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  Home     March 21, 2019  
 
Loan Servicing Programs
 
 
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General Fee Schedule
 
 
Reo Management
 
 
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Borrower Contact & Options to Avoid Foreclosure
 
 
Borrower State Disclosures
 




Residential Loans
Commercial Real Estate
Consumer Real Estate
Land
Prime
Manufactured Housing
Construction
Sub Prime
Fixed
ARM
HELOC
REOs


Note:  FCI will not service EQUITY SHARING Loans, AITD/Wraps, REVERSE MORTGAGES, NEGATIVE AMORTIZATION Loans, DAILY SIMPLE INTEREST Loans (interest accrual method from date received to date received), or any Notes that charge INTEREST ON INTEREST.  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.


SECURITIZATION SERVICING & FULL SERVICING include all the features of:


STANDARD BASIC LOAN SERVICING

+

HIGH TOUCH PERFORMING LOAN SERVICING

+

SPECIALTY LOAN SERVICING (Non-Performing)

+

Additional Extended Servicing Features



*The SECURITIZATION SERVICING AGREEMENT is one of many Securitization Documents agreed upon by the multiple involved parties. The FULL SERVICING AGREEMENT is an FCI standardized document for all clients.

*Servicing is done per Accepted Servicing Practices and Investor Approval Instructions.

*All Loan Servicing information and document copies must be received before the start date of the Securitization or upon boarding of Loans for Full Servicing.

*Missing documents/information requested by FCI must be provided within 30 days of initial Boarding.

*Loans can be prelim Boarded with copies of UNRECORDED documents, but copies of required RECORDED documents (Deed, Mortgage, Assignments, etc.) must be provided within 60 days.

 




 LOAN SETUP FEES (Typical)
(Negotiated per Securitization)
LOAN SETUP for any type of Loan $30 per Loan
LOAN SETUP for ARM/HELOC - Performing Included
LOAN SETUP for ARM/HELOC - Non-Performing Included
LOAN SETUP for Loans with Escrow/Impounds Included
LOAN SETUP for Active Bankruptcy, Forbearance Plan, Complex Loans & Complex Loan Modifications $150 per Loan
REO SETUP $75 per REO

TRANSFER OF SERVICING to FCI:  During a Transfer of Servicing from the current Servicer to FCI, after your Setup Contact receives the Setup Form (Transmittal Form 2) along with the requested items, there will be a minimum 15 day interim (wait) period once the Transfer of Servicing Goodbye Letter has been approved by FCI for the transferring Servicer.  There is no activity and no new information your Setup Contact can give you during this time.You will receive a Boarding Notice Email when the Loan is boarded.

COVERED LOAN (Dodd Frank) in BANKRUPTCY:  All Covered Loans (Loans secured by a Consumer/Borrower Primary Residence) with active Bankruptcy cases (Chapter 7, 11, 12, 13) must be on Full Collection delinquent Loan pricing ($95 base/month) so FCI as Servicer can create/send required statements compliant with CFPB and Bankruptcy Court rules.

Loans with active Bankruptcy cases may be on reduced Performing Loan pricing in the following circumstances only: (1) HELOC Loans, (2) Business Purpose Loans, (3) Debtor indicates intent to surrender property in Bankruptcy filings, (4) Debtor indicates intent to lien strip the property and/or Bankruptcy Court has ordered the lien stripped for purposes of the Bankruptcy, or (5) the automatic stay does not apply to the property.

COVERED LOAN (Dodd Frank) Foreclosure Prevention Alternatives (FPAs), and NON-COVERED LOAN written Borrower/Consumer Loss Mitigation Requests: : FCI as Servicer will produce and mail the required combined acknowledgement/response letter informing the Borrower/Consumer of their Lender’s response to their written request. FCI will produce and mail all correspondence required to respond to written Borrower/Consumer FPA and Loss Mitigation Requests. This process requires multiple written communications, compliance timeline tracking, and progress notations.

NOTE:  The Servicer is accountable for all aspects of Loan servicing compliance, including loss mitigation compliance, and will not agree to Lender requests to answer written loss mitigation applications themselves. On verbal loss mitigation discussions between Consumers and their Lenders, without written Consumer loss mitigation applications received by FCI or the Lender, the Regulation X §1024.41 process is not required. However, the Lender must keep FCI informed of all communication content and outcomes.




SECURITIZATION LOAN SERVICING FEES (Typical)
(Negotiated per Securitization)
LOAN SERVICING minimum $35 per Loan/Month
PERFORMING LOANS (Loans current or up to 30 days del.) 25 BPS per Year/12
NON-PERFORMING LOANS (Loans over 30 days del.) 25 BPS per Year/12, or $95 per Loan/Month, whichever is greater
ARM LOANS Included
HELOC LOANS Included
COVERED LOAN (Dodd Frank)
COMPLIANCE on Performing Loans that become 25 days delinquent
No additional Fee
ESCROW/IMPOUNDS service included No additional Fee
REO MANAGEMENT 1% of Sales Price; $1,000 minimum per property
Minimum Portfolio Servicing Fee, including Ancillary Income $7,500 per Month
Servicer is entitled to the Servicing Fees, and to all Ancillary Income paid with respect to the Loans. Ancillary Income excludes: prepayment penalties, yield maintenance charges, default interest, and extension fees.

