Loan Servicer

[George Frye]

What servicing company are you using, and why did you choose them?

[Samuel Ksiazkieicz]

George, I know several seasoned note investors who use Madison Managment and I am currently in talks with them as well. In my acquaintance's experience, one of whom has triple digit number of loans being serviced by them they have produced quality and reliable results.
FCI is another large, well known servicer used by many people in the industry.

[George Frye]

Thank You @Samuel Ksiazkieicz , I am familiar with FCI and will also research Madison. I wanted a servicer who can benefit not only me but any loan I place with them. I know some providers do not report to the borrowers credit.

[Alberto Artasanchez]

These companies specialize in catering to companies that don't own a significant amount of notes.

FCI

Note Servicing Company

Madison Management

[Gail P.]

Wow, all of their websites are so bad, haha. 

[Chris Seveney]

@Gail Patches

Yes they are

[Sean Mcintire]

@Chris Seveney @Gail P.  Ok.  So which servicer has great customer service AND a great portal/website? Thanks.

[Chris Seveney]

I will let you know when I find one

[Sean Mcintire]

@Chris Seveney  ok, in the meantime I heard from Shantee's mouth that Madison was upgrading their portal "hugely" in April and May of 2020.

Any updates on that?

I cannot afford  and will never want to learn to use The Mortgage Office software.

Thanks.

BTW, that is ridiculous in this day & age a servicer having a poor portal.

[Chris Seveney]

@Sean Mcintire

I like Madison’s portal. I think they do a decent job on working a loan, every company has its strengths and weaknesses but I would not disqualify a company because it’s portal is awful as long as it provides me a snap shot or updates on a loan.

There are some with great portals but you can never get in charge with the asset manager, so what good is the portal?

[Greg Seeber]

Hey.  Did anybody get any positive experiences from these servicing sites?

I have been looking at using ZimpleMoney to service an owner financed mortage that I am offering to my buyer.   Looking at the site and went through the sites above as well.     I also reached out to loanPro.io to see if they had an offering geared towards the person with a single loan that they  need managed.  

ANy new info that you can submit after 3 years?

[Chris Seveney]

Quote from @Greg Seeber:

Hey.  Did anybody get any positive experiences from these servicing sites?

I have been looking at using ZimpleMoney to service an owner financed mortage that I am offering to my buyer.   Looking at the site and went through the sites above as well.     I also reached out to loanPro.io to see if they had an offering geared towards the person with a single loan that they  need managed.  

ANy new info that you can submit after 3 years?

 There are several good servicers out there, and each one has their nuances but i would always recommend going with a servicer over self servicing. 

[Jamie Bateman]

@Greg Seeber we use BIFI, Madison, and FCI. They all have pros and cons, as Chris stated. I definitely recommend using a licensed loan servicer if you own even one owner-occupied mortgage note. ZimpleMoney may not cut it from a compliance standpoint if the loan goes to foreclosure. And the loan will have more value to a note buyer. 

[Alex Booth]

Allied Loan Servicing & Provident Loan Servicing both have good customer service which is #1 to me.

[Chris Seveney]

@Jamie Bateman

Licensed servicers and lending licenses now becoming more on alert with states and borrowers

I will share in another post but Maryland just dismissed a foreclosure due to lack of licensing.

So I strongly recommend people know who and what they are dealing with - saving $5-$10 a month can cost you a lot more in the long run

[Greg Skribbs]

@chris Seveney @Jamie Bateman 

THat's great advise ... I ended up going with BIFI ... unsure why ... but so far - the onboarding was very simple and - again, so far so good.   Thanks so much for the time for advising.  Understood that DIYing something that I don't do and saving $7 per month (that I'm charging the buyer for anyways) could blow up in my face if there are unforseen results in this process.   G

[Greg Skribbs]

Welp.  BIFI just canceled my account after 1 month.  They may be going out of business?   Laid off the rep and then canceled my account ... anybody else? 

[Chris Seveney]

Quote from @Greg Skribbs:

Welp.  BIFI just canceled my account after 1 month.  They may be going out of business?   Laid off the rep and then canceled my account ... anybody else? 

 I got the same notice today as well. Also it appears the company they want to transfer the loans to I looked up on NMLS consumer access is not licensed....