MAINTAIN SERVICE CONTINUITY FOR YOUR BORROWERS
Whether the loans are serviced in-house or by a third party, some servicing contracts require backup servicing. Having a contingency plan for unexpected servicing interruptions is also good business. LoanCare understands this need, and offers backup servicing solutions tailored to your bank.
LoanCare has the capacity and experience to accommodate the timely transfer of a bank’s servicing portfolio while ensuring little or no disruption of the portfolio performance or borrower experience.
We offer three backup servicing options, including cold, warm and hot.
Our bank backup servicing options obligate LoanCare to one or more of the following functions:
- Maintain a readiness to assume the duties of a previous servicer
- Receive, map and verify data at predetermined intervals during a given year
- Accept a transfer with proper written notice
- Board and service loans in a live environment
- Load loans that run parallel with existing servicer for hot backups