These programs consist of Payment Processing, Collection and Loss Mitigation Services, Foreclosure Support if needed, and REO Management. There is a onetime Loan Setup Fee (per the above Fee Schedule) due at Setup of $30 per Loan. Loan Setup for Active Bankruptcy, Forbearance Plan, Complex Loans and Complex Loan Modifications is $150 per Loan. Loans with an Active Bankruptcy are serviced and charged as two loans: a pre-petition loan and a post-petition loan. Transfer of Servicing from FCI to another entity (excluding payoffs) is $90 per Loan.

COVERED LOAN (Dodd Frank) Regulatory Compliance Action Fee:  PERFORMING LOANS (Senior or Junior position) secured by a Consumer/Borrower Primary Residence (Owner Occupied) that become 25 days delinquent that are on High Touch Performing Loan Servicing are not subject to an additional monthly charge for 2 months to fulfill mandated servicing requirements.   

Optional ESCROW/IMPOUNDS service: When the borrower's monthly payment on a performing first position Loan includes amounts for the payment of Property Taxes, Hazard Insurance or other entities, FCI will collect and hold those proceeds in a trust account and disburse the scheduled payments to the respective authority as scheduled.

Taxes and Insurance Notice:  On loans where the Borrower's monthly payment does not include Escrow/Impounds for Property Taxes, Hazard Insurance, Flood Insurance or any required such items, these programs include Tax, Insurance, Flood and required items tracking through qualified vendors. At Origination or Purchase any Loss Payee Notices with the insurance company should list the Investor/Lender or Originator at their address notice.  DO NOT LIST FCI OR USE FCI'S ADDRESS ON LOSS PAYEE NOTICES.  If FCI does receive such notices or information, FCI will notify the Lender for resolution.

LOAN SERVICING FEATURES

(I) PAYMENT PROCESSING


. Borrower Welcome Letters . Downloadable Reports
. Borrower Monthly Statement with Payment Coupon . Hazard Insurance Tracking, with Automatic Discounted Force Lender Placed Insurance (if no evidence of insurance in Loan Docs)
. Lender Boarding Notice Email . Disbursements and Draws
. Lender Monthly Statement of Account . Tax Tracking (if no e/i in Loan Docs)
. Same Day Payment Posting . Releases and Reconveyances
. Daily Disbursement of Funds (after clearing) . IRS 1098 and 1099-INT Reporting
. Electronic deposit of Funds (ACH) into Lender’s account . Paper or EDI Communication
. Escrow/Impounds Service for Insurance and Taxes if in Loan Docs . 24/7 Account Access

(II) BASIC COLLECTION


. Late Notices sent at 11, 21, 31, 41, 61 and 91 days delinquent . Outgoing Collection Calls 2 days after Grace Period
. Regulatory Actions on Covered Loans at 25 days delinquent

(III) DEFAULT SERVICING


. Banko search . Repayment Plan, Settlement per Lender direction
. Coordinate Bankruptcy Relief . Short Pay negotiations per Lender direction
. Skip Trace if no valid phone . Legal Issues coordination
. No Contact Letters if no valid phone . Foreclosure Support
. Field Call Contact Attempts plus delivered Notice . Deed in Lieu of Foreclosure
. Outgoing Collection Calls every 3 Business Days . Assist with Municipal Notices and Issues
. Deferral, Extension per Lender direction . Coordinate Evictions
. Forbearance, Modification per Lender direction

(IV) REO MANAGEMENT


. Vacate and Secure Property . Rehab per Lender agreement
. Coordinate Repairs, Pool/Spa, Termite as needed . Aggressive Multifaceted Marketing
. Complete BPO or Appraisal . Property Sale and Closing


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.

Spread:  On a Newly Originated Loan the originating Broker/Company may have a Note Rate on the Loan and a Sold Rate to the Investor/Lender. 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 (known as a Spread). The Broker/Company will typically continue to monitor the loan and provide guidance to the Investor/Lender. The borrower payments are disbursed to the Investor/Lender minus the Spread, and the Spread is disbursed to the Broker/Originator minus the Spread Disbursement Fee of $15. The Loan Servicing Fee is taken out of either the Investor/Lender disbursement orthe Broker/Originator Spread Disbursement, as instructed at Loan Setup.

Performing Loan:  FCI Servicing Program definition is any Loan that is current, one or two months delinquent, according to its original or modified terms.  Loan Servicing Tracking definition is any Loan that is paid before the passing of the grace period.

Non-Performing Loan:  FCI Servicing Program definitionis any Loan that has missed the 3rd payment, or more. The known situation for each Loan needs to be disclosed.  Loan Servicing Tracking definition is any Loan where the borrower's payment is not received within the grace period.

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.

Compliance Notice:  Every Servicer and Loss Mitigation company must have Federal and State Licenses/Registrations in their company name at their specific address.  For your protection, check this at www.nmlsconsumeraccess.org;enter the company name to get the Federal ID, then click on the company name to get the State IDs.