Name: ServBank
Address: 3201 Orchard Rd, Oswego, IL, 60543-5011, USA
Telephone: (630) 554-8899

Business Profile

Bank

ServBank

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Initial Complaint
01/12/2025
Complaint Type:
Billing Issues
Status:
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.
Made payment on 12/17 (after 12/16/24) due to call from ServBank, so paid online to ServBank & noticed late fee incurred. Called to ask to waive late, said too late already paid. Cancelled online payment w/late fee, then called ServBank s/w a *** to pls remove late fee, received authorization & said ok, then I asked to now make payment for Dec 2024 w/out late fee - super happy. Never thought payment did not go through for Dec '24. Today saw alert on bank dashboard I had a delinquent payment from ServBank. I believe the ServBank *** I spoke with did NOT process my payment for the month of December on 12/18, she might have thought she did everything correctly but process was not completed. This has never happened to me and will do everything auto-pay as phone payment is unpredictable...something like this could happen to others. This is really bad and not good. My credit score is so low now and I have never had this happen in all my years. I have always paid my mortgage on time even when times were hardest.
Business response
01/22/2025
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 response
01/22/2025

Complaint: 22802487

I am rejecting this response because: Although, I received a call from Servbank (last week) and was able to speak with their call center ***resentative to explain that they never processed my payment transaction...they only said for me to call them back on Monday, January 27th to see if they made a decision. So, the company's response to you (BBB), to tell you that someone from their company called me is indeed correct but doesn't fix or solve the issue at hand. I have diligently made all payments up to date for 10 years and have signed up for auto-pay, but they have not shown that they too looked into matter to see that I called s/w with their *** and asked to have my late fee waived and asked to make a one-time payment for my monthly mortgage via phone. I did notice that the *** whom I spoke with on 12/18 or 12/19 must have removed my late fee because when I paid in January of this year 2025, I had no late fee. But she just forgot to process my payment for December and I was not made aware by the company that it did not go through.
I would like Servbank to please remove their delinquent **** on my credit score which dropped from 813 to 666. My request to process my payment over the phone as requested was not completed by Servbank. I worked very hard all my life to keep my credit score up. It will be a true hardship for my family and I if this delinquent **** is not removed.

Sincerely,

******** *******-apo
Business response
01/30/2025
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 response
01/31/2025

Complaint: 22802487

I am rejecting this response because: the day ServBank agreed to waive my late fee wasn't on 12/17/24.
On 12/17/24, made an online payment, noticed the late fee but submitted payment.
On 12/17/24, called Servbank to ask to waive late fee and they said, we could have but you already made payment.
On 12/17/24, realized that if I cancelled payment online, I can asked to waive late fee. But called Servbank the next day so I could speak with a ***resentative to ask. I am in ****** and could not speak with a ***resentative until the next business as your organization is closed.
It wasn't until the next day on 12/18/24, that I called Servbank and asked to waive late ***, *** said yes okay and processed that while I was on the phone. I also asked her to process my payment over the phone for my monthly mortgage. This is NOT the first I have ever done a over the phone payment.
How can Servbank have no record of me calling the next day to ask to waive late fee and make payment over the phone. I did both requests at the same time and on the same call. Something is very wrong here.
So Servbank is not being truthful and their timeline is not accurate. This is wrong!!!!!

Sincerely,

******** *******-apo
Business response
02/07/2025
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
01/09/2025
Complaint Type:
Service or Repair Issues
Status:
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.
I am a veteran that has a VA loan that ServBank bought from the originating loan company, ******************. I am divorcing and have a settlement agreement in place and filed through the court. One of the stipulations in the Settlement Agreement is my ex be removed from the house (mortgage). The note (loan) is in my name only. However, she is listed on the mortgage. I have called in multiple times over the past several month asking for my ex to be removed from the mortgage. Each time I have been told a different story or action to take. I do not want to refinance my house since I have an extremely low interest rate and it would cost me more monthly if I did refinance. I was told that somebody would contact me in regard to the issue, but nobody has called me. I just need a letter from ServBank stating that my ex is removed from the mortgage or is released of all liabilities in regard to the mortgage. ServBank stated that they cannot issue the letter because shes not on the note, which I know that. I had to upload the mortgage to ServBank to prove she was on the mortgage. The level of competency is frustrating when I clearly state hes only on the mortgage, not the note. Each passing day is costing me money to include legal fees now.
Business response
01/17/2025
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
12/05/2024
Complaint Type:
Billing Issues
Status:
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.
ServBank took over our loan, without our consent, from ***, after a whole year of paying the exorbitant $4,500 a month, that included our escrow. The added another near $1000 after the year, double dipping on escrow, and continued a scam that claimed to reduce principal but did no such thing instead stealing another $500, and this coupled with waiting for ************** that are taking longer then expected, caused us to go into forbearance, that was granted, but ServBank acting out of some kind of malicious conduct, violated CFPB rules concerning a borrower protection during forbearance with a prohibition on making any negative reports which the bank did, knocking our score from 800 to 650! They have made aware of this regulatory violation and damages and are refusing to fix it!
Business response
12/20/2024
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 response
01/23/2025

