Essex Financial Services LLC services commercial real estate mortgage loans owned by 40 life insurance companies and no two are alike. Through collaboration we create service levels that complement the strengths of life companies’ existing servicing, asset management and risk management functions. Essex is also excellent at executing your portfolio risk management strategy at every touchpoint. Anything is possible when you collaborate with us but common service levels include Full Servicing, Lead Servicing and Cashiering.
Full Servicing is the most comprehensive service level provided by Essex. This level is for loans that are currently being serviced in-house by your staff or for loans currently being serviced by a correspondent or sub-servicer that you wish to terminate due to performance deficiencies. Under this service level your firm engages Essex directly, we onboard or transfer assets at your pace and complete all loan administration and collateral surveillance duties in accordance with your servicing guidelines.
Lead Servicing is ideal for loans originated by a correspondent mortgage banker with whom your firm does not wish to enter into a full servicing arrangement but is willing to allow participation in the servicing process due to their ability to provide quality commercial mortgage loans to your portfolio. This service level allows Essex to assist your firm in maintaining its relationship with the correspondent, assure quality servicing of your loans and enables your correspondent to maintain their valued borrower relationship. Under this arrangement, Essex contracts directly with your firm and is ultimately responsible for all servicing in accordance with your guidelines. As a term of this arrangement, Essex agrees to engage your correspondent as its sub-servicer to assist in a negotiated list of duties that match their strengths and your desires.
Cashiering is ideal for firms who have an overabundance of qualified correspondent servicer relationships which creates challenges during periods of monthly remittances. In this scenario, Essex acts as your portfolio cash manager by receiving payments from your servicers, resolving payment and balance discrepancies, electronically posting payments to your servicing system and remitting funds to you with consistent reporting. This service level allows your existing servicer to handle all functions in a “business as usual” fashion while assuring your firm receives remittances and investor reporting in a consistent manner.