Servicing represents two important opportunities to mortgage banking firms: Revenue for the life of the loan in the form of servicing fees and sustained contact with the valued borrower relationship you have carefully cultivated. But how do you know a servicing platform is cost effective?
Whether you maintain an existing servicing platform, want to establish one or simply wish to capture servicing revenue from your capital source, your cost to service should be on as variable a basis as possible. This becomes a challenge as a baseline of technical and human resources are required regardless of the number of loans in the portfolio. There is also the potential drag on your origination professionals who may have to step in to assist on more complex servicing-related tasks such as operating statement and rent roll analysis, property inspections, resolving deferred maintenance issues and handling special borrower requests.
Essex Financial Services can help. We collaborate with mortgage banking firms like yours to find the most cost-effective division of labor between your people and ours. It is common for us to handle cashiering, loan administration, collateral surveillance or any combination thereof. We complement the strengths of your origination and servicing platforms, allow your dealmakers to stay in the business of making deals and return a healthy portion of the servicing fee to your bottom line.
Perhaps most importantly, we treat your customers like they were our own and we assure your institutional clients’ investments are managed properly. We also make your valued customers remain your valued customers by keeping information regarding those relationships highly confidential. We currently provide services to 50 life companies, mortgage banking firms and direct lenders…we likely know many of the same people!