Who services Ally Home Loans Mortgage?

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anon_investor
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Who services Ally Home Loans Mortgage?

Post by anon_investor » Sun May 10, 2020 8:34 pm

I am in the process of doing a mortgage refi with Ally Home Loans. I know they sell their mortgages, and from what I have heard they do not service the mortgage.

I am curious for those who have completed mortages with Ally Home Loans, who ended up being your services and what was your experience?

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anon_investor
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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Wed May 13, 2020 6:46 pm

Bump

Anyone?

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Wed May 13, 2020 9:08 pm

Ally Home Loans is a re-brand of Better Mortgage essentially. Like Better, they use The Money Source as their de facto servicer unless Ally itself will take the loan.
Ally Home Loans wrote: How will my loan be serviced after closing?

Depending on your loan type, Ally Bank may retain the servicing of your loan or transfer your loan to a permanent servicer. If loan servicing remains with Ally Bank, you will receive instructions in the mail for making your first payment.

If your loan is going to be transferred, Ally Bank will service your loan for a short period after it closes. During this time, payment administration and collection will be handled by The Money Source. After that, your loan will be transferred to a permanent servicer identified from a large roster of reputable servicers and mortgage investors including major U.S. banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. Third-party reviews and surveys are collected from our borrowers post-transfer to ensure the permanent servicers are quality partners.

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anon_investor
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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Wed May 13, 2020 9:11 pm

BrandonBogle wrote:
Wed May 13, 2020 9:08 pm
Ally Home Loans is a re-brand of Better Mortgage essentially. Like Better, they use The Money Source as their de facto servicer unless Ally itself will take the loan.
Ally Home Loans wrote: How will my loan be serviced after closing?

Depending on your loan type, Ally Bank may retain the servicing of your loan or transfer your loan to a permanent servicer. If loan servicing remains with Ally Bank, you will receive instructions in the mail for making your first payment.

If your loan is going to be transferred, Ally Bank will service your loan for a short period after it closes. During this time, payment administration and collection will be handled by The Money Source. After that, your loan will be transferred to a permanent servicer identified from a large roster of reputable servicers and mortgage investors including major U.S. banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. Third-party reviews and surveys are collected from our borrowers post-transfer to ensure the permanent servicers are quality partners.
Thanks. I am pretty sure Ally does not service the loan. I was just curious who others have ended up with as the loan services. So The Money Source? Any experience with them?

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Wed May 13, 2020 9:19 pm

anon_investor wrote:
Wed May 13, 2020 9:11 pm
Thanks. I am pretty sure Ally does not service the loan. I was just curious who others have ended up with as the loan services. So The Money Source? Any experience with them?
Right now, all/most mortgages Better is writing are staying with TMS because many servicers have stopped buying (or severely reduced pricing) on servicing rights. Right now, many servicers have reduced their bids from 1% of the loan amount to 0.5% of the loan amount to take over servicing, if they are evening buying them at all. It seems that everyone reporting since March has their loan sticking around TMS indefinitely.

LenderFi was similarly hit and had to create their own servicing setup very quickly. The folks in the Lenderfi refinancing thread have indicated that its still shaky and LenderFi is WAY behind in processing payments.

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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Wed May 13, 2020 9:30 pm

BrandonBogle wrote:
Wed May 13, 2020 9:19 pm
anon_investor wrote:
Wed May 13, 2020 9:11 pm
Thanks. I am pretty sure Ally does not service the loan. I was just curious who others have ended up with as the loan services. So The Money Source? Any experience with them?
Right now, all/most mortgages Better is writing are staying with TMS because many servicers have stopped buying (or severely reduced pricing) on servicing rights. Right now, many servicers have reduced their bids from 1% of the loan amount to 0.5% of the loan amount to take over servicing, if they are evening buying them at all. It seems that everyone reporting since March has their loan sticking around TMS indefinitely.

LenderFi was similarly hit and had to create their own servicing setup very quickly. The folks in the Lenderfi refinancing thread have indicated that its still shaky and LenderFi is WAY behind in processing payments.
Yikes. I hope TMS can handle the basics, I just want to be able to set up a monthly auto direct debit and the ability to occationally make extra principal payments online...

Interesting that Ally offered better rates than Better if they are the same platform.

millscd63
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Re: Who services Ally Home Loans Mortgage?

Post by millscd63 » Wed May 13, 2020 9:38 pm

We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com

mg1655
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Re: Who services Ally Home Loans Mortgage?

