Frequently Asked Questions
Q: What is LoanCare?
A: LoanCare Servicing Center is a wholly owned subsidiary
of LandAmerica Financial Group, Inc., a premier provider
of real estate transactions services with roots dating back to 1876. LoanCare
is a national leader in mortgage servicing since 1991 and recently ranked
by industry trade publications among the top national subservicers.
Q: How does LoanCare service an account?
A: Once the account is activated, buyers submit payments
directly to LoanCare, who then records the payment, calculates
the principal and interest, deducts any applicable fees,
and then promptly delivers the payment to the seller.
LoanCare offers all the features you would expect from an established
mortgage servicer, such as billing statements for the buyer, mailed statements
for the seller, online account information, Automatic Debit and Direct
Deposit, automatic late notices, the ability to make payments via the
internet, highly trained customer service, and much more. To protect your
customer's investment, we can also monitor tax and insurance payments.
Q: How will a customer know when a new account is
setup?
A: A LoanCare representative establishes a new account
and then sends a welcome package to both the seller and
the buyer. This package includes a letter informing them
that the account has been activated, information on 24/7 access to account
information, plus information on convenient payment options.
Q: Who should the customer contact if they have a
question regarding their account?
A: Customer representatives
are available at 800-919-3009, Monday through Friday 8:00
a.m. to 5:00 p.m. (EST). Access to account information
is also available 24/7 via the internet.
Q: What if the buyer is unable to make timely
payments due to a loss of job or some other adverse circumstance?
A: If the buyer
is temporarily unable to continue making timely payments, the seller
(or holder of the mortgage) has numerous options. Listed below are
the more common approaches:
- Restructure
the loan to make the payments more affordable for the
buyer.
- Charge interest-only payments until the
buyer is able to bring the loan current.
- Foreclose
on the property if the buyer fails to pay on the
loan.
Should
a buyer default on their loan, we can assist the seller
through this process or refer them to an appropriate
professional for legal advice.
