Seriously looking for input from RE investors.I've read many discussions and had conversations with many others about servicers, servicing and supporting the investor network. There are a lot of opinions and ideas out there...I'd like to hear from fellow BP'ers.If you (as an investor) were developing the 'ideal' servicing options for NPN's, PN's and seller carry back transactions...what would that service include?What features benefit you as investors?What are your needs, likes and dislikes? Thanks ahead of time for taking time to share your thoughts...PM me w comments you don't want public.

Hi Kevin, glad to see your interest in market requirements. I used to do this for a software company and knowing what the prospect wants lets the dog wag the tail!Here is my short list:Comprehensive lender control panel with servicing notes, status on unpaid taxes, payment history, etcA 'control center' to deploy force placed insurance, and ability to have servicer send CFPB required letters to borrowerTax tracking integration Loss mitigation services with active updates to lender on control panelAn active discussion board style system that lets the lender have a dialog with servicing staff on any matter. See Basecamp for an exampleA dedicated account rep who fields the questions and dialog with various internal staff. Having to figuure who I need to email/call for each loan in my portfolio is a time-waster so having a dedicated account rep who can triage my needs would be very helpful.ThanksBob Malecki

Kevin,Looks like you work for Evergreen. I think the barriers you will find in feedback from investors on BP is related to costs when it comes to "full service" servicing. Often times newbie investors race to the bottom of servicing services seeking to pay as little as possible but wanting all the bells and whistles of full service. Using @Bob Malecki's response as an example, which I like Bob, he is a great guy, but the only one to respond thus far, tax monitoring is a service offered in all full service platforms for around $5 per loan. As I am sure you know. Same with Single Point of Contact. Dashboards tend to be more advanced at more expensive servicers as well. Often times it seems newbies get into the loan space only to find out they need more tools than the latest greatest guru seminar told them about which is roughly a FC attorney and some form letters. Just as often those investors think they want to "manage it all" only to find staying on top of the wide variety of vendor services such legal, tax and property is in fact a full time job aside from loss mitigation. The notion of "high touch" servicing is sort of lost in the pitch they were sold on. Further, it seems the limited servicing platforms don't have much experience in the staff to properly guide the investor and push the loan's disposition. The staff is a relay of information from the limited vendors they will interact with instead of a driver of action. I don't think there is much to build on with low touch loans that are performing. Option to track taxes and insurance if not escrowed. Collection efforts as loans go past due date. For delinquent loans I would look to the Servicer to have a more rapid collection effort. More attempts of contact to prevent the loan falling into default. For defaulted loans, my Servicer should be aggressive and understand methods to collect or disposition quickly and efficiently. Perhaps having a pre-planned iteration of treatments on the account to some degree setup. Again, concepts that a larger investor would see in a bigger servicing contract.

@Bob Malecki: Hey Bob thanks for your response and ideas...very helpful.Like you, I figure what better way to 'trim the sails' on a service for investors than to ask them about their wants, needs, roadblocks etc? I've always felt meeting the needs of your client is the best way to manage and grow business. I'm hoping others like yourself will share their ideas too. Once I start compiling the ideas I'd like to reach out to you to discuss in more detail.Thanks again!

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Kevin FosterPoster

Vendor
Bonney Lake, WA

Tax Liens & Mortgage Notes

Servicing...to support the Investor network?

Kevin FosterPoster

Vendor
Bonney Lake, WA

Posted March 21, 2017 12:01

Seriously looking for input from RE investors.

I've read many discussions and had conversations with many others about servicers, servicing and supporting the investor network. There are a lot of opinions and ideas out there...I'd like to hear from fellow BP'ers.

If you (as an investor) were developing the 'ideal' servicing options for NPN's, PN's and seller carry back transactions...what would that service include?
What features benefit you as investors?
What are your needs, likes and dislikes?

Thanks ahead of time for taking time to share your thoughts...PM me w comments you don't want public.

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