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Benefits of Professional “Third Party” Mortgage Servicing

Benefits of Professional “Third Party” Mortgage Servicing. Timothy J. O’Malley, Senior VP of Sales and Marketing. Servicing Considerations. Improving Delinquency Ratios. Increased Cash Flow. Asset Protection. Experienced and Professional Loan Servicer.

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Benefits of Professional “Third Party” Mortgage Servicing

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  1. Benefits of Professional “Third Party” Mortgage Servicing Timothy J. O’Malley, Senior VP of Sales and Marketing

  2. Servicing Considerations • Improving Delinquency Ratios. • Increased Cash Flow. • Asset Protection. • Experienced and Professional Loan Servicer. • Regulations Management – CFPB, RESPA, and SAFE ACT. • Online Access. “Quality Through Innovation and Experience”

  3. Lowdown on Delinquencies • Proper accounting of Delinquency per CFPB rules (first day late is important!) • Early intervention on delinquent payments is critical. • Your “delinquency rate” is the percentage of mortgages that are 30 days or more delinquent. • More than 20% overall or 12% for 60 days and more is a problem. • More than 20% for 60 days and more is a major problem. “Quality Through Innovation and Experience”

  4. Increased Cash Flow • Healthier financial outlook. • Cycle funds quickly to build more homes. • Improved funding access. • Affiliate capacity and media implications. “Quality Through Innovation and Experience”

  5. Asset Protection • Insurance monitoring. • Property tax monitoring. • Proper payment posting and enforcement according to note terms. • Historical information reporting. “Quality Through Innovation and Experience”

  6. Servicer Experience • Veteran Servicer. • Conventional vs. Affordable Housing Background. • Efficient Management of Varying Loan Types with Multiple Funding Sources. • Ability to adopt and account for “non-standard” loss mitigation techniques. “Quality Through Innovation and Experience”

  7. Servicer Experience • Understand Habitat’s mission and volunteer structure. • Proven Servicing Guidelines that provide: • Loan Boarding and Payment Processing • Professional and Courteous Customer Service • Investor Reporting • Escrow Administration • File Retention • Delinquency Management and Quality Control “Quality Through Innovation and Experience”

  8. Regulations Management • Servicer should be regulated and audited. • Willing to provide annual independent audited financials on request. • Should participate at a minimum in the following audits: SSAE 16 (formerly SAS 70), FNMA , FHA, IT Annual Risk Assessment and Internal Audits. • Escrow funds safe –held in a separate bank account that is not comingled with any other funds and fully insured by the FDIC. “Quality Through Innovation and Experience”

  9. Regulations Management • Compliance with CFPB rules. • Correct calculations of escrow per RESPA regulations. • Understanding and compliance with the SAFE ACT 2008. • Meets Habitat for Humanity International’s MPAR Guidelines. “Quality Through Innovation and Experience”

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