ALLEVIATE CONCERN ABOUT SERVICING CONTINUITY
Backup servicing is frequently required by stakeholders in whole loan or MSR trades to ensure continuity of servicing, whether the loans are serviced in-house or by a third party. In other cases, having a contingency plan for unexpected servicing interruptions is also good practice. LoanCare understands this need and offers tailored backup servicing solutions.
LoanCare has the experience and capability to accept a transfer of a servicing portfolio at a predetermined and agreed upon time, while ensuring little or no disruption of the borrower experience or portfolio performance.
For each of our backup servicing options, LoanCare performs one or more of the following functions:
- Maintains a readiness to assume the duties of a previous servicer
- Receives, maps and verifies data at predetermined intervals during a given year
- Accepts a transfer with proper written notice
- Boards and services loans in a live environment