Loan Servicing
We offer Investors the following services to manage their loan portfolio
Specialty in Junior Liens
We have extensive experience in working junior liens, helping you manage your risk and working with your borrowers.
Performing Loan Servicing
We can handle your performing loan portfolio at a fixed cost per loan, so you’ll know your monthly and yearly budget by the number of loans we are servicing.
Wrap Loan Servicing
We can handle your performing wrap loan portfolio at a fixed cost per loan, so you’ll know your monthly and yearly budget by the number of loans we are servicing.
Escrow Services
We can handle escrow services for your loans by collecting the monthly impounds to pay taxes and insurance on behalf of the borrower.
Non-Performing Loan Servicing
We can handle your non-performing loans, making out-bound collection calls, mailing demand letters, home owner option letters per investor guidelines, hiring door knockers and occupancy inspection services at a fixed cost per loan.
Full Service Loss Mitigation
Our borrower intervention program includes skip-tracing, outbound calls by a real person, express, priority & certified mailings and a “Boots on the Ground” strategy to get the borrower to work with us on developing a win-win plan with the borrower and investor.
Foreclosure Management
We have built relationships with foreclosure attorneys nationwide whom we have vetted for value, expediency and excellence.
REO Management
We have relationships with property managers and property management resources across the country if needed.
Web Portal to view your loan activity
View your loans on the Atlantic Pearl portal and see up to the minute information on your loans. Payment History, Servicing notes, Loan balance, last payment date, next due date, loan status, payoff information all at no additional cost.
via email support@atlanticpearlmortgage.com to speak to us about your servicing needs.
Loan Servicing Descriptions
Atlantic Pearl Mortgages will not service the following types of loans:
NEGATIVE AMORTIZATION, DAILY SIMPLE INTEREST Loans (interest accrual method from date received to date received), or any Notes that charge INTEREST ON INTEREST Or INTEREST ON LATE FEES.
*A complete Loan Servicing Setup must be received to start servicing.
*The Setup Fee is due at the time of Setup, with all documents/information, and is non-refundable.
*Missing documents/information requested by Atlantic Pearl Mortgages must be provided within 30 days from initial Boarding or the loan will be deboarded.
*Loans can be prelim Boarded with copies of UNRECORDED documents, but copies of required RECORDED documents (Deed, Mortgage, Assignments, etc.) must be provided within 60 days or the loan will be deboarded.
** Residential Loans over $500k in UPB or Commercial Loans, call for pricing.
Performing Loan Servicing : $25.00/ Month
Any Loan that is current, one or two months delinquent, according to its original or modified terms.
Under Performing Loan Servicing, the RESPA Hello package is sent out to the borrower at the time of boarding. Each loan is assigned to an agent who will monitor and make sure that the borrower continues to make their payments on time. The agent will make contact with the borrower to remind them of when the payment is due, and will also set them up on ACH Payments if so desired. Monthly statements are sent out to the borrower 15 days before the due date. Borrowers who missed payments for two (2) consecutive months, will automatically get switched to Non-Performing.
Wrap Loan Servicing : $45.00/ Month
Like Performing Loan Servicing, Atlantic Pearl will collect payments from your borrower and disburse payments to your underlying mortgage. Note Holder will provide servicer with a copy of current mortgage statement for underlying mortgage. Payments to the underlying mortgage will be made by servicer via check. Please allow at least 60 days to setup payment.
*See Wrap Loan Servicing tab for additional information
Non-Performing Loan Servicing : $95.00/ Month
Any Loan that has missed the 3rd consecutive month, or more.
Under Non-Performing Loan Servicing, the RESPA Hello package is sent out to the borrower of the delinquent loan at the time of boarding. Each loan is assigned to an agent who will work with the borrower at the direction of the Lender to turn the delinquent loan into a performing loan, by restructuring the loan or by foreclosing. Monthly statements are sent out to the borrower 15 days before the due date. Late notices are sent to the borrower at 15 days, 31 days, and 45 days delinquent. After the loan has been restructured and the borrower has made payments for three (3) consecutive months, the loan will automatically be switched to the Performing Loan Servicing Program.
No Collections Loan Servicing : $45.00/ Month
North Carolina Excluded
Loss mitigation performed by client or Third-party service
Under No-Collections Loan Servicing, the RESPA Hello package is sent out to the borrower at the time of boarding with correspondence address to client or third party and payment address to Atlantic Pearl. Monthly statements are sent out to the borrower 15 days before the due date. Borrower will be directed to contact client or third-party service for loss mitigation, payment arrangements, or other questions about their loan. Atlantic Pearl will provide basic loan information known at the time, such as unpaid balance, next due date, lender name and contact information.
