Mortgage Note Loan Servicing Made Easy
Mortagage note loan Servicers are our friends.
Loan servicers fulfill a lot of functions, depending on the level of servicing. There are two major categories of mortgage note loan servicing: standard (for performing loans) and special (for non-performing loans [generally]).
Standard servicing includes payment posting, disbursement of funds to the lender; reporting; and payoff and reinstatement letters. Pretty basic stuff. But important!
A standard servicer’s loan setup costs are $45-$150 per file (generally), depending on whether or not it’s:
– An adjustable-rate mortgage (ARM)
– A Home Equity Line of Credit (HELOC)
– Has escrows or impounds
– An active bankruptcy
– Has a forbearance plan or complex loan modification
– A partial note sale
And a standard servicer’s monthly servicing costs are $15-$35 (generally).
Specialty servicing includes sending late notices, borrower outreach calls, skip tracing to find a borrower, coordination of foreclosure and bankruptcy relief, facilitating forbearance agreements, short sale coordination, and even managing eviction details. Specialty servicing is SO much more complicated than standard servicing. Setup costs are $45-75 (generally), and monthly servicing costs are $65-95 (generally), depending on the amount of servicing necessary.
Find a good servicer and stick with ’em.
Learn more at https://fallerfinancial.com/note-resources/.
Call 844-433-6683 or email email@example.com to sell your mortgage Note or request a consultation at fallerfinancial.com/contact.
Photo by Kate Townsend on Unsplash