DB Fitzpatrick 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. We have based our business on exceeding our customers’ expectations.
- 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.
- 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.
- Notify client immediately of loss due to fire or other cause(s).
- Coordinate with client and borrower regarding use of insurance proceeds.
- Calculation of payoff amounts.
- Arrange reconveyance documentation.
- Provide UCC terminations.
- 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.
- Actively pursue lender’s rights and remedies.
- Coordinate closely with client regarding action(s) to be taken.
- Insure location where files are kept.
- Servicer bonded in a reasonable and adequate amount.