As their leadership and knowledge in the industry has grown immensely over the past 35 years, take a glimpse into how Note Servicing Center has expanded and developed since its opening in 1984.
Times were tough, rates were high, but people still wanted/needed to purchase a home. Tom stepped into this market to help people achieve their dream of home ownership by drawing the documents needed to get the financing they needed, and at the same time, helping people sell their home and move on with their lives. California Equity Corporation was born in 1984 to do just this. As agents in the Standen Company sold real estate, CEC would underwrite and originate the seller financing needed to complete the purchase. However, as time went on many of the sellers were coming back to Tom asking the same questions we get today. ‘Now that I have this loan what do I do?’. Many of the people in Mariposa are working class people and were not schooled in finance as Tom was. As a result, when a borrower paid late, or more than the regular monthly payment, or just wanted a payoff, they were not sure what to do next. After hearing this time and time again, Tom decided to add loan servicing to the list of services offered by CEC. From this, the idea of Note Servicing Center was born. The vision for the company was not a grand money-making opportunity, many loan servicers will tell you it’s a volume play, unfortunately there were/still are less than 20,000 people in Mariposa county, volume was not the driver here. The vision for our business was helping others, and it always has been. It’s what drives our people to come to work each day. Even now, 35 years later, the number of loans we service is higher, but the vision Tom had when he started this company lives on. We are now able to help more people than ever before thanks to our office and support staff.”
Thomas: “It was something special to be able to spend 11 years working closely with my grandfather, Tom. Something you have to remember, from 2003 to 2014 there were only a select few working in the office. I was in the office from 7:30 am to 5:30 pm every day, and many weekends were spent at conferences. I would come in early so Tom (Sr.) and I could talk about various issues we faced as a company, with the market place, and sometimes the country as a whole. I learned a lot during these times. Just imagine spending time with your favorite teacher in school and being able to talk and ask whatever question you wanted or needed to and get an answer. That is basically what this time was for, it was for me. I was able to listen to Tom as he dealt with clients, both happy and very angry, this is really where I learned how to deal with people by phone rejoicing with the fortunate and calming the apprehensive. But I think the best memories are those of my family in our office. Working with family is very, very challenging, however one of the nice things is your family always comes first. When my wife and I were newly married she was always welcome in the office, and when we had our kids they were encouraged to come up. I still try to keep those traditions alive, even though we do not have as many family members working here now. I still let my office staff know that their family comes first. The time you spend in the office, while very important to me and our clients, is far less important than the time you spend with your family.
In addition to our internal factors, our company has teamed up with vendors to assist our clients in various other aspects of loan servicing. We are working with foreclosure companies and attorneys to bring foreclosure services to the loans we service, leveraging their knowledge and resources to bring this service to our clients. Additionally, we have partnered with a tax service to assist our office in paying the appropriate payments to the appropriate entities and on time. Finally, NSC has contracted with US Risk to provide forced placed insurance coverage to protect our client’s investment from loss due to a borrower’s failure to insure their property. We will continue to deepen our business relations in order to provide the best variety of services for our clients.
Now each employee has a computer that fits their needs, and customer service and operations have an all-in-one computer which never leaves their desks. Our sales representatives have tablets, which are equipped with the same computing power of the all-in-one computers and allows them to access everything they need, even while on the go. We are running a server with 5 terabytes of memory and data backups are automated taking place every 30 minutes. If we need anything from a backup, we are able to have our information within minutes.
The internet has fundamentally changed the way we interact with our customers. Although we still set phone appointments and meet clients in person, we don’t rely on that type of communication to close our servicing transactions. The internet gives us the ability to efficiently obtain the documents needed instead of relying on the mail service or having to meet with someone in person to get the documents needed. Now, most of our customers come to us through web searches on the internet and complete their own note setup right on our website and can attach the documents needed for setup at the same time. If anything is missing, it is just an email away. Additionally, lenders and borrowers are able to login to their accounts through our website, giving them 24/7 access to their accounts.
The internet has also allowed us to automate a lot of our customer interactions. Lenders are notified by email when the borrower makes a payment, and the lender can see how much the borrower paid and how much of that payment he/she will receive. The lender is also notified if the borrower is sent a late notice, if a payment is returned as NSF, and more. The internet has made our processes much simpler which frees us up to create a better customer service experience for our clients, and to give them as much information as possible, as quickly as possible.
See next month’s question below: