FCI offers a comprehensive high quality Loan Servicing solution with excellent pricing. We service individual loans and loan pools of any size for Brokers, Lenders, Institutions, and Private Investors. Most services are available nationally.
LOAN SERVICING PROGRAMS
- Primary Servicing (FCI is the Servicer)
- Sub Servicing (Broker earns a Servicing fee)
- Private Label Servicing (minimum 5,000 active loans)
- Interim Servicing
LOAN TYPES SERVICED
- Residential Loans
- Consumer Real Estate
- Commercial Real Estate
- Manufactured Housing
- Land
- Construstion
- Prime
- Sub-prime
- Fixed
- ARM
- HELOC
LOAN STATUS DEFINITIONS
Newly Originated Loan: A Loan of any type that has just been made and just closed. The originating Broker/Company may have funded the Investor in at the closing, or the Broker/Company may have funded the loan themselves and will assign (or sell) the note to an Investor later. The originating Broker/Company may have a Note Rate and a Sold Rate. For example the note was originated at a Note Rate of 12% and is being sold to the Investor at a Sold Rate of 11% with the Broker/Company keeping 1% as additional monthly compensation (also known as a "Spread"). The Broker/Company will typically continue to monitor the loan through the servicer, and provide guidance to the investor.
Performing Loan: Any loan that is current, one or two months delinquent, according to its original or modified terms.
Non Performing Loan: Any loan that is three months or more delinquent. The known situation for each loan should be disclosed.
Loan Pools: A group of loans that may be Performing, Non Performing or mixed. The situation for each loan in the pool should be disclosed.
STANDARD LOAN SERVICING PROGRAM FOR BROKERS AND INSTITUTIONS
This program is for Newly Originated Loans, Performing Loans and Performing Loan Pools. It consists of Payment Processing, Basic Collection, and Default Servicing. There is a one time Loan Setup and File Scrubbing Fee (submitted data reconciled to the document data) of $45 per Standard loan, $150 per performing Bankruptcy or Forbearance Plan loan. Call for reduced fees on bulk transfers. Loans in Bankruptcy are serviced and charged as two loans: a pre petition loan and a post petition loan. Data entry fee to reset any Loan terms, including Disbursements and Assignments of new Lenders, after a Loan is set up is $45 per instance. Transfer of servicing from FCI to another entity (excluding payoffs) is $25 per loan.
PAYMENT PROCESSING
Payment Processing is set up as soon as a complete Loan Servicing Setup Package is received. The fee is $15 per month per Investor/Lender. Add $5 for HELOC and/or Variable loans. Add $15 for Forbearance Plan loans. Loans over $600,000 are 0.075% of the unpaid principal balance divided by 12 ($1M loan equals $62.50 per month), or $15 per month per Investor/Lender, whichever is greater. The Payment Processing portion of the program includes:
- Borrower Welcome Letter
- Borrower Monthly Statement with Payment Coupon and Return Envelope
- Lender Welcome Letter
- Lender Monthly Statement of all Accounts
- Same Day Payment Posting
- Daily Disbursement of Funds (after clearing)
- Electronic deposit of Funds (ACH) into Lender's account
- Optional Escrow/Impounds Service for Insurance and Taxes
- Payoff Demands
- Rush Demands
- Disbursements and Draws
- Releases & Reconveyances
- IRS 1098 and 1099-INT Reporting
- 24/7 On Line Secure Account Access for Brokers and Investor/Lenders
- Downloadable Reports for Brokers and Investor/Lenders
Optional ESCROW/IMPOUNDS service: When the borrower's monthly payment on a first position loan includes amounts for the payment of Property Taxes and/or Hazard Insurance, FCI will collect and hold those proceeds in a trust account and disburse the scheduled payments to the respective authority as scheduled. The fee is $25 per month per loan and will be added to the monthly loan servicing fee and prorated to the respective Lenders.
BASIC COLLECTION
Basic Collection starts when the Borrower Payment is 15 days past due. The fee is 50% of paid Late Charges. The Basic Collection portion of the program includes:
- Late Notice sent at 15 days delinquent
- Final Notice sent at 31 days delinquent
- Borrower inquiry calls handled
- Act as intermediary between Borrower and Broker or Investor/Lender
- Notify Broker or Investor/Lender of Borrower need for refinance or modification
DEFAULT SERVICING
FCI handles the Default Servicing on all loans serviced. Foreclosure processing is an integral and required part of Standard Loan Servicing. Fees will vary widely by state. The Default Servicing portion of the program includes:
- Specific 30 day Notice of Intent letters available
- Foreclosure process started immediately upon written request by Broker or Investor/Lender
- National Foreclosure processing or coordination
- CA Declaration of Compliance
- Legal Services coordination including Bankruptcy Relief and Eviction
- REO management and property sale available
Geographic Area
Standard Loan Servicing is available throughout the nation.
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