Loan Servicing and Collections Integrated Online
The online marketplace for buying and selling real estate-secured note investments, LoanMarket.net, is joining with FCI Lender Services to offer investors a new tool that integrates loan servicing and collections for investors, both institutional and individual, in the sector. The new service is a form of outsourcing for loan servicing, according to a release on the launch. It is not dissimilar to what FCI does now, servicing debt collections, loan modifications, and defaults, only this is the first time this option is made available to LoanMarket.net users. “One of the first questions investors have is regarding the collection of monthly principal and interest payments from their income-generating note investments,” says Jeff Freud, founder and President of LoanMarket.NET. “Due to the liability, time, and cost of servicing individual notes, real estate-secured note buyers typically do not want to service loans themselves," he adds. "We believe it makes much more sense to economically outsource this function to a trusted partner that can handle everything from the most basic billing and collection, to more hands-on distressed servicing, to the complete management of the foreclosure process.” LoanMarket.NET is designed to offer both existing note investors and those interested in investing in this asset class for the first time unprecedented access to the market. Since its launch, LoanMarket.NET has empowered both buyers and sellers of notes by creating a neutral, open marketplace that brings price discovery, transparency and efficiency to the traditionally opaque secondary market for real estate-secured investments. “We are committed to unlocking the opaque market for real estate-secured note investments by providing seamless access to the information and services necessary to ensure investors have a positive experience,” said Freud.