Some
of the services provided by Loan Service Center include the following:
- Assisting
in the financial, credit analysis and review of loan applications.
- Setting-up,
maintaining and safeguarding the loan files.
- Sending
out "Hello" or "Welcome" letters to new borrowers.
- Sending
out coupon books or monthly billing statements to each borrower.
- Collecting
monthly principal and interest payments, along with taxes, insurance, or
other escrow / impound payments, if applicable.
- Analyzing
each loan account annually to ensure that an appropriate amount is collected
for all escrow payments.
- Performing
due diligence reviews of all loan files to ensure that all the required
documents are contained in each.
- Providing
full-time, fully-staffed customer service to answer borrower inquiries via
toll-free telephone, regular mail, e-mail, web-site, etc.
- Enforcing
collection procedures as required to manage, mitigate and minimize delinquencies.
- Posting
payments to each borrower's account, ensuring that appropriate amounts are
applied to principal, interest, late charges, escrows, and others as appropriate.
- Communicating
and corresponding with taxing authorities, insurance providers, and others
needed.
- Producing
a daily, weekly, or monthly trial balance for each client, with desired
groupings.
- Preparing
and mailing reminder notices, late notices, and delinquency notices.
- Producing
monthly deliquency reports that group loans by the age of the delinquency
(30 days, 60 days, 90 days, etc.).
- Processing
loan assumption requests.
- Preparing
amortization schedules as required.
- Preparing
loan payoff statements including a daily (per diem) interest charge if applicable.
- Preparing
loan payoff documents, including the cancellation or satisfaction of security
deed, or the UCC-3 form.
- Assuring
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
a hazard.
- Preparing,
filing, and mailing the annual IRS 1098 reports, and provide each borrower
with a copy of their respective report.
- Reporting
each borrower's payment record and history to national credit bureaus.
- Developing
and implementing a comprehensive loss mitigation program, including structuring
loan modification agreements and loan workout agreements.
- Managing
and administratering the foreclosure, bankruptcy, and repossession process
as needed.
Other
Services Provided
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
