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 HomeSpecialty Loan Servicing     July 24, 2014  
 
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The Specialty Loan Servicing Full Collection Program is designed to rapidly turn Delinquent Loans and Loan Pools into cash by facilitating the restructure of loans, or by foreclosing and selling the properties. It is staffed by experts at skip trace, collection, workouts, foreclosures, and property sales.  

The Full Collection Servicing program can also be used for High Touch Performing Loan Servicing.

FULL COLLECTION SERVICING PROGRAM FEES

LOAN SETUP & FILE SCRUBBING FEE

 $45 per Loan for 1 - 9 Loans

 $25 per Loan for 10+ Loans submitted at one time

PERFORMING BK & FOREBEARANCE PLAN LOAN SETUP & FILE SCRUBBING FEE   $150 per Loan
COLLECTION FOR DELINQUENT LOANS up to $1M  $95 per Loan/Month
COLLECTION FOR DELINQUENT LOANS over $1M  Add $15 per Million
COLLECTION FOR SPECIAL CIRCUMSTANCE LOAN POOLS   Negotiable
HIGH TOUCH SERVICING FOR MOST PERFORMING LOANS   $30 per Loan/Month + $15 per additional Lender 
PERFORMING HELOC/VARIABLE LOANS   Plus $5 per Loan/Month 
OPTIONAL ESCROW/IMPOUNDS SERVICE ON PERFORMING LOANS

 $15 per Loan/Month 

DATA ENTRY LOAN RESET FEE 

 $45 per Loan for 1-9 Loans 

$25 per Loan for 10+ Loans reset at one time

Optional ESCROW/IMPOUNDS service: When the borrower’s monthly payment on a performing 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 $15 per loan per month and will be added to the monthly loan servicing fee and prorated to the respective Lenders.

Notice for non performing loans:  It is standard in the industry for the Investor/Lender to go to a forced placed Hazard Insurance provider, check Property Taxes through public records or use a Tax Service, and (if applicable) file a Request for Notice of foreclosure with any senior lien holders.

Notice for performing loans:  When the Borrower's monthly payment does not include Escrow/Impounds for Property Taxes and Hazard Insurance, it is standard in the industry for the Investor/Lender to file a Loss Payee Notice with the insurance company, check for payment of taxes once a year through public records or use a Tax Service, and (if applicable) file a Request for Notice of foreclosure with any senior lien holders.

Compliance Notice:  Every Servicer and Loss Mitigation company must have Federal and State Licenses/Registrations in their company name at their specific address.  For your protection, check this at www.nmlsconsumeraccess.org; enter the company name to get the Federal ID, then click on the company name to get the State IDs.      

FULL COLLECTION FEATURES (non performing loans)


. 1st Late Notice sent 11 days after boarding  . Facilitate Short Pay negotiations at direction of Lender 
. 2nd Late Notice sent 21 days after boarding . Coordinate Bankruptcy Relief 
. 3rd Late Notice sent 31 days after boarding  . Legal Issues coordination 
. Borrower Inquiry calls handled  . Foreclosure Processing And Coordination
. Skip Trace  . Short Sale coordination 
. Collection Calls  . Coordinate Property Preservation and Securing 
. Negotiations  . Assist with Municipal Notices and Issues
. Property Valuation available  . REO Property Management 
. Lien Verification available  . Coordinate Evictions
. Facilitate Loan Modifications at direction of Lender  . Coordinate REO Property Sale
. Facilitate Forbearance Agreements at direction of Lender    




HIGH TOUCH LOAN SERVICING FEATURES (performing loans)


.  Borrower Welcome Letters
.  Borrower Monthly Statement with Payment Coupon
.  Lender Welcome Letter
.  Lender Monthly Statement of all Account
.  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
.  Late Notices sent at 11, 21 and 31 days delinquent 

.  Outgoing collection calls after Late Notices
.  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  



The basic fee for collecting and servicing delinquent Loans under the DELINQUENT LOAN PROGRAM is $95 per month per Loan up to $1M.  For Loans over $1M add $15 per million or portion thereof.

Special circumstance Loan Pools are negotiable.

Incoming performing Loans and Loans brought current as a result of modification, up to $500K, will go to the High Touch PERFORMING LOAN PROGRAM at $30 per month per Loan for one Lender plus $15 per month per additional Lender, billed equally.  Loans over $500K through $1M are 0.10% of the UPB/12 ($1M equals $83 per month). Loans over $1M add $15 per million or portion thereof, or $15 per month per Lender, whichever is greater. Add $5 per month for HELOC or Variable Loans.  Basic Collection fee on Performing Loans is 50% of the paid late charges.

There is a one time Loan Setup and File Scrubbing Fee (submitted data reconciled to the document data) of $45 per standard Loan, reduced to $25 per Loan if 10 or more standard Loans are submitted at one time, and $150 per performing Bankruptcy or Forbearance Plan Loan.  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 is $45 per instance, reduced to $25 per Loan if 10 or more Loans are reset at one time.  Transfer of servicing from FCI to another entity (excluding payoffs) is $75 per Loan. Servicing fees and hard costs are paid by client as incurred. Hard costs primarily include payment of taxes, liens, Attorney fees, Trustee fees, and Municipal charges.


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.

Spread:  On a Newly Originated Loan 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 (known as a Spread or Broker Servicing Fee). The Broker/Company will typically continue to monitor the loan through the actual regulatory 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.



Learn

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 $500 per pool (any size) and includes 3 runs with variable information.


Collection / Servicing 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 for those purchasing Delinquent Loan Pools. In Collection our initial focus is on locating, contacting and understanding the borrower’s situation and developing workout and modification programs at the Lender's direction to keep payments coming in. Our secondary focus is on rapid, cost effective repossession and sale of the property generating a maximum net return.

 
 
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