This past weekend we published a blog about how hard it was for customers and members of the media to contact Seterus, the residential servicing division of IBM. Over the weekend, one veteran mortgage banking executive who we've known for years weighed in on the matter. He did not want to be identified by name, but said that Seterus was recently given his loan to service. This is what he had to say: “My loan was sold to them and we didn't receive any notice from the old lender. I tried to reach them and forget it!” A few months back, a family member of mine, who had a loan with Chase, suddenly found Seterus as his servicer. The first thing Seterus did was to hike his escrows…
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