Performing Loan Servicing Fees
Loan Setup: $150 per loan
for Fixed Rate, Single Lender, non-escrow: $130 per loan for 10+ boarded at one time
Includes tax and insurance tracking service: $50 per junior lien (no tracking)
Loan Setup for more than one Lender
Add $20 per additional Investor/Lender
Loan Setup for ARM/HELOC
Add $5 per loan
Loan Setup for Partial Note Sales
$75 per loan
Performing BK or Forbearance Plan setup
$150 per loan
Complex Loan Setup
$125 per loan
Performing Bankruptcy Plan
$15 per loan/month/Lender
Variable rate loans (HELOC/ARM)
Add $5 per loan/month
Optional Escrow Processing
$10 per loan/month
Add $2.50 per Loan/Month per entity over 2 entities (city, county taxes)
Loan Reset fee
See Additional Servicing Fees tab
Late Fee
50-50 Split between Servicer & Lender
Performing loans secured by a borrower’s primary residence that become 25 days delinquent will be subject to an additional $20 per month charge for 2 months to fulfill Dodd-Frank requirements.
Optional Escrow Processing: When a borrower’s monthly payment on a performing first mortgage includes amounts for property taxes, home owners insurance and/or HOA fees, MMS will collect those funds into a separate account and disburse the funds to the appropriate party when they become due. The fee is $10 per loan per month and will be added to the monthly servicing fee.
* Fees subject to change
Payment Due Date
Please consider that if the underlying mortgage and the new buyer have the same payment date, you risk a short turnaround time for the underlying mortgage payment to be made. We recommend a different due date from underlying mortgage, at least 15 days prior to underlying mortgage due date.
(funds sent to the servicer must clear before they are disbursed. Money orders, Cashier’s Check, and Cash are given immediate credit. A personal check is given a 5 day hold to ensure the funds clear before funds will be disbursed).
Payment Changes
The Note Holder should provide servicer with copy of yearly escrow analysis from underlying mortgage. If there is a change in payment, who will decide on the new payment plan action, the new buyer or the note holder? In cases where there is a shortage in escrow, mortgage companies offer several options to handle the change. Who will decide on what option to take?
Service does not hold escrow account we just “pass through” the escrows to the underlying mortgage.
Past Due Payment
The servicer will contact the Note Holder once the grace period has come. The Note holder can wait until payment come in or will have make payment and get “reimbursed” for payment.
Late Fee
Consider the amount of late fee you will collect. In most standard servicing agreements, the late fees are split 50/50 between servicer and note holder. Ensure that the late fee covers the late fee for the underlying mortgage completely, after servicer has collected their portion.
Insurance
Will the current policy be transferred to the new buyer? Will the new buyer have to obtain their own policy?
Recommend that current policy remain intact and add new borrower as additional insured.
Prepay Underlying Mortgage
We recommend that the payment to underlying mortgage be 1 month ahead. This will help in the event that payment to servicer is late or delayed.
Wrap Loan Servicing Fees
-
Loan Setup : $225
-
for Fixed Rate, Single Lender, non-escrow : $225
-
Includes tax and insurance tracking service : $225
Loan Setup for more than one Lender
Add $20 per additional Investor/Lender
Late Fee
50-50 Split between Servicer & Lender
* Fees subject to change
Full Collection Servicing fees
Default loan servicing with full collections works to turn your non-performing assets into performing assets through loan modifications, forbearance payment plans, facilitating the foreclosure process or obtaining a deed from the borrower. Our staff is trained in collections, workouts, foreclosure, skip tracing and working with third parties to help you maximize your investment.
Loan Setup: $150 per loan
For Fixed Rate, Single Lender, non-escrow: $130 per loan for 10+ boarded at one time
Includes tax and insurance tracking service: $50 per junior lien (no tracking)
Loan Setup for more than one Lender:
Add $20 per additional Investor/Lender
Loan Setup for ARM/HELOC
Add $150 per loan
Additional Monthly Servicing fee:
Add $20 per Lender per loan
Variable rate loans (HELOC/ARM)
Add $5 per loan/month
Optional Escrow Processing
$10 per loan/month
Add $2.50 per Loan/Month per entity over 2 entities (city, county taxes)
Loan Reset fee
See Additional Servicing Fees tab
Optional Escrow Processing: When a borrower’s monthly payment on a performing first mortgage includes amounts for property taxes, home owners insurance and/or HOA fees, MMS will collect those funds into a separate account and disburse the funds to the appropriate party when they become due. The fee is $10 per loan per month and will be added to the monthly servicing fee.
* Fees subject to change
Questions on servicing & boarding your loans?
Atlantic Pearl Mortgage LLC NMLS ID: 2597854
