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Secure & Grow Your Private Mortgage Loan Assets: Get the Latest Tips from Note Servicing Center

2023-01-27T14:12:04-08:00private lender loan servicing, private mortgage loan servicing|

Assuming that the company's main objective is to protect and grow the value of its clients' real estate assets: The July 1, 2004 newsletter from Note Servicing Center offers an update on the latest happenings in the world of private mortgage loan servicing. The newsletter notes that 2004 has been a busy year for the mortgage industry, with plenty of new regulation and guidelines coming into effect. As a result, private mortgage loan servicers have had to adapt their practices in order to stay compliant. The newsletter goes on to provide some tips on how private mortgage loan servicers can protect and grow the value of their clients' real estate assets. In particular, the article advises servicers to keep abreast of changes in the industry, to work closely with their clients, and to develop a good understanding of the value of the assets they are servicing.

Private Lenders: Learn How to Prepare for New Mortgage Servicing Rules on April 1, 2004

2023-01-27T14:10:58-08:00private mortgage loan servicing|

As a private mortgage loan servicing company, we want to make sure that our clients are prepared for the new mortgage servicing rules that go into effect on April 1, 2004. We have put together a list of things that our clients need to know in order to be compliant with the new rules. First, the new rules require that servicers disclose certain information to borrowers in writing, including the name and address of the servicer, the borrower’s rights and responsibilities, and contact information for the servicer. Second, servicers must provide borrowers with a regular statement that includes the loan balance, interest rate, payment amount, and other important information. Third, servicers must offer confidential counseling to borrowers who are struggling to make their payments. Finally, servicers must give borrowers a “grace period” of at least 10 days before starting any foreclosure proceedings. We want our clients to be prepared for these new rules and to know that we are here to help them navigate the changes.

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