HousingWire’s Mortgage Services Guide is a one-stop shop for finding the service provider your business is looking for. This monthly blog will highlight different services, service providers and insights your business needs to stay compliant and efficient. Visit HW’s Mortgage Services Guide to start your search.
With so many new ways to pay and manage loans, the servicing industry has seen significant growth over the recent years. Fifty years ago, loan servicing was a back-end function performed by the same company originating the loan. But due to the birth of the secondary market, the increasing role of the GSE’s and the abundance of mortgage products to choose from, the loan servicing operation became subject to more oversight and regulation – branching out to a separated bank and non-bank business model of servicers.
Although banks still hold the majority of the mortgage servicing assets, the five largest non-bank servicers saw their market share grow between 30 and 350 percent between 2001 and 2014, according to a white paper conducted by MBA.
Non-bank loan servicers also have the advantage of focusing on a specific loan market, tailoring solutions to customer-specific needs. HousingWire’s Mortgage Services Guide can help you nail down a list of service providers that fit your specific needs, including a list of loan servicing options.
A few loan servicing providers include:
Auction.com provides a platform that updates performance on foreclosure and REO assets, allowing consumers to buy and sell assets with better execution.
LERETA provides customers a host of Real Estate Tax and Flood Service options with the option to customize solutions to fit personalized needs.
BSI Financial Services Inc. specializes in loan servicing and subservicing, loan quality and loss mitigation services, providing web and cloud-based systems to borrowers. BSI Financial also offers pre and post-origination quality control services.
Land Gorilla specializes in the construction lending process, providing a Construction Loan Manager solution to lenders.
LoanCare is a national provider of full-service residential servicing and is currently one of the largest subservicers in the industry.
Be sure to utilize HousingWire’s Mortgage Services Guide to start your search for all industry needs.