Post by mg1655 » Wed May 13, 2020 10:03 pm

millscd63 wrote:
Wed May 13, 2020 9:38 pm
We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com
Currently have a mortgage with ally, can confirm it is via cenlar and ally.loanadministration.com

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anon_investor
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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Wed May 13, 2020 10:11 pm

mg1655 wrote:
Wed May 13, 2020 10:03 pm
millscd63 wrote:
Wed May 13, 2020 9:38 pm
We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com
Currently have a mortgage with ally, can confirm it is via cenlar and ally.loanadministration.com
How is your experience with cenlar?

Does cenlar have a auto direct debit payment option and also an option to make additional one time principal payments?

LoveTheBogle
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Re: Who services Ally Home Loans Mortgage?

Post by LoveTheBogle » Wed May 13, 2020 10:13 pm

BrandonBogle wrote:
Wed May 13, 2020 9:19 pm
anon_investor wrote:
Wed May 13, 2020 9:11 pm
Thanks. I am pretty sure Ally does not service the loan. I was just curious who others have ended up with as the loan services. So The Money Source? Any experience with them?
Right now, all/most mortgages Better is writing are staying with TMS because many servicers have stopped buying (or severely reduced pricing) on servicing rights. Right now, many servicers have reduced their bids from 1% of the loan amount to 0.5% of the loan amount to take over servicing, if they are evening buying them at all. It seems that everyone reporting since March has their loan sticking around TMS indefinitely.

LenderFi was similarly hit and had to create their own servicing setup very quickly. The folks in the Lenderfi refinancing thread have indicated that its still shaky and LenderFi is WAY behind in processing payments.
What is your source for 0.5 to 1.0% of loan amount as common bids to take over servicing?

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Wed May 13, 2020 11:16 pm

LoveTheBogle wrote:
Wed May 13, 2020 10:13 pm
What is your source for 0.5 to 1.0% of loan amount as common bids to take over servicing?
https://www.mbshighway.com/mortgage-crisis.html

Current servicing rates:
https://www.fool.com/investing/2020/04/ ... icers.aspx

Anecdotally, about not being able to sell off servicing:
viewtopic.php?f=2&t=300733&start=250#p5210105

mg1655
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Re: Who services Ally Home Loans Mortgage?

Post by mg1655 » Thu May 14, 2020 12:03 am

anon_investor wrote:
Wed May 13, 2020 10:11 pm
mg1655 wrote:
Wed May 13, 2020 10:03 pm
millscd63 wrote:
Wed May 13, 2020 9:38 pm
We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com
Currently have a mortgage with ally, can confirm it is via cenlar and ally.loanadministration.com
How is your experience with cenlar?

Does cenlar have a auto direct debit payment option and also an option to make additional one time principal payments?
I have had zero issues with ally mortgages so far (7 months). Yes, they have an auto ACH system, that's what I use, and it auto-transfers on the 1st of the month (or some other date early in the month, I don't bother to keep track of the exact date).

There is an option to make additional one time payments.

The following is the text from the online payment portal.
Please be advised, if you are currently enrolled in an automatic ACH draft program, making this payment will not stop the automatic draft payment from occurring.

Pay Online is a FREE payment service that offers you a quick and convenient way to pay your mortgage payment directly from your checking or savings account via Electronic Funds Transfer (EFT). You can only make a Principal Only Payment if your loan is due for the next calendar month or beyond; the amount of the principal only payment does not exceed $9,999.99; and you are not attempting to pay off your loan balance. And for your convenience, be sure to have your checking or savings account information readily available to complete this transaction.

There is no fee to use this service.

Payment must be submitted prior to 9:00 PM ET to ensure your payment is posted on the same day. Once this transaction is submitted, the transaction may only be cancelled by calling our Loan Servicing Center at least one (1) full business day prior to the scheduled payment draft date.

millscd63
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Re: Who services Ally Home Loans Mortgage?

Post by millscd63 » Thu May 14, 2020 9:25 am

anon_investor wrote:
Wed May 13, 2020 10:11 pm
mg1655 wrote:
Wed May 13, 2020 10:03 pm
millscd63 wrote:
Wed May 13, 2020 9:38 pm
We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com
Currently have a mortgage with ally, can confirm it is via cenlar and ally.loanadministration.com
How is your experience with cenlar?

Does cenlar have a auto direct debit payment option and also an option to make additional one time principal payments?
Same experience for us, we used the auto payment feature and it always came out on the 1st of the month.

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anon_investor
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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Thu May 14, 2020 9:42 am

millscd63 wrote:
Thu May 14, 2020 9:25 am
anon_investor wrote:
Wed May 13, 2020 10:11 pm
mg1655 wrote:
Wed May 13, 2020 10:03 pm
millscd63 wrote:
Wed May 13, 2020 9:38 pm
We have recently refinanced but before that Ally owned our mortgage. It was serviced by a company called CENLAR. ally.loanadministration.com
Currently have a mortgage with ally, can confirm it is via cenlar and ally.loanadministration.com
How is your experience with cenlar?