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*. *******
Customer response
01/27/2025

Complaint: 22646274

I am rejecting this response because:
We did not receive notice of the cancelled complaint ServBank with options to respond, (may have gone into spam etc). so can you just send our response attached or do we
have to open a new case based on the new evidence that admits that we had RESPA protection and had been accepted for forbearance consideration and therefore,
SHOULD NOT HAVE BEEN REPORTED TO THE CREDIT BUREAUS FOR A PARTIAL MISSED PAYMENT.

Sincerely,

*. *******
Business response
01/27/2025
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
11/14/2024
Complaint Type:
Billing Issues
Status:
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.
I had refinanced my house back in 2020, and Allied First was handling my loan. I was told to not make my July Payment on my mortgage by their broker *****, and that it would not be late. However, mortgage companies go by a 30 day late payment, and not 31. The payment was made on the 31st instead of the 30th, and I've had a 30 day missed Mortgage Payment on my credit for the last 3 years. The credit agencies will not accept my disks disputes, and it is severely hurting my credit applications for financing. I have emails showing my concerns prior to it being late, as well as their broker brushing me off once the payment was late. My concerns were never addressed, and they refused to take any responsibility. I was just pushed off by the broker, and sent on a run around where no party accepted responsibility.On top of the correction to my credit report, I would also like to be contacted by the business.
Business response
11/22/2024
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 response
11/25/2024

Complaint: 22530869

I am rejecting this response because I was never contacted by them in any way about this issue.

Sincerely,

****** *******
Business response
11/27/2024
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 response
12/02/2024

Complaint: 22530869

I am rejecting this response. I still have not been contacted by the business even though they are trying to say they have contacted me.

Sincerely,

****** *******
Business response
12/03/2024
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 responded to the consumer and the BBB via letter, regarding these concerns.
Customer response
12/04/2024

Complaint: 22530869

I am rejecting this response because: I have been fighting this issue on my credit for years, and I won't accept any response unless I am receiving a phone call.

