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 include
Collection Calls and Loss Mitigation services, except as is required for regulatory compliance.
High Touch Performing Loan Servicing program includes all the Standard Basic Loan Servicing features plus outgoing calls to borrowers to help them stay current on their loans. Also includes Regulatory Compliance Actions for Covered Loans (Dodd Frank: Primary Residence) at no additional servicing fee.
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 providing Foreclosure Support 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).
Securitization Servicing & Full Servicing programs are Extended Servicing including Payment Processing, Escrows, High Touch Collection Calls, Advances, Loss Mitigation, Workouts, Foreclosure coordination, and REO Management. Full Servicing is the same program except the Loans are not in a Securitization.
There are two categories:
a. Newly Originated, Performing, and Non-Performing Non-QM Loans: Typically comprised of Business Purpose, Fix & Flip, Draw, Bridge, and Construction Loans. Loans could be Newly Originated, Performing or Non-Performing.
b. NPL and Reperforming SFR QM: Typically comprised of released Government or Bank SFR Consumer (Owner Occupied) Loans.
Backup Loan Servicing is a program to address the liabilities Lenders face if their selected third party servicer, or in house servicing, experiences functional or regulatory issues. A Backup Servicer may also be required in Asset Based Credit Facilities as a contingency plan to protect the assets (loans). FCI acts as the Backup Servicer holding servicing data from the Primary Servicer, and steps in to take over Loan Servicing when the Primary Servicer cannot perform its duties based on specific trigger events. This program has two levels of oversight based on the frequency of data updates and speed of implementation.