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FCI is the servicer
Broker earn a
Servicing Fee
Minimum 5,000
Active Loans
Very Short Term
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A complete Loan Servicing Setup Package must be received to start servicing.
| STANDARD LOAN SERVICING FEES |
| LOAN SETUP & FILE SCRUBBING FEE |
$45.00 per loan |
PAYMENT PROCESSING
(loans up to $ 600K)
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$15.00 per month/lender |
HELOC/ VARIABLE LOAN
(loans up to $ 600K)
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$20.00 per month/lender |
Optional ESCROW/IMPOUNDS
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$25.00 per month/loan |
| PRIN. BAL. OVER $600,000.00 |
.075% of principal balance/12 ($1M = $62.50) or $15.00 per month/lender whichever is greater |
The fee is $15 per month per Investor/Lender. Add $5 for HELOC and/or Variable 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.
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.
Recommendation Note: On loans that do not use the optional Escrow/Impound service, it is recommended that the Broker or Investor/Lender file a Loss Payee Notice with the insurance company, check for payment of taxes once a year or use a Tax Service, and (if applicable) file a Request for Notice of foreclosure with any senior lien holder.
The Payment Processing portion of the program includes:
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
- Second Late 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
Collection Option: Troubled loans in Standard Loan Servicing can be transferred to Specialty Loan Servicing for high touch servicing, collection and possible modification. Click the Specialty Loan Servicing tab for program and pricing. There is a $25 loan reset fee at transfer.
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
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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.
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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.
Sub Servicing: The originating Broker/Company may be selling the interest in a Note to an Investor/Lender, servicing retained (not released), with 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 (also known as a “Spread”). The Broker/Company should continue to monitor the loan through the sub servicer, and provide guidance to the investor. In this scenario FCI is acting as the sub servicer for the originating Broker/Company. Typically, the borrower payments will be disbursed to the Investor minus the Spread, and the Spread will be disbursed to the Broker/Company minus the FCI loan servicing fee.
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