LandAmerica is pleased to offer loan subservicing services through our subsidiary LoanCare Servicing Center, Inc. A leading national subservicer, LoanCare offers lenders and servicers of all sizes the ability to lower cost, reduce operating risk, and access advanced servicing technology and enhanced customer/member services through Interim and Private Label Subservicing Programs. LoanCare is large enough to offer advanced servicing systems for mission-critical work, yet small enough to deliver the kind of personalized service you find at a community bank or local credit union.
About Loan Servicing
Subservicing is the transferal of high cost and operational risks of loan servicing to a third party on a contractual basis. LoanCare offers “back office” servicing functions for clients, including:
• Customer/member services
• Payment processing
• Investor reporting
• Escrow administration
• Default management
Interim Subservicing
Many lenders selling loans in the secondary market need subservicing support for an interim period, pending the transfer of the loan and the related servicing rights to a permanent purchaser/investor. This need is often called “Interim Subservicing.” Our Interim Subservicing Program is designed to manage the servicing issues that arise for the entire service release process - before the loan is sold, while the loan is held pending sale, and after the loan is sold.
Unique Private Label
For those lenders wishing to promote the relationship between themselves and their borrowers, LoanCare offers a unique Private Label Program at no additional monthly cost, making this a very affordable option. In most private label subservicing situations, the client’s name and logo can be placed on monthly billing statements, year-end reporting, and certain borrower communications. Borrowers can even make their checks payable to the client, and payments can continue to be made in the client’s branch offices. In all other instances, the generic sounding LoanCare or “Servicing Center” is used. The goal is to provide a private label program that will economically improve customer/member retention and help clients win repeat business. For more information about LoanCare Servicing Center, please call 1-800-274-9900, or visit loancareservicing.com.