Does cenlar have a auto direct debit payment option and also an option to make additional one time principal payments?
Same experience for us, we used the auto payment feature and it always came out on the 1st of the month.
Excellent. Sounds like they have their act together better than Lenderfi, there seems to be a lot of anxiety from posters in the Lenderfi thread since Lenderfi had to figure out how to service their loans quickly, maybe too quickly.

So far the Ally refi process has been very smooth. Much better than my past experiences getting mortgages from Wells Fargo... (maybe I have low expectations?).

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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Tue May 26, 2020 5:54 pm

My Ally Home Loans Mortgage just funded. The Money Source will be the servicer. Sounds like they have a website and auto pay, so good enough.

EDIT: apparently this means Ally will likely be transfering permanent loan servicing to someone else (at least based on their FAQs and recommends not to do auto payment).

Now I am still left wondering who my permanent loan service will be... at least my refi only took 2 weeks from applying to funding!

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Tue May 26, 2020 6:24 pm

anon_investor wrote:
Tue May 26, 2020 5:54 pm
My Ally Home Loans Mortgage just funded. The Money Source will be the servicer. Sounds like they have a website and auto pay, so good enough.

EDIT: apparently this means Ally will likely be transfering permanent loan servicing to someone else (at least based on their FAQs and recommends not to do auto payment).
Sadly, this is consistent with what I thought. Ally Home Loans (at least in 2020) is rebranded Better.com and Better has TMS do all their loan servicing* until it is sold off.

My Better loan has moved to TMS as well and the MERS lookup shows Better owning my loan. I don’t know if this means that Better is just keeping my loan on the books, or it simply is too soon for it to have been sold elsewhere yet.

* Note, this may actually be changing in June. Around May 10th, the Better website changed on SOME pages (depends on what page you were on when you click on FAQ) to list a second company. I suspect with the sour servicing market right now, the terms were not favorable to Better to keep using TMS and they are transitioning everything not already in the pipeline over to the new vendor. That said, this is all speculation on my part and perhaps the whole time this second version of the FAQ was there, but I had never navigated to it before.

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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Tue May 26, 2020 6:46 pm

BrandonBogle wrote:
Tue May 26, 2020 6:24 pm
anon_investor wrote:
Tue May 26, 2020 5:54 pm
My Ally Home Loans Mortgage just funded. The Money Source will be the servicer. Sounds like they have a website and auto pay, so good enough.

EDIT: apparently this means Ally will likely be transfering permanent loan servicing to someone else (at least based on their FAQs and recommends not to do auto payment).
Sadly, this is consistent with what I thought. Ally Home Loans (at least in 2020) is rebranded Better.com and Better has TMS do all their loan servicing* until it is sold off.

My Better loan has moved to TMS as well and the MERS lookup shows Better owning my loan. I don’t know if this means that Better is just keeping my loan on the books, or it simply is too soon for it to have been sold elsewhere yet.

* Note, this may actually be changing in June. Around May 10th, the Better website changed on SOME pages (depends on what page you were on when you click on FAQ) to list a second company. I suspect with the sour servicing market right now, the terms were not favorable to Better to keep using TMS and they are transitioning everything not already in the pipeline over to the new vendor. That said, this is all speculation on my part and perhaps the whole time this second version of the FAQ was there, but I had never navigated to it before.
Ally sent me an email confirming TMS as my loan servicer and an faq link where I found this:

https://allyhomeloans.com/faq/

How will my loan be serviced after closing?
Depending on your loan type, Ally Bank may retain the servicing of your loan or transfer your loan to a permanent servicer. If loan servicing remains with Ally Bank, you will receive instructions in the mail for making your first payment.

If your loan is going to be transferred, Ally Bank will service your loan for a short period after it closes. During this time, payment administration and collection will be handled by The Money Source. After that, your loan will be transferred to a permanent servicer identified from a large roster of reputable servicers and mortgage investors including major U.S. banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. Third-party reviews and surveys are collected from our borrowers post-transfer to ensure the permanent servicers are quality partners.

KNMLHD
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Re: Who services Ally Home Loans Mortgage?

Post by KNMLHD » Tue May 26, 2020 7:02 pm

anon_investor - I had replied in another thread (you should have received a notification) asking about servicing transitioning from Cenlar to Ally.

Repeating here so you don't have to hunt for it:

<quoting me>
FWIW, I received correspondence from Ally today. It turns out they purchased my mortgage from the original investor. As part of that purchase, they will be taking over the servicing of the loan from Cenlar.

