Loan Servicing

Overview

D.B. Fitzpatrick & Co., Inc. provides loan servicing with high levels of communication and informative reports at a competitive price. Our highly trained staff coordinates collections, accounting, disbursements and adjustments, while providing more servicer stability and flexibility. We have based our business on exceeding our customers’ expectations.

Advantages

  • Low cost – 12.5 basis points.*
  • High quality, personal service.
  • We’re not a bank, so we don’t compete for your business.
  • References on request.

*for basic commercial loan servicing.

Collection of Payments

  • Lock-box system with money center bank.
  • Daily accounting and reconciliation of payments.
  • Daily reporting of delinquencies.
  • Funds available promptly for re-investment.

Funds Transfer to Client

  • Funds immediately invested in client’s interest bearing account.
  • Transfer all funds collected to client on weekly basis –or—
  • Once funds reach an amount designated by the client, transfer funds immediately.

Escrows & Impositions

  • Project deficiencies and make necessary adjustments to borrower payments.
  • Pay, when due, all obligations of borrower for impositions (i.e. taxes and insurance).
  • Monitor previous twelve months, provide estimate for next twelve months.
  • Verify insurance policies to comply with loan documents.
  • Make UCC filings as required.

File Maintenance

  • Copies of files kept at only one location.
  • Files available for inspection by client and authorized agents.
  • Research and adjust interest rates according to loan documents.
  • Maintain electronic back-up and hard copy of all loan histories and detail

Insurance (Property)

  • Notify client immediately of loss due to fire or other cause(s).
  • Coordinate with client and borrower regarding use of insurance proceeds.

Payoffs

  • Calculation of payoff amounts.
  • Arrange reconveyance documentation.
  • Provide UCC terminations.

Delinquencies

  • Bill the borrower for all late fees incurred.
  • Prompt response to borrowers that are in default.
  • Report delinquencies to the client by the 20th of each month.
  • Contact borrower and make collection efforts.

Foreclosures

  • Actively pursue lender’s rights and remedies.
  • Coordinate closely with client regarding action(s) to be taken.

Insurance (Servicer)

  • Insure location where files are kept.
  • Servicer bonded in a reasonable and adequate amount.