| Borrower and Lender Welcome Letters to meet RESPA guidelines |
All notifications required by RESPA when transferring a loan are critical to servicing your loan. We will notify the borrower of all updated contact information and make sure they are given the 30 day notice period required by RESPA to keep the investor compliant. |
| Monthly Lender Remittance Reporting |
You will be provided with monthly statements both on an individual loan and total portfolio level. |
| Same-Day Payment Posting |
Because payment posting contains information of such high value to your business, it can be viewed as the key management tool. Our automated electronic posting features have truly streamlined the payment posting routine. |
| Senior Lien Tracking |
BLC Servicing will monitor the status of a Senior Lien, notifying the investor when critical events occur such as a Notice of Default, initiation of Foreclosure and Sheriff's Sales. |
| Payment Processing and Statements |
All payments will be processed same day as received. In addition, all monthly mortgage statements will be sent to the borrowers as they will be generated on a payment received basis. |
| Insurance Tracking |
Insurance tracking is a specialized field, requiring proven systems and processes as well as the experience of professionals who understand the specific business needs of each client. With a strong infrastructure in place, BLC Servicing is well equipped to handle this need. |
| Payoff Demands |
All payoff requests will be handled by our customer service division allowing borrowers and escrow companies to receive their payoff statements promptly. Investors are required to sign off on payoff demands prior to releasing to the customer or escrow company. |
| Rush Demands |
Rush demands are handled on a case-by-case basis as needed to provide the borrower with the fastest possible turnaround, ensuring that they don’t have to wait when ready to payoff their loans. |
| Assignments |
All assignments will be recorded and monitored for the return of original copies, and will be stored in the collateral files. |
| Releases and Reconveyance |
BLC Servicing handles all transfers of title to keep your investments safe. When payoffs are received all reconveyances are processed within the allowable timeframe. |
| Lender Year-End Statements |
Year end reporting will be provided showing the overall productivity of your portfolio for an annual period. |
| IRS 1098 and 1099 Interest Reporting |
Our servicing platform can generate all of your borrowers; 1098 and 1099 interest statements as needed and report all documentation to the IRS as required by law. |
