Services Provided

Interim Subservicing Process

Step 1. – Before loan is sold to New Purchaser/Investor servicing released, LoanCare will:

• Coordinate distribution of greeting letter at closing informing borrower of  interim servicer
• Send welcome letter to each borrower
• Receive borrower file or data transmission from Seller/Client
• Load all loans into LoanCare’s subservicing system
• Handle all borrower calls and inquiries
• Apply payments when received
• Determine correct destination of payments collected
• Support administration of multiple New Purchasers/Investors

Step 2. – After loan is sold, LoanCare will:

• Obtain and review purchase advice submitted by Seller/Client
• Coordinate the transfer of loan to New Purchaser/Investor
• Send goodbye letter to each borrower
• Transfer escrow funds held
• Provide purchase advice status report to Seller/Client monthly
• Remit and report payments collected at the end of each month

Step 3. -  After loan is released, LoanCare will:

• Deconvert loan from subservicing system
• Handle all New Purchaser/Investor calls and inquiries
• Prepare and mail year end 1098 & 1099 forms