Specialty Loan Servicing

 

DELINQUENT LOAN POOL EVALUATION, COLLECTION & SERVICING

This department is specifically designed to evaluate, collect and service delinquent and problem loan portfolios of any size. It is staffed by highly experienced collection, workout, repossession, and property sale specialists.


LOAN TYPES SERVICED

  • Residential Loans
  • Consumer Real Estate
  • Commercial Real Estate
  • Manufactured Housing
  • Land
  • Prime
  • Sub-Prime
  • Fixed
  • ARM
  • HELOC

EVALUATION

Pre Purchase Evaluation

This involves running the Loan Pool Acquisition Model from information provided by the seller. This complex model estimates return based on purchase price, or calculates purchase price based on desired return. The Loan Pool Acquisition Model was developed by FCI over 6 years and analyzes each loan through 459 data variables, 20 calculation variables, and extrapolates 47 columns of data. The fee is $35 per loan with a $1500 minimum, and includes 3 runs with variable information. To see an example of the Loan Pool Analysis Graph please CLICK HERE.

Due Diligence

This normally starts after the indicative bid is won and takes 14 days. The program includes field inspections, accurate valuations, verification of ownership, encumbrances check, desktop review of data, and a rerun of the Loan Pool Acquisition Model with the new data. The fee is $115 exterior BPO with review, $135 interior BPO with review, $135 ownership and encumbrance report with review.
 

COLLECTION

Collection begins as soon as we receive copies of the seller's RESPA 'goodbye' letters listing FCI as the designated servicer. This quick start will also create lead time to find and submit claims under the short warranty period. In Collection our initial focus is on understanding the borrower's situation and developing workout and modification programs to keep payments coming in. Our secondary focus is on rapid, cost effective repossession and sale of the property generating a maximum net return. This program includes:

  • Late Notices
  • Breach Letters
  • Collection Letters
  • Foreclosure Notices
  • Borrower Inquiry calls handled
  • Skip Trace
  • Collection calls
  • Negotiations
  • Property Valuation available
  • Lien Verification available
  • Letters of Understanding
  • Loan Modifications
  • Forbearance Agreements
  • Short Pay negotiations
  • Bankruptcy Relief
  • Legal Issues coordination
  • Foreclosure Processing
  • Short Sale coordination
  • Property Preservation and Securing
  • Handle City Notices and Issues
  • REO Property Management
  • Evictions
  • REO Property Sale


LOAN SERVICING FEATURES (non default)
  • Borrower Welcome Letters
  • Borrower Monthly Statement with Payment Coupon
  • Lender Welcome Letter
  • Lender Monthly Statement of all Accounts
  • Same Day Payment Posting
  • Electronic deposit of Funds (ACH) into Lender's account
  • Insurance Monitoring
  • Property Tax Monitoring
  • Payoff Demands
  • Subordination Agreements
  • Assignments
  • Disbursements and Draws
  • Releases and Reconveyances
  • IRS 1098 and 1099-INT Reporting
  • Paper or EDI Communication
  • 24/7 Account Access
  • Downloadable Reports

Collection Fee Structure

The standard fee for collecting and servicing delinquent SFR loans under the DELINQUENT LOAN SERVICING PROGRAM is $75 per month per loan. Incoming performing loans or loans that perform for 3 months will go to the PERFORMING LOAN SERVICING PROGRAM at $30 per month per loan. Unusual loans and commercial loans are negotiable. Hard costs are paid by client as incurred at par (no markup), or paid from a joint Reserve Checking Account funded by the client. Hard costs primarily include payment of taxes, liens, Attorney fees, Trustee fees, and Municipal charges.

Loan Pool Analysis Graph

This living graph tracks the current and projected performance of your loan pool as we collect and service it. It will show if the pool is expected to generate a positive or negative return, and when. Return is driven by acquisition price, market values, modification discounts, foreclosure cost, liquidation costs, and timeframes. These factors vary greatly by state, county and geographic region.

The graph's numbers reflect the total return (not annualized return) and do not include the reinvestment value of the monthly cash intake. The Graph shows actual data to the current date, and projections going forward. To see an example of the Loan Pool Analysis Graph please CLICK HERE.

 

Geographic Area

We service throughout the nation.
 

If you have questions or would like more information, please CLICK HERE.

   
 

FCI
"A Partner You Can Trust"
Since 1982

8180 East Kaiser Blvd., Anaheim Hills, California 92808
 Toll Free: (800) 931-2424, Phone: (714) 282-2424, Fax: (714) 282-2425
 www.trustfci.com