Back Up Servicing
LoanCare offers three levels of Backup Subservicing: cold, warm and hot backup. Depending on the level of support, LoanCare will:
- Be ready, willing and able to assume the duties of the previous servicer
- Receive a quarterly (or as often as agreed upon) data file for mapping and verification of transfer field purposes from an existing servicer
- Accept a transfer of servicing and proceed to load and service the loans as if it were a new client