There are many components required to service a loan. Such components include:

• Daily Activities
  • Receive payments and mail (insurance cancellations, code enforcement, borrower correspondence, etc.)
  • Process payments into servicing system
    • principal
    • interest
    • escrows for taxes and insurance if applicable
    • handling short payments according to your policy
  • Deposit checks to bank
• Monthly Activities
  • reconcile bank statements
  • send checks to investor
  • provide accounting to investor
  • Make phone calls to customers who are late
  • Send 30-day notices to applicable borrowers
  • “Post” applicable borrowers for foreclosure at county courthouse who haven’t cured 30 day notice
  • Foreclose borrowers who have been “posted” and not cured
• Annual Activities
  • Provide escrow analysis to borrower
  • Provide 1098 for interest paid to borrower and file with IRS
  • Provide 1099 for interest received to investors
  • Ensure property taxes are paid (whether escrowed or not)
  • Pay property taxes for escrowed properties
  • Pay hazard insurance premiums
• As needed
  • Analyze problems with borrowers, and, negotiate/document solutions
  • Resell foreclosed properties
  • Customer service question answering for both borrowers and investors
  • Compute loan payoffs
  • Receive payoff funds and book to servicing system
  • Maintain an infrastructure
  • Move properties onto forced-placed insurance if borrower allows coverage to lapse
    • Office space
    • Phones
    • Internet
    • Copier
    • Office supplies
    • Utilities
    • Computers
    • Software
    • Payroll
    • Health ins
    • Vacation/sick coverage

  When choosing a servicing company, or, servicing program, you will need to decide what level of involvement you will personally have in your loan(s). Ready Mortgage Corp offers the following:

  Bronze – $62.50/mo

  • Receive payments
  • Book payments into servicing system
  • Online access to loan information and history
  • Annual escrow analysis
  • Annual 1098 to borrower and IRS
  • You are responsible for all other activities

  Silver – $100/mo

  • Receive payments
  • Book payments into servicing system
  • Online access to loan information and history
  • Make phone calls to borrowers who are late and provide record of their response
  • Send 30-day notices to borrowers who are late (atty fees still applicable)
  • Annual escrow analysis
  • Annual 1098 to borrower and IRS
  • You are responsible for all other activities

  Gold – $130/mo

  • Receive payments
  • Book payments into servicing system
  • Online access to loan information and history
  • Make phone calls to borrowers who are late and provide record of their response
  • Send 30-day notices to borrowers who are late
  • “Post” properties who do not cure the 30-day notice
  • Foreclose properties who do not cure for posting
  • Negotiate with borrowers and provide options and recommendations to owner for any issues that occur
  • Annual escrow analysis
  • Annual 1098 to borrower and IRS
  • You are responsible for all other activities

  Platinum – $200/mo

  • We handle everything including coordination of repair and resale if foreclosed
  • We will take responsibility for any lapsed insurance coverage

  Extra Services

  • $100 – load a new loan
  • $200 – coordinate a property purchase (including post-closing audit)
  • $800 – originate a consumer loan (not including broker fee)
  • $100 – draw (if work verification is performed)
  • $ 50 – draw (for no verification of work is performed)
  • $100 – payoff
  • $300 – complete a note sale