Loan Servicing Checklist

Use this checklist as a guide to put together a complete Loan Servicing Package for submission. Read each item carefully and include this form in the complete package sent in. Remember, we can only accept and set up loans that come in as one complete package per loan (unless this is a bulk transfer using our Loan Board Template).

 Loan Servicing Setup Form

PLEASE UNDERSTAND THAT LOANS CAN NOT BE BOARDED WITHOUT COMPLETE SETUP INFORMATION. If you overnight the package, include a check for the one time Loan Setup and File Scrubbing Fee of $45 per Standard loan, or $150 per performing Bankruptcy or Forbearance Plan loan. If you email or fax the package, we will call for the Loan Setup and File Scrubbing Fee on a charge card. If there is a change of ownership regarding this loan, then look at Transmittal Form #4 instructions.

 RESPA Goodbye Letter

This form is sent to the borrower by the current Servicer to transfer servicing on an existing loan. It is not needed to start servicing a new loan. Date and send the letter at least 15 days before the selected “Date of Transfer”.  Once you enter the “Date of Transfer” the other Date fields will auto fill in the rest of the form.  Make the obvious changes in the active fields.  Regardless of the Date of Transfer of Servicing in the RESPA letter, consider the loan transferred when it is sent to FCI. Any borrower payments received once the package has been sent to FCI must be endorsed and forwarded to FCI for processing.

 TILA Ownership Transfer Notice (for transferring full or partial ownership)

Effective May 20, 2009 when an existing loan secured by the principal dwelling of a consumer is purchased or assigned in full or part, the new Investor/Lender (Creditor) must notify the borrower of the transfer of ownership within 30 days. Use this checklist to provide the information needed for FCI to send out the Truth-In-Lending Act Ownership Transfer Notice. We can only do this Notice for loans in our Loan Servicing system. Include a $25 processing fee when submitting the completely filled out checklist.

 Loan Servicing Direct Deposit Form

This form is used to set up the automatic deposit (ACH) of funds for Note Rate/Sold Rate or Broker Servicing Fee from loan payments into a Broker or Investor/Lender's bank account. This form is not needed for an Investor whose banking information is included on the Loan Servicing Setup Form.

 Loan Servicing BORROWER Automated Payments Form (ACH)

Use this form to set up the optional program for the Borrower's loan payment to be electronically deducted from the Borrower's checking or savings account on the same day each month using the Federal Banking System's ACH feature. This popular payment method means there is no need to remember to write checks or mail anything. Borrowers who do not sign up for ACH payments will automatically get a Monthly Statement with Return Envelope to mail in their loan payment.