is there a fee to give it one star??

My mortgage was just sold/transferred from Stearns Lending to this company. It was not a sub-prime loan - even so, I've received sub-prime service from day one. I have never, with any bank/servicer, ever had to pay a fee to make a payment.

To try to avoid their plethora of fees, I submitted the paperwork to set up auto-debit from my bank account. Sounds easy enough. The problem is - they set it up to start in 2 months - not this month - and now because of this, I'm unable to make a payment online or over the phone - so I have to mail it in!!! Are you kidding me??? Do I need to fill the check out w/ a feather plume and take it to the pony express? I guess if I do, I might as well stop by the mercantile to pick up some castor oil on the way.

Their website looks like it was designed by a 6th grader, 5 years ago. It's like going back in time.

I feel betrayed. It's like I married Courtney Cox, then woke up the next morning in bed w/ Courtney Love....a total bait & switch.

I'd never thought I'd pray to have another company buy my mortgage loan - but that's now a part of my nightly prayers. Well, that and asking for forgiveness for the amount of 4 letter words that come out of my mouth any time I have to deal with this pathetic, archaic, sad excuse of a company.

File a complaint with the Consumer Finance Protection Bureau (consumerfinance.gov)

Just like everyone else. Bad experience since my mortgage service was sold to them some months ago. This was the first time the 1st has fallen on Sunday and I get the following message:


"RCS does not process payments on Sundays. Therefore, any payment received after 5PM Central Standard Time on Saturday will not be processed until Monday. Payments for months that end on a Saturday or Sunday must be received no later than 5PM Central Standard Time on Saturday to be reported as being received in the current month; otherwise, payments will be reported 30 days past due to all credit bureaus"

What!!! My credit is being threatened because they can't process online payments on Sundays.

Again, please do what Jim R. suggests and file a complaint with the Consumer Finance Protection Bureau (consumerfinance.gov). They ask for your experience, information and no surprise, this company's name comes up in the "what's the name of the company."

Hard to believe there are no reviews about this company, since rustling up the energy to write a bad review is so much easier than writing a positive one. Hands down, this is the worst company I have dealt with in my life.

My mortgage was sold to them years ago, and I will forever curse that lender for doing so. I am not someone who is at risk of foreclosure. I earn a very good living, make timely automatic payments every month, and even pay extra to try and draw down my prinicpal - and they constantly try to find new ways to screw me through unwarranted late fees. Any conversation with their "customer service" team to resolve one of their screwups is one of the most stressful encounters you will ever experience and is guaranteed to lower your life expectancy.

If you are forced to do business with them, consider borrowing money at a 10% higher interest rate just to pay down the loan. Find a loan shark if you have to, they are probably much easier to deal with than RCS. If that's not an option, document everything and record every call to their customer service department.

This is an evil company that deserves to go out of business.

They refuse to pay my insurance premiums out of my escrow account and refuse to let me stop escrowing and just pay the premiums myself.

They charged my account twice in one month for the same amount. CREEPY! Luckily I caught it. But can't imagine they will be doing this!!

I should also add that the call quality is very bad every time I call in. Sounds like their customer representatives all live out of country in a remote village or something...

Beware of scam. This company went out and bought "insurance" for my loan without ever checking if I had insurance. At the same time they sold my loan to another company for servicing. While I continuously kept sending them evidence of insurance, they dragged their feet until my loan was moved. Literally I would call them a week after I sent in my insurance, and they would for the first time look at it and beat around the bush. Until the loan got transferred and they told me to deal with the other company going forward, which has no idea what and why the expense is even there.. It's absolutely criminal, and even the new company agreed with me on that. They said they would never acquire insurance like that. I intend to pursue whatever avenue I have to seek accountability. If anyone had the same experience and has advice let me know.