ENSURE SERVICING CONTINUITY FOR YOUR MEMBERS
In the servicing industry, it is good practice to have a contingency plan for unexpected servicing interruptions. In addition, whether the loans are serviced in-house or by a third party, some servicing contracts require backup servicing. For these reasons, LoanCare offers custom backup servicing solutions for our credit union partners.
LoanCare is highly capable and experienced in accepting a transfer of a servicing portfolio when obligated to do so pursuant to the terms of a backup servicing agreement. When a transfer event occurs, LoanCare has a proven track record of effectuating a smooth transition with little or no disruption of the member experience or portfolio performance.
LoanCare will be prepared to perform one or more of the following functions as directed by the credit union:
- 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