The Private Money Loan Servicing industry evolved out of necessity. Brokers and Originators would fund a Hard Money Loan themselves or with Private Investor money, or individuals would do a Hard Money Loan to friends or family. Unfortunately, once the Loan was closed, they were then burdened with the servicing functions of tracking payments, interest, late pays, and then handling Collection, Workouts and then Foreclosure if the Workouts failed.
Private Money lenders simply didn’t have the time, up to the minute servicing compliance knowledge, systems and tools to handle Loan Servicing or Collection, Workout and Foreclosures, nor did they want the expense or liability that comes with In House Servicing or Collection. The best way to focus on continued lending was to outsource the Loan Servicing. FCI was founded in 1982 when a number of these Hard Money lenders asked for help doing Loan Servicing and Collection or Foreclosures on their Private Money Loans. FCI is the Sub-Servicer acting at the direction of its Lender Clients (Owner of the Note).
FCI offers Loan Servicing programs designed to fulfill the varied needs of our clients.
Standard Basic Loan Servicing
is a high quality, structured program for servicing all types of Performing Loans
(current, 1 or 2 months behind) and Newly Originated Private Money Loans
at very competitive prices. This is primarily a payment processing program which does include
Late Notices, but does not included
Collection Calls and Loss Mitigation services, except as is required for regulatory compliance.
Specialty Loan Servicing Full Collection program is specifically designed to address Non-Performing Loans (missed the 3rd payment) by facilitating the restructure of Loans per Lender directions, presenting Lender offered FPA's (Foreclosure Prevention Alternatives), or by coordinating the Lender's foreclosure of the Loan if workouts are not possible. It is staffed by experts at Skip Trace, Collection, Foreclosure Prevention Alternative workouts, facilitating Loan Modifications, and Foreclosures (as a last alternative).
High Touch Performing Loan Servicing program includes all the Standard Basic Loan Servicing features plus outgoing Collection Calls. Also includes Regulatory Compliance Actions for Covered Loans (Dodd Frank: Primary Residence) at no additional servicing fee.