Woodland Hills, CA - BLC Servicing announced that it has launched their new website located at www.blcservicing.com to help obtain new servicing business with a niche towards offering comprehensive default services.  As Treasury Secretary, Tim Geithner, works on unveiling more details of the government's plan to help banks get toxic assets off of their balance sheet, we are in a unique position to be an industry leader within this defaulted servicing space", said Brent Houston, Chief Operating Officer of BLC Servicing.  "Our sophisticated network of companies provides a one stop approach offering our clients a cradle to grave solution for all loan servicing needs from origination to REO disposition services.

March 31, 2009 - BLC Serving is happy to announce that we have taken the necessary steps in automating our workflow within our servicing system to ensure that each of our clients are SB 1137 Compliant for loans located in California.

SB 1137 Overview

California SB 1137 created new Cal. Civ. Code §2923.5 applicable to loans made from January 1, 2003 to December 31, 2007, inclusive, that are secured by owner-occupied, residential real property.  The provision became effective July 8, 2008, operative on September 6, 2008, and expires on January 1, 2013 unless another statute is enacted that deletes or extends the January 1, 2013 expiration date.

New Cal. Civ. Code §2923.5 requires a mortgagee, trustee, beneficiary, or authorized agent to contact the borrower, in person or by telephone, to assess the borrower’s financial situation and explore options to avoid foreclosure.   During the initial contact, the mortgagee, beneficiary, or authorized agent must advise the borrower that he or she has the right to request a subsequent meeting and, if requested, the mortgagee, beneficiary, or authorized agent must schedule the meeting to occur within 14 days.   The assessment of the borrower’s financial condition and discussion of options may occur during the first contact, or at the subsequent meeting scheduled for that purpose.    In either case, the borrower must be provided with a toll-free telephone number made available by the United States Department of Housing and Urban Development (HUD) to find a HUD-certified housing counseling agency. 

A mortgagee, trustee, beneficiary, or authorized agent must wait 30 days after contact is made with the borrower or 30 days after satisfying due diligence requirements before filing a Notice of Default.   What constitutes “due diligence” is specifically described in new Cal. Civ. Code §2923.5.

A Notice of Default must: (1) include a declaration that the mortgagee, beneficiary, or authorized agent contacted the borrower or tried with due diligence to contact the borrower; or (2) indicate that the borrower surrendered the property to the mortgagee, trustee, beneficiary, or authorized agent.

If the mortgagee, trustee, beneficiary, or authorized agent already filed the Notice of Default prior to July 8, 2008, the law specifies certain information that must be contained in the Notice of Sale.

The mortgagee, trustee, beneficiary, or authorized agent has no duty to contact the borrower prior to filing a Notice of Default if any of the following applies: (1) the borrower surrendered the property; (2) the borrower contracted with an organization, person, or entity whose primary business is advising people who have decided to leave their home on how to extend the foreclosure process and avoid their contractual obligations to mortgagees or beneficiaries; or (3) the borrower filed bankruptcy and the proceedings have not been finalized.

Contact us and speak with one of our highly skilled servicing representative today to find out more about our services and fees.

March 20, 2009 - BLC Servicing is pleased to announce Scott Sawyer, Senior Vice President for BLC Servicing, will be serving on CMBA's Loan Servicing Committee for 2009.  "his is just one way BLC Servicing shows our committment to CMBA and our industry" said Brent Houston, Chief Operating Officer for BLC Servicing.

CMBA's Loan Servicing Committee Purpose:  To provide a forum for the discussion of problems and programs common to loan servicing.

CMBA's Loan Servicing Committee Role: (1) To conduct an Annual Western States Loan Servicing Conference, to provide technical information and training to senior clerical/first level management employees and thus maintain the professional quality of loan servicing.  (2) To monitor changes in state and federal Government Regulations as they affect loan servicing functions.  (3)  To develop articles for the CMBA Newsletter, as necessary, providing information of interest to loan servicing personnel and to the industry in general.  (4) To evaluate the format of the Western States Loan Servicing Conference each year to determine what changes, if any, would result in a better program for attendees.  (5)  To develop specialized seminars, when needed, on loan servicing subjects.

Woodland Hills, CA (PRWEB) August 7, 2009 -- BLC Servicing will be attending the upcoming CMBA Loan Servicing Conference to stay up-to-date on the latest servicing trends and further strengthen their relationships within the servicing community. The 14th annual Western States conference, hosted by the California Mortgage Bankers Association, will take place in Las Vegas, Nevada from the 9th of August to the 11th. Through their connections with loan servicers, banks, asset managers, pension funds, credit unions, and realtors, BLC Servicing will be scheduling meetings to further explain their innovative servicing platform with its niche toward default solutions.

"We are taking the extra step in personalizing our customer experience, providing more comprehensive assistance while educating the plethora of services our affiliated companies offer," said Brent Houston, the COO of BLC Servicing. "Strong networking is crucial and during these turbulent times it is important to collaborate with other servicers, vendors, asset managers, and realtors to ensure BLC Servicing is staying ahead of the competition while providing our clients with industry leading services." Prospective clients are currently either very hesitant to purchase new product because of the climate uncertainty or their current servicing staff is over-worked handling delinquent loans. BLC Servicing is able to help alleviate this by providing delinquency outsourcing solutions for current servicers as well as portfolio valuation and pricing modeling analysis for distressed asset purchasers, giving clients the confidence they need to originate or acquire more loans without a paralyzing fear of defaults. The Senior Vice President of Servicing Operations, Scott Sawyer, as well as the SVP for Compliance and Business Development, Gary Putnam, will also be attending the conference to help communicate the advantages of working with BLC Servicing.
   
BLC Servicing (www.BLCServicing.com) is a full-spectrum mortgage servicer, providing its clients with superior servicing solutions for both performing and non-performing portfolios. BLC Servicing has assembled the top servicing experts to handle any servicing needs, regardless of the portfolio's complexity. Through their integrated companies representing many years of experience, they are able to handle loans from inception all the way to REO repairs and ultimate disposition, assuring the maximization of the return. They are a one-stop outsourcing entity in today's turbulent environment.

BLC Servicing also uses the latest in technology and is a direct user of the Fiserv Loan Servicing Platform, a leading provider of information technology services to the financial industry.

Using the Fiserv Loan Servicing Platform is just one way BLC Servicing is committed to using technology, offering their clients the most innovative solutions during these challenging times. Their advantage is that they provide a complete solution for lenders, whether small private equity, large institutions, or funds.