INTERIM SUBSERVICING

MAINTAIN CONSISTENCY AND REDUCE RISK


If a credit union is active in the secondary market and holds loans for sale for a future date, LoanCare’s interim subservicing program helps maintain servicing continuity during this “loan sold servicing released” process. LoanCare will perform the following functions on behalf of the credit union:

Pre-sale

  • Send member welcome letters
  • Load loans into subservicing system
  • Respond to member 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 to members
  • 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

ADDITIONAL SUBSERVICING SOLUTIONS


FULL SUBSERVICING
BACKUP SERVICING