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Green Tree Servicing LLC
Old 02-08-2013, 03:56 PM   #1
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Green Tree Servicing LLC

GMAC assigned the servicing of our mortgage to Green Tree. Anybody have any experience with them? We are planning to refi soon, but it could take a while for us to proceed.

I noticed that GMAC did not pull the bi-weekly payment on the 1st but sometimes that happens. We got a letter (with no postmark) on the 7th which was dated Jan 23. The transfer was effective on Feb 1st.
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Old 02-08-2013, 07:00 PM   #2
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I also had GMAC assign my mortgage to green tree. I know nothing about them except what one can find on the internet.
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Old 02-08-2013, 07:13 PM   #3
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Interesting article from reuters about GMAC and green tree

TEXT - Fitch monitoring Green Tree's Servicing LLC rating | Reuters

Then there's this on a consumer complaint site. Scroll down and read the comments from Franktalk1 who appears to be an employee.
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Old 02-08-2013, 07:16 PM   #4
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I ended up with GMAC servicing my last mortgage, before our refi. I'm surprised they gave one away. I figured they originated the loan, sold it to Fannie or Freddie, and then took on the servicing. Everything but the loan risk. Unless Green Tree is owned by GMAC.
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Old 02-08-2013, 07:31 PM   #5
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Originally Posted by Animorph View Post
I ended up with GMAC servicing my last mortgage, before our refi. I'm surprised they gave one away. I figured they originated the loan, sold it to Fannie or Freddie, and then took on the servicing. Everything but the loan risk. Unless Green Tree is owned by GMAC.

GMAC declared bankruptcy is is farming out it's portfolio. Kind of alarming, really.
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Old 02-08-2013, 07:48 PM   #6
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Thanks for the link. When I searched I found lots and lots of complaints going back 2 yrs, but most were folks that fell behind. I saw the link from franktalk1 that you posted also. Here's the thing that I find most alarming (from your 1st link)
"Completion of the GMAC Mortgage transfer is expected to increase Green Tree's residential servicing portfolio by approximately 40.5%. The MSR acquisition from BOA is expected to increase Green Tree's servicing portfolio by an additional 59.8%."

With this rate of expansion, I am expecting problems. I called GMAC and they said the automatic bi-weekly payments would resume with no changes once the new servicer gets "caught up".
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Old 02-08-2013, 08:16 PM   #7
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Green Tree services one of my mortgages. What bothers me is they charge a substantial fee for electronic (ACH) payments, and no fee payments made by paper check. So each month I break out the checkbook, pen, envelopes, and stamps.

Other than that, no problems. They are very good at cashing my checks.
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Old 02-13-2013, 09:22 AM   #8
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I called GMAC yesterday about them or green tree not taking my payment out, and they said Green Tree would take it out later in the month, as there are delays involving the transfer from GMAC to Green Tree. They said because it was their fault, no late charges would apply to the customer.

I'm going to refi as soon as I can to run away from that mess. This time I'll go through my credit union.
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Old 02-13-2013, 10:11 AM   #9
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Chase bought my mortgage from MetLife. I guess MetLife is trying to get away from the mortgage business too. At least it is going from stable company to stable company.......
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Old 02-17-2013, 01:12 PM   #10
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I called GMAC yesterday about them or green tree not taking my payment out, and they said Green Tree would take it out later in the month, as there are delays involving the transfer from GMAC to Green Tree. They said because it was their fault, no late charges would apply to the customer.

I'm going to refi as soon as I can to run away from that mess. This time I'll go through my credit union.
GMAC outsourced the customer service function. The pre-recorded messages were geared to folks that had thier mortgages transferred to some OTHER outfit. The live customer service rep had script to go by and not really any help.

On the 14th, I got a letter from GMAC stating my payment arrangement would be retained with GreenTree....and it has. When I checked my account they had drafted the Feb 1st payment on the 14th and then the Feb 15 payment was drafted on time. I appear to be up to date, but I don't really have much of anything in writing.
I going to run away too if I can, but we may be trapped.
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