Backup Servicing Solution
Continuity of mortgage loan servicing can be a concern for many investors and lenders with servicing portfolios. Whether the loans are serviced in-house or by a third party, some mortgage servicing contracts require back-up servicing. Having a contingency plan for unexpected servicing interruptions is also good business. LoanCare understands this need and offers tailored backup servicing solutions including cold, warm and hot.
LoanCare Backup Servicing Advantages:
With each of the options listed above, LoanCare will complete 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
LoanCare has the experience and capability to accept a transfer of a mortgage servicing portfolio in a timely manner while ensuring little or no disruption of the borrower experience or portfolio performance.