Our servicing department offers complete loan servicing, sub-servicing, and default (collection) servicing
for institutional and private lenders. We service all types of loans, regardless of the size, made on:
Residential Propertty
Commercial Property
Manufactured or Mobile Homes
Land
The fees charged by Total Lender Solutions are competitive and reasonable.
Our basic fees are $30 for setup & scrubbing of a regular performing loan (plus $15 for ea. additional investor beyond the first two).
We charge the greater of one-half of one percent (0.005%) on the unpaid principal balance of the loan or $15 per investor.
For late charges paid by the borrower, our fee is 40% of the late charge which covers services such as sending a late notice at 15 days & 30 days delinquency,
contacting the borrower & advising the lender of any issues requiring attention such as loan modifications, etc.
If impound services are required for taxes and/or insurance and/or other items, the monthly fee is an additional $15.
Services provided by Total Lender Solutions include:
Setting up and maintaining the loan files.
Sending to new borrowers welcome letters.
Performing due diligence reviews of all loan files.
Sending to each borrower monthly billing statements.
Collecting monthly principal and interest payments as well as impound account items such as taxes and insurance.
Annually reviewing each account to ensure proper funding of the impound account.
Providing customer service to answer borrower inquiries via toll-free telephone, regular mail, e-mail, web-site, etc.
Sending late notices and delinquency notices
Enforcing collection procedures in accordance with federal and state law.
Providing to lender reports showing delinquent loans.
Processing loan assumption requests.
Preparing amortization schedules.
Preparing payoff (a/k/a “beneficiary”) statements and documents.
Assuring adequate insurance on all collateral
Preparing and filing IRS Form 1098s with the Internal Revenue Service, and mailing copies to each borrower.
Reporting to credit agencies each borrower's payment record and history.
Assisting the lender in developing and implementing a comprehensive loss mitigation program, including structuring loan modification agreements
and loan workout agreements.
Managing and administrating the foreclosure, bankruptcy, and eviction processes as necessary.
Providing access to information via secure portal 24 hours per day, 7 days per week
Some of these services are included in the loan servicing fee and some are additional charges. No additional charges will be imposed without the client’s prior approval.
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Loan
Servicing
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(formerly National Foreclosure Service)