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NOTE: FCI will not service EQUITY SHARING Loans, AITD/Wraps, REVERSE MORTGAGES, COOPERATIVE LOANS (Co-Op), NEGATIVE AMORTIZATION Loans, DAILY SIMPLE INTEREST Loans (interest accrual method from date received to date received), Notes that charge INTEREST ON INTEREST, or any Loans with an EXCESSIVE NOTE INTEREST RATE. 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, or at a reasonable Note Interest Rate.
BACKUP LOAN SERVICING when Activated, Lender has the choice of the following Two Servicing Options:
STANDARD BASIC LOAN SERVICING (Performing: $20 base fee)
+
SPECIALTY LOAN SERVICING (Non-Performing: $95 base fee)
OR
SECURITIZATION SERVICING & FULL SERVICING (all Loans; 25 BPS base fee)
*Servicing is performed according to Accepted Servicing Practices, Lender Instructions and Contractual Agreements.
*All Loan Servicing information must be available and received in an agreed format before the selected program start date.
*FCI has the capability and programmers to assist the Primary Servicer with the data transfer setup for a programming fee.
*These Programs use FCI and FCI Fintech’s proprietary Full API Technology and Private Financial Technology Blockchain securely holding all servicing data and transactions (Origination and Servicing) in Unchangeable and Transferrable Technology.
FCI can act as the Backup Servicer for 3rd Party Servicers, the Lender’s In House Servicing, or to satisfy a requirement for a Funding Facility using the subject loans as security.
There are two Programs based on the
frequency of data updates and the
speed of implementation.
COLD Backup Servicing: involves a MONTHLY backup of all servicing data from the Primary Servicer to be held in a batch by FCI. Upon Lender instruction (Activation), the data is loaded into FCI’s servicing system, Transfer of Servicing Notices are sent to the Borrowers, and FCI become the new Servicer of Record as of the Transfer Date, typically within 15 days.
HOT Backup Servicing: involves a DAILY backup of all servicing data from the Primary Servicer directly into FCI’s servicing system for tracking, but borrower interaction (monthly statements) and regulatory reporting (including IRS) are not activated. Upon Lender instruction (Activation), FCI immediately takes over from the Primary Servicer, and Transfer of Servicing Notices are sent to the Borrowers.
There is a monthly fee for MONTHLY receiving and holding the data, then FCI’s Loan Boarding Fees for all regular programs and Loan Servicing Fees per selected regular Servicing Programs after Activation.
The servicing fees for these two Programs are as follows:
COLD Backup Servicing PROGRAM FEES
(For Non-QM Loans – Takeover within 15 days)
|
| INITIAL PORTFOLIO REVIEW |
$1,500
|
| MONTHLY BACKUP and HOLD |
3 BPS per year/12 |
| MONTHLY BACKUP and HOLD Minimum Fee |
$1,500 per Month |
| ACTIVATE FCI SERVICING: Boarding Fee |
$35 per Loan |
| ACTIVATE FCI SERVICING: Monthly Servicing Fee |
Per selected Loan Servicing Program |
HOT Backup Servicing PROGRAM FEES
(For Non-QM Loans – Immediate Takeover)
|
| INITIAL PORTFOLIO REVIEW |
$1,500
|
| DAILY BACKUP and HOLD, Monthly Fee |
5 BPS per year/12 |
| DAILY BACKUP and HOLD, Minimum Monthly Fee |
$2,500 per Month |
| ACTIVATE FCI SERVICING: Boarding Fee |
$35 per Loan |
| ACTIVATE FCI SERVICING: Monthly Servicing Fee |
Per selected Loan Servicing Program |