fci servicing your note

[Robert D.]

I purchased 1st position note. I have hired FCI as a servicer. I just want to make sure that now I can sleep well hoping that someone else will take care of following all local/federal laws (yeah right …) in exchange for monthly payments. I do remember that I need to notify homeowner about lender change. When I asked FCI if this is within their scope of work they replied that if I wish to I can send fill out TILA checklist and send it to them with a payment. Wow …so I was hoping that they will do that without reminding …so the next questions is ..what else is out there that I need to know when transferring note to me. would you know what lender (myself) need to do and what FCI will not do for you ?

[Ray Trounday]

By in large a loan servicer is a administrative function.  They accept and record payments and manage associated escrow accounts if applicable.  I would not look to loan servicers in a advisory capacity.  They ensure that you are federally compliant in administration of your note.