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Phoenix Capital Offers Loan Servicing Transfer Aid Via Stewart Lender Services
By James Comtois
Phoenix Capital Inc., a Houston-based brokerage and consulting firm focused exclusively on the mortgage industry, is now a single-source provider of fulfillment to buyers and sellers of mortgage loan servicing portfolios, via products and services of Stewart Lender Services Inc.
Stewart Lender Services, an outsource service company and wholly owned subsidiary of Stewart Information Services Corp., provides mortgage information and services that accelerate the loan origination process and reduce the costs associated with post-closing and loan servicing functions.
"Sellers can now rely on one entity for all their portfolio sale requirements," said Michael Lau, executive vice president of Phoenix Capital. "This spectrum of services will ensure support from the valuation and marketing of the portfolio to the consultation, negotiation and execution of the purchase and sale agreement."
Stewart supports complete fulfillment of the transaction with services including the pulling, imaging, labeling, bar coding, packaging and shipment of loan files; reorganization of the files to meet buyer requirements; document inventory and subsequent retrieval of missing documents; assignments and/or MERS registrations; and curative solutions for deficient documents.
Files are shipped to the buyer, supported by file-recreation insurance to cover any losses that may occur in transit. With these services, buyers can be assured that the loan package will be delivered to them safely with accurate data and complete collateral files. This eliminates the need to expend additional resources to obtain critical documents or mine for supplemental data.
"Generally, anything that is included in the transfer instructions as a responsibility for either the buyer or the seller can be accomplished through Stewart's fulfillment services," said John Bordon, senior vice president, Stewart Lender Services. "Transactions can be completed in a more timely manner through this alliance. That equates to lower overall costs and the return of holdback funds in a more expeditious manner.
"Having one source to go for a complete offering of services allows sellers that may not have extensive mortgage loan servicing sale experience or personnel to execute the transaction an outlet to realize the benefits of a mortgage loan servicing sale," he added.
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