of the services provided by Loan Service Center include the following:
in the financial, credit analysis and review of loan applications.
maintaining and safeguarding the loan files.
out "Hello" or "Welcome" letters to new borrowers.
out coupon books or monthly billing statements to each borrower.
monthly principal and interest payments, along with taxes, insurance, or
other escrow / impound payments, if applicable.
each loan account annually to ensure that an appropriate amount is collected
for all escrow payments.
due diligence reviews of all loan files to ensure that all the required
documents are contained in each.
full-time, fully-staffed customer service to answer borrower inquiries via
toll-free telephone, regular mail, e-mail, web-site, etc.
collection procedures as required to manage, mitigate and minimize delinquencies.
payments to each borrower's account, ensuring that appropriate amounts are
applied to principal, interest, late charges, escrows, and others as appropriate.
and corresponding with taxing authorities, insurance providers, and others
a daily, weekly, or monthly trial balance for each client, with desired
and mailing reminder notices, late notices, and delinquency notices.
monthly deliquency reports that group loans by the age of the delinquency
(30 days, 60 days, 90 days, etc.).
loan assumption requests.
amortization schedules as required.
loan payoff statements including a daily (per diem) interest charge if applicable.
loan payoff documents, including the cancellation or satisfaction of security
deed, or the UCC-3 form.
that all collateral, including real property, that is securing a loan, is
adequately insured to protect our client's lien position in the event of
filing, and mailing the annual IRS 1098 reports, and provide each borrower
with a copy of their respective report.
each borrower's payment record and history to national credit bureaus.
and implementing a comprehensive loss mitigation program, including structuring
loan modification agreements and loan workout agreements.
and administratering the foreclosure, bankruptcy, and repossession process
Loan Service Center also
provides other services for clients, including the following:
- Loan closing agent
services to ensure that the closing is completed as scheduled; all required
closing and financing expenses are accurate; funds are disbursed appropriately;
and all the required documents are prepared and executed as required.
- Third-party billing
and collection services for leases.
- Third-party billing
and collection services for other accounts receivables.
- Property tax analysis,
collection, and reporting services.
- Other billing, collection
services as required by our clients.
- Mortgage credit analysis,
underwriting, and other analytical services for HUD in accordance with HUD
Handbooks, Notices, Mortgagee letters, and other HUD guidelines