The one interesting thing - In the original letter from Cenlar, the mailing address for future payments to Ally, was the exact same address for Ally (same PO Box, same city/state). The only difference was the phone number. Just a guess here, but I'm leaning to the belief that if Ally owns the loan, then they service the loan. If Ally services a loan for some other investor, it's done through/via Cenlar.

Now I'm wondering if Ally would be amenable to a paid rate modification... I've been shopping for a refi, but jumbos are way out of whack at the moment. We're not too far off from being in the super conforming range, so was planning to pursue a refi in a couple months. However, if they'd consider a reasonable rate modification at a reasonable cost... I may be up for that.

I tried exploring earlier with the prior investor, and I received an emphatic "No". Maybe they new the loan was being bundled up for a sale.
<end quoting me>

Edit: It looks like my supposition may be wrong given your loan is being handled via TMS. Not clue why we're "special". :confused

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Tue May 26, 2020 7:07 pm

Better Servicing FAQ w/o logging in wrote: Better Mortgage will service your loan after it closes. During this time, payment administration and collection will be handled by our sub-servicing partner, called The Money Source (TMS).

At some point, we might transfer your loan to a permanent servicer. We have a large roster of reputable servicers and mortgage investors including major US banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. We collect third-party reviews and survey our borrowers post-transfer to ensure the permanent servicers are quality partners.

TMS will notify you if and when your loan is being transferred. In the event your loan is not transferred you will continue to make payments to TMS.
Better Servicing FAQ while logged in wrote: Better Mortgage will service your loan for a short period after it closes, usually about 30 days. During this time, payment administration and collection will be handled by our servicing partner, called LoanCare.

After that, we will transfer your loan to a permanent servicer. We have a large roster of reputable servicers and mortgage investors including major US banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. We collect third-party reviews and survey our borrowers post-transfer to ensure the permanent servicers are quality partners.
Interesting that the info is different and suddenly LoanCare is mentioned. It sounds like TMS may be the servicer they use for mortgages held for a while while LoanCare is who they start using for the "short hop" for the first payment. Either way, b/c Ally actually owns some of these loans and has a servicing arm, there could be variations in how it is handled. Just darned odd for sure!

FYI, this page lists both servicers: https://better.com/faq/loan-servicing/l ... ent-portal

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anon_investor
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Re: Who services Ally Home Loans Mortgage?

Post by anon_investor » Tue May 26, 2020 7:09 pm

KNMLHD wrote:
Tue May 26, 2020 7:02 pm
anon_investor - I had replied in another thread (you should have received a notification) asking about servicing transitioning from Cenlar to Ally.

Repeating here so you don't have to hunt for it:

<quoting me>
FWIW, I received correspondence from Ally today. It turns out they purchased my mortgage from the original investor. As part of that purchase, they will be taking over the servicing of the loan from Cenlar.

The one interesting thing - In the original letter from Cenlar, the mailing address for future payments to Ally, was the exact same address for Ally (same PO Box, same city/state). The only difference was the phone number. Just a guess here, but I'm leaning to the belief that if Ally owns the loan, then they service the loan. If Ally services a loan for some other investor, it's done through/via Cenlar.

Now I'm wondering if Ally would be amenable to a paid rate modification... I've been shopping for a refi, but jumbos are way out of whack at the moment. We're not too far off from being in the super conforming range, so was planning to pursue a refi in a couple months. However, if they'd consider a reasonable rate modification at a reasonable cost... I may be up for that.

I tried exploring earlier with the prior investor, and I received an emphatic "No". Maybe they new the loan was being bundled up for a sale.
<end quoting me>

Edit: It looks like my supposition may be wrong given your loan is being handled via TMS. Not clue why we're "special". :confused
Interesting. It could be that your loan is jumbo and harder to sell? Mine is a conventional loan, so probably easier to sell? Just my guess. I am happy the loan processing and funding was fast, will see how this TMS servicer is...

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BrandonBogle
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Re: Who services Ally Home Loans Mortgage?

Post by BrandonBogle » Tue May 26, 2020 7:12 pm

anon_investor wrote:
Tue May 26, 2020 7:09 pm
Interesting. It could be that your loan is jumbo and harder to sell? Mine is a conventional loan, so probably easier to sell? Just my guess. I am happy the loan processing and funding was fast, will see how this TMS servicer is...
That is quite likely. The secondary market for non-conforming loans is very tight right now and may not be worth selling the loan off at this time. And since Ally has capital for bank operations, they probably have more room to carry a jumbo that other direct lenders.

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