In this article, Cornerstone Capital Bank gets into the subservicing business. The bank will now provide subservicing services to its clients who are seeking to outsource this function of their business. This move allows the bank to expand its product offerings and services to its clients.
Subservicing is a process by which a company provides servicing on behalf of another company. In other words, the subservicer takes on the responsibility of servicing the loan, and the lender or investor owns the loan. The subservicer may be responsible for tasks such as collecting payments, managing escrow accounts, and providing customer service to the borrower.
Outsourcing the subservicing function can be beneficial for lenders and investors because it can free up staff to focus on other tasks, such as originating new loans. It can also help to lower costs.
Cornerstone Capital Bank is a community bank that is headquartered in New York. The bank has a focus on providing financing to small and medium-sized businesses.
You can read this full article at: https://www.housingwire.com/articles/cornerstone-capital-bank-gets-into-subservicing/(subscription required)
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