Sincerely,

****** *******
Initial Complaint
11/13/2024
Complaint Type:
Product Issues
Status:
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.
I have been trying to phone this bank where my paycheck from American Airline is deposited as well as my Social Security check. I have called them 4 days in a row and been put on hold 20 min-30 min and 48 mins. Is this bank in business? What's the problem?
Business response
11/27/2024
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
10/09/2024
Complaint Type:
Service or Repair Issues
Status:
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.
On my Experian credit report. This company shows my mortgage was discharged in chapter 13. That is not true. The house was sold 1 year prior to the closing of my bankruptcy, when they were paid in full. Not only that, but they also financed the mortgage for my niece who bought the house from me.
Business response
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.
Initial Complaint
10/04/2024
Complaint Type:
Billing Issues
Status:
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.
******* ****** ******************************************** Email: ************************* Phone: ************ October 4, 2024 Better Business Bureau [BBB Office Address or Online Submission]Re: Formal Complaint Against SERVBANK for Inaccurate Mortgage Reporting Dear Better Business Bureau,I am filing a formal complaint against SERVBANK regarding the inaccurate and incomplete information reported on my credit report for my mortgage account (Account Number: **************. This misreporting has adversely affected my credit score and financial standing.Specific Issues:Late Payment Reporting: My credit report indicates I was 90 days late in January 2022, 60 days late in December 2021, and 30 days late in November 2021. I believe these entries are inaccurate, as I made all payments on time.Conflicting Account Status: The account is marked as Transferred, Closed as of August 2022, yet it shows late payments just months prior. If the account was closed and transferred, these late payments should not exist.Missing Data: The report shows ******* (ND) for several months in 2020 and 2021. I made payments during these months, and this lack of data inaccurately reflects my payment history.Incomplete Loan Information: The report lacks crucial details such as the balance, monthly payment, and loan terms. This incomplete information violates the Truth in Lending Act (TILA), which mandates clear disclosure of loan terms.These inaccuracies have impacted my ability to secure new lines of credit. Despite my attempts to resolve this issue directly with SERVBANK, they have not addressed these errors.Resolution Requested: I request that SERVBANK:Remove the inaccurate late payment entries from my credit report.Correct the account status to accurately reflect the transfer and closure in August 2022.Update the missing data and provide a complete record of my payment history.Thank you for your assistance.Sincerely,******* ******
Business response
10/08/2024
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
09/17/2024
Complaint Type:
Product Issues
Status:
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.
I was under contract on a home that we decided to terminate and payed for an assumption application fee that was never fully process that cost $463. The payment page never told me it would be non-refundable and said it would even get credited back at closing. The fact that the application never got processed or progressed forward because my wife did not sign, I feel like we should receive that credit back. I called the mortgage side of ServBank for help and even asked to speak with *************** or someone higher up and they said I can not do that and they could not help me further.
Business response
09/25/2024
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
08/02/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Specialized Loan Servicing serviced my loan. In May 2024 I received a letter from Specialized Loan that there were changing their name to Newrez Shellpoint. In June 2024 I received a letter from Newrez Shellpoint informing me my loan has been transferred to Servbank starting 7/1/24 & Shellpoint will stop taking payments after 6/30/24. I received a July mortgage statement from Shellpoint to pay my mortgage. I have my mortgage automatically taken out of my checking account via bill pay. My July payment went to Specialized Loan/Newrez Shellpoint. I received a mortgage statement from Servbank around July 12 stating I owed $2,092.52 for July and August payments. I called Servbank and told them I had already paid my July ************ went to Newrez Shellpoint. They told me they never received the payment and I need to pay $2,092.52. I told them they can contact Shellpoint to get the payment. Servbank told me to contact Shellpoint about my July payment. I reached out to Shellpoint who no longer has my information in their system. Since I had no recourse, I paid $2,092.52 via online banking. I called Shellpoint again & explained the situation, they told me there is a 60 day ***** period before they start charging late fees. The other day I received another statement from Servbank showing both my checks went through on 7/24/2024 ($2,092.52 & $1,020.00) I called Servbank on 7/30/24 requesting a refund of $1,020.00. They agreed to pay me back this money if I can prove it came from my bank. I have had it. It shows I paid it on their mortgage statement. It also shows from my bank it was me who sent it. They have the check showing it's from me. I am not giving them anything else. I will take them to court first. They are not honoring the 60 days ***** period. Proof - they have the money and the check.
Business response
08/20/2024
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 response
08/20/2024

Complaint: 22075284

I am rejecting this response because: I should not have to go through hoops for Servbank to prove I paid the mortgage. Servbank has the proof; the electronic payment. Servbank acknowledge I paid. I have received to statements from Servbank showing I paid. If they do not reimburse me, I will take them to court. My attorney has already send them a demand letter.

Sincerely,

*************************
Business response
08/26/2024
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 response
08/30/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

*************************
Initial Complaint
02/15/2024
Complaint Type:
Service or Repair Issues
Status:
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.
Back in July of 2023 I filed or started the process of completing a Streamline Refinance, the loan originator I worked with was ***** *************************(NMLS #*******), during this time I was told that I needed to hold my July loan payment to Freedom Mortgage as that is what I was supposed to bring to the closing table when I was signing with my notary for the new loan. As it got closer and closer to the end of the month of July I started to get nervous as I did not want to be late on my July loan payment. ***** continued to reassure me that I would not be late on my July loan payment and to keep holding my payment as it was what I was going to use for closing on my new refinanced mortgage loan(I have text messages from him stating that I would not be late and to continue to hold my July payment) After we closed late July I thought everything was fine and that everything went through without issues, however, Freedom Mortgage is reporting that I have an outstanding late payment for July of 2023 and this is now affecting my credit history. I have tried calling Freedom Mortgage myself to see if I can resolve the matter but I continue to not receive any help. I tried contacting Allied First Bank/***** and no one would return my calls or help me. I am at a loss on what I can do to fix this, I would never have held my payment if I had known it would show as late. I never would have even refinanced my loan when the difference was only a 1% interest difference to my old loan. I have no way of fixing this issue on my credit and its all thanks to Allied First Bank and ***** who assured me there were no issues with me holding my July payment for that long.
Business response
02/29/2024
While Allied First Bank is party to the initial mortgage loan application, the subsequent transaction and the impact on your credit report requires action from Freedom Mortgage.

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BBB Rating & Accreditation

A+

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Years in Business: 30

Customer Reviews are not used in the calculation of BBB Rating

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Contact Information

3201 Orchard Rd

Oswego, IL 60543-5011

Visit Website

(630) 554-8899

Business hours

8:00 AM - 6:00 PM

Customer Complaints Summary

49 total complaints in the last 3 years.

11 complaints closed in the last 12 months.

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