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The Specialty Loan Servicing department is specifically 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 Specialty Loan Servicing program can also be used for High Touch Performing Loan Servicing.
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SPECIALTY LOAN SERVICING FEES
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| LOAN SETUP & FILE SCRUBBING FEE |
$45.00 per loan (one time fee) |
| PERFORMING BK & FOREBEARANCE PLAN LOAN SETUP & FILE SCRUBBING FEE |
$150.00 per loan (one time fee) |
| COLLECTION FOR MOST DELINQUENT LOANS |
$95.00 per loan/month |
| HIGH TOUCH SERVICING FOR MOST PERFORMING LOANS |
$30.00 per loan/month + $15.00 per month per additional lender |
| COLLECTION FOR UNUSUAL AND VERY LARGE LOANS |
Negotiable |
| OPTIONAL ESCROW/IMPOUNDS SERVICE ON PERFORMING LOANS |
$25.00 per loan/month |
| DATA ENTRY LOAN RESET |
$45.00 (per instance) |
| BULK TRANSFERS OR RESETS |
Negotiable |
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.
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COLLECTION FEATURES (default)
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LOAN SERVICING FEATURES (non default)
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The standard fee for collecting and servicing delinquent SFR loans under the DELINQUENT LOAN PROGRAM is $95 per month per loan. Incoming performing loans, and loans brought current as a result of modification will go to the PERFORMING LOAN PROGRAM at $30 per month per loan for one lender plus $15 per month per additional lender, billed equally. Unusual loans and very large loans are negotiable. Collection fee on performing loans is 50% of paid late charges.
There is a one time Loan Setup and File Scrubbing Fee (submitted data reconciled to the document data) of $45 per 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. 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. 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.
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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