My Transmission was operating fine and then out of no where it just fell out of gear and would not go into reverse or drive. When I start it in the morning I can drive it for about 5 minutes and then the same thing happens. It wasn't slipping prior to and it had just been serviced 4,500 miles prior to. What would cause this to happen?

No movement in any gear: pump failure, or total loss of fluid. R&R, or refill pan and find the leak. If out of fluid, avoid running the engine until the trans is refilled to avoid pump damage. To check for pump failure, check fluid level with the engine off, then start the engine and recheck fluid level. If level does not go down when engine is running, the pump is broken.
Soft shifting, gradual performance degradation: Poor line pressure rise due to leaking boost valve, clogged EPC filter screen, failing EPC solenoid, or worst case: leaky seals throughout. Transgo HD2-C kit fixes first two without removing trans. Seal restorer may fix last problem, but probably R&R.
Put a line pressure gauge (or visit a local trans shop) on the pressure test port and go for a drive to verify proper line pressure. Base pressure at idle in P,N,OD should be around 70psi and around 140psi in R. Max line pressure should be at least 190psi at WOT in 1st or 2nd, 225psi is optimum. If base pressure is low, trans or pump is worn out. If max pressure is low, check EPC solenoid. If reverse is slow to engage, and line pressure does not come up to at least 130psi in reverse, replace the boost valve with a Transgo 0.490" boost valve (easy fix in pan).
Thank you for using fixya and good luck. Transmission failure is common when you have the transmission flushed rather then having it serviced by dropping the transmission pan and letting the fluid drain on it's own.