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 HomeSpecialty Loan Servicing     December 7, 2016  
 
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Note:  FCI will not service Negative Amortization (Neg Am) Loans, Daily Simple Interest Loans (interest accrual method from date received to date received).  This with the exception of:  Lender agrees to let FCI service the Loan as a regular or partially amortized Loan or as an interest only Loan with no negative amortization.



On the Specialty Loan Servicing Full Collection Program FCI is the Servicer acting at the direction of its Lender Clients (Owner of the Notes) to rapidly turn Delinquent Loans and Loan Pools into cash by facilitating the restructure of loans, or by foreclosing so the Lender can sell 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.

*A complete Loan Servicing Setup Package must be received to start servicing.

*The Setup Fee is with all documents/information provided at the time of Setup, and is non-refundable.

*Missing documents/information requested by FCI must be provided within 30 days from initial Boarding or the Loan will be Deboarded.

*Loans can be prelim Boarded with copies of UNRECORDED documents, but copies of required RECORDED documents (Deed, Mortgage, Assignments, etc.) must be provided within 60 days.

SPECIALTY Loan Servicing SETUP FEES
(For Delinquent Loans & High Touch Performing Loans)
LOAN SETUP for Fixed Rate, Single Lender, non escrow/impound $45 per Loan for 1 - 9 Loans
$25 per Loan for 10+ Loans submitted at one time
LOAN SETUP for more than one Lender Add $10 per Lender
LOAN SETUP for ARM/HELOC - Performing Add $5 per Loan
LOAN SETUP for ARM/HELOC -  Delinquent Add $15 per Loan
LOAN SETUP for Loans with Escrow/Impounds Add $15 per Loan
LOAN SETUP for Active Bankruptcy, Forbearance Plan, Complex Loans & Complex Loan Modifications $150 per Loan
LOAN SETUP for Partial Note Sale (Hypothecation) $75 per Loan


SPECIALTY Loan Servicing PROGRAM FEES
(For Delinquent Loans & High Touch Performing Loans)
FULL COLLECTION FOR DELINQUENT LOANS
(Loans up to $1M)
$95 per Loan/Month
FULL COLLECTION FOR DELINQUENT LOANS
(Loans over $1M)
Add $20 per $M or portion thereof
HIGH TOUCH PERFORMING SERVICING
(Loans up to $500K)
$35 Loan/Month for one Lender + $15 per additional Lender
HIGH TOUCH PERFORMING SERVICING
(Loans $500K up to $1M)
0.10% of Principal Balance/12 ($1M = $83 month), or $35 for the 1st Lender + $15 per additional Lender (if greater)
HIGH TOUCH PERFORMING SERVICING
(Loans over $1M)
$83 at $1M plus $20 per $M (or portion thereof), or $35 for the 1st Lender + $15 per additional Lender (if greater)
ARM/HELOC LOANS Add $5 per Loan/Month
ESCROW/IMPOUND service included Add $15 per Loan/month for 1-2 entities (taxes & insurance)
Add $2.50 per Loan/Month per entity over 2 enitites (city, county taxes)
LOAN RESET for Data Entry $45.00 per Loan for 1 - 9 Loans
$25 per Loan for 10+ Loans submitted at one time


HIGH TOUCH PERFORMING Loans that miss the 3rd Payment and become DELINQUENT will move to FULL COLLECTION

DELINQUENT LOANS that become PERFORMING will move to HIGH TOUCH PERFORMING Servicing

Optional ESCROW/IMPOUNDS service: When the borrower’s monthly payment on a performing first position Loan includes amounts for the payment of Property Taxes, Hazard Insurance, or other entities, 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 for 1 or 2 entities and will be added to the monthly Loan Servicing Fee and prorated to the respective Lenders.

Notice for Delinquent 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.  FCI offers Insurance Tracking as an option within its servicing and access to deeply discounted force placed Hazard Insurance.

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.

Payoff and Reconveyance Notice:  Regulations require the Servicer to maintain complete and current records of all loan servicing activities. As the entity that accepts Payoff Funds, FCI is responsible for ensuring the Reconveyance is recorded according to Regulatory timelines and requirements.  FCI must perform all activities involved in processing Reconveyances including recording of all related documents such as release of Assignment of Rents, and Deed of Trust.  Fees are charged according to State Code, $45 minimum (Borrower portion per State maximum), plus recording costs.
      

FULL COLLECTION FEATURES (Delinquent 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 
. Negotiations  . Assist with Municipal Notices and Issues
. Lien Verification available  . Coordinate Evictions
. 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 each Late Notice
.  Outgoing Collection Call at 41 days delinquent 
.  Free Hazard Insurance Tracking 
.  Disbursements and Draws
.  Releases and Reconveyances
.  IRS 1098 and 1099-INT Reporting
.  Paper or EDI Communication
.  24/7 Account Access
.  Downloadable Reports  



The base 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 $20 per million or portion thereof.  FCI does not charge a so called "Incentive Bonus" like most Specialty Servicers because Clients have a Live Customer Login to view servicing/collection activity.

Incoming performing Loans and Loans brought current as a result of modification, will go to the High Touch PERFORMING LOAN PROGRAM at $35 per month per Loan for one Lender plus $15 per month per additional Lender, billed equally, for Loans up to $500K.  Loans over $500K through $1M are 0.10% of the UPB/12 ($1M equals $83 per month). Loans over $1M add $20 per million or portion thereof, or $15 per month per Lender, whichever is greater. Add $5 per month for HELOC or Variable Loans.  FCI is entitled to 50% of the paid late charges on Loans to $500K, 25% on Loans $500K to $2M, 15% on Loan over $2M.

There is a one time Loan Setup Fee per the above Fee Schedule due at Setup.  Active Bankruptcy Loans 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 $90 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/Lender at a Sold Rate of 11% with the Broker/Company keeping 1% as additional monthly compensation (known as a Spread). The Broker/Company will typically continue to monitor the loan and provide guidance to the Investor/Lender.

Performing Loan:  FCI Servicing Program definition is any Loan that is current, one or two months delinquent, according to its original or modified terms.  Loan Servicing Tracking definition is any Loan that is paid before the passing of the grace period.

Delinquent Loan:  FCI Servicing Program definition is any Loan that has missed the 3rd payment, or more. The known situation for each Loan needs to be disclosed.  Loan Servicing Tracking definition is any Loan where the borrower's payment is not received within the grace period.

Loan Pools: A group of Loans that may be Performing, Delinquent or mixed. The situation for each Loan in the pool should be disclosed.

                     


Collection / Servicing begins as soon as we receive a complete Setup Package including copies of the seller’s RESPA ‘goodbye’ letters transferring servicing to FCI, and copies of the Assignments designating the new Lender/Investor. This quick start will also create lead time for the Lender/Investor to find and submit claims under the short warranty period for those purchased Loans.  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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