What Loan Servicing Companies In California Can Do to Ease the Lending Process
The lending process can be complex. There is a lot of paperwork to be done, several people to deal with, and a list of regulations to follow. Lack of resources and time, missing out on critical information, failure to comply, and other such mistakes can further complicate matters.
Whether you are a broker or a lender, your goal is to keep things moving along at a smooth pace while balancing your personal life. Often times, the best way to get what is beneficial to you, is to give benefit to your borrower.
What can loan servicing companies do to add value to you, your borrower and the loan process?
Structured Process Means Good Business
The right loan servicing company can provide your business with the support needed to achieve a smooth, efficient and transparent process. A good loan servicing company is going to make for a good borrower experience from the time the loan is presented to you up to the moment it is paid off. The relationship that is built as early in the process as possible, ha the best chances for success.
Loan servicing can include the following tasks:
- Quick, efficient and accurate loan processing and document preparation
- Another set of eyes looking for red flags
- Seamless coordination between borrower, lender, broker, escrow title etc.
- Delivering welcome packets and online account access
- Following up with monthly payment statements
- Making payment reminder calls, if necessary
- Posting payments and maintaining balances and historical records
- Ensuring that taxes and insurance are current
- Exploring serious delinquencies for the best solution
Every step of the “origination to pay off” process needs careful attention and it’s not always easy to do when it is not your primary focus. But when you have the right help, you never have to worry or stress over compliantly processing, collecting and maintaining records. Your stay on top of your lending or brokerage business while experienced professionals take care of the meticulous and tedious parts of the equation that are not your best source of attention or revenue. This adds value, promotes efficiency, and ensures an organized and lucrative business.
Choosing a Loan Servicing Company
The ideal loan servicing company can deliver on all the benefits of subservicing. You will come across several loan servicing companies in California. Choosing the right one means looking at reputations and experience. You have to find ones that are well established, are accessible, that desire to do the right thing and have done good work for many other lenders and/or brokers.
That’s not all – you will also want to dig deep to see if you are a cultural fit with a servicer. What does servicing or subservicing mean to them? Are you clear on each other’s roles? Will the partnership leave very little to no room for mistakes? Will it ensure your business stays compliant with existing policies? Will it give you access to a secure online account and a designated account representative so you’re updated when needed?
Loan servicing is one of the best tools available to you, whether you are a lender or a broker. It gives you the kind of resources and structure needed to simplify the loan process—from start to finish and help you focus on your core business.
How do you make sure that you partner with the right loan servicer? If it is about price, your choice is simple, pick servicers with the best websites and call for price quotes. If value and long term results are your primary concern; if you want experienced assistance and not just the lowest price provider, click the button below to set up a time to visit with Del Toro and see if we would be a good fit for each other.