Questionnaire For Engaging A Mortgage Servicer Page 5
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5Consider this information when deciding on
whether the company will be a good partner.
Ensure to understand when the servicer will
contact homeowner in a delinquent situation, and
Request the servicer's
what letters they send and timing of same. If
detailed procedures for
their process is significantly different that current
collection and loss mitigation.
Affiliate process, ensure to understand the
differences and ask if there are any
accommodations for the Affiliate's process as
long as regulations are met.
At what day of homeowner
delinquency does the servicer
send a Notice of Default?
Consider this information when deciding on
Ensure that the letters will be
whether the company will be a good partner.
customized to conform to the
language in the homeowner
Note.
Inquire how forced place (aka
Consider this information when deciding on
lender-placed) insurance is
whether the company will be a good partner.
handled.
When Loss Mitigation is an
Consider this information when deciding on
option, who reviews the
whether the company will be a good partner.
homeowner’s situation and re-
Ensure that if servicer is performing the
assesses their ability to pay -
verification, that they will use Affiliate's
the servicer or the Affiliate?
guidelines.
- Consider this information when deciding on
Determine whether the
whether the company will be a good partner.
attorney that handles
- Affiliate needs assurance that attorneys selected
foreclosures is retained by the
are versed on the Affiliate's state foreclosure
servicer. Inquire whether the
laws.
Affiliate will be able to retain a
lawyer or have to work with
the servicer's appointed
attorney?
- Consider this information when deciding on
Determine frequency and
whether the company will be a good partner.
method of settlement with
- Does the company send a check or do they wire
clients.
funds?
Additional Information
Inquire if the company has the
capability and licensing for
Consider this for Affiliate's future use.
doing origination and
underwriting for the Affiliate?
Ensure that Affiliate has a full understanding of
the proposed contract - ask for clarifications
when in doubt. Servicing mortgages is an
essential component to the success of the
Request a copy of the
Affiliate. Ensure your board of directors have
proposed written agreement
carefully reviewed the proposed agreement or
with servicer.
have retained a qualified person to review it.
Before signing any agreement, ensure your
Affiliate understands it will be responsible to fund
escrow shortages at the time your accounts are
set up with new servicer.
Obtain sample copies of most
recent escrow analysis
Use these for informational purposes and in
summary.
Obtain sample copies of most
comparison to forms used by others
recent escrow reports to
homeowner.
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Parent category: Life