INTERIM SUBSERVICING
YOUR INTERIM SUBSERVICING SOLUTION
Need help relieving the challenges associated with selling loans servicing released in the secondary market? Look no further. As part of our bank interim subservicing solution, LoanCare can fulfill the following tasks:
Pre-sale
- Send borrower welcome letters
- Load loans into subservicing system
- Respond to borrower calls/inquiries
- Apply payments received
- Determine payment destination
- Support administration of multiple purchasers/investors
Post-sale
- Receive and review seller/client purchase advice
- Coordinate loan transfer to destination purchaser/investor
- Assist in completing agency transfer forms
- Pay open escrow items and provide investor fund reporting, as applicable
- Send goodbye letters
- Facilitate escrow account fund transfers
- Provide monthly purchase advice status reports to sellers/clients
- Facilitate monthly payment remittances and reporting
Post-release
- De-convert loan from subservicing system
- Respond to purchaser/investor calls and inquiries
- Prepare and mail year-end 1098 forms
THE LOANCARE INTERIM SERVICING ADVANTAGE:
- Lower cost to manage service released process
- Reduce operational and compliance risk
- Reduce first payment defaults
- Provide smooth transfer for members
- Add flexibility to sales process, allowing better execution in the secondary market
- Complete year-end reporting included
- Provide simple fee structure covering all services