Loan Servicing Checklist

Use this checklist as a guide to put together a complete Loan Servicing Setup Package for submission. Read each item carefully and include this Form in the complete package sent in. Remember, we can only accept and set up loans that come in as one Complete Setup Package per Loan (unless this is a bulk transfer using our Loan Boarding Template).

 Loan Servicing Setup Form

PLEASE UNDERSTAND THAT LOANS CAN NOT BE BOARDED WITHOUT A COMPLETE SETUP PACKAGE. If you overnight the package, include a check for the one time Loan Setup Fee per the SETUP FEE schedule box on this Form 2.  If you email or fax the package, we will call for the Loan Setup Fee on a charge card.  Contact us for Bulk Transfer instructions.  If there is a change of ownership (Lender) regarding this loan, then look at Transmittal Form #4 instructions.  If a Newly Originated Loan does not have "Send Payments to FCI" in the documents, then do Form 3 to take out the existing Servicer and put in FCI.

 RESPA Goodbye Letter

This Form is sent to the borrower by the current Servicer to transfer servicing on an existing Loan to FCI.   It is not needed to start servicing a new loan. Date and send the letter at least 15 days before the selected “Date of Transfer”.  The selected "Date of Transfer" must be at least 15 days from the mailing date.  IF THE "DATE OF TRANSFER" IS INCORRECT, YOU WILL HAVE TO RESEND THE NOTICE.  Once you enter the “Date of Transfer” the other "Date of Transfer" fields may auto fill in the rest of the Form with the same date depending on your Brouser (otherwise manually enter them).  Make the obvious changes in the active fields.  Print out two Forms so you have one to send the Borrower and on for your file.  Regardless of the Date of Transfer of Servicing in the Transfer of Servicing letter, consider the loan transferred when it is sent to FCI.  Any borrower payments received after the Setup Package has been sent to FCI should be endorsed and forwarded to FCI for processing.  Note: this Form is for informational purposes only; please contact your attorney prior to use.

 TILA Ownership Transfer Notice (for transferring full or partial ownership)

Effective May 20, 2009 when an existing Loan secured by the principal dwelling of a consumer is purchased or assigned in full or part, the new Investor/Lender (Creditor) must notify the borrower of the transfer of ownership within 30 days.  It is standard practice to send this Notice to the Borrower when ownership is transferred on any type of Loan.  Use this checklist to provide the information needed for FCI to send out the Truth-In-Lending Act Ownership Transfer Notice. We can only do this Notice for Loans that are set up in our Loan Servicing system within 20 days of the date on the Assignment.  Include a processing fee of $45 per Loan for 1-9 Loans, or $25 per Loan for 10+ Loans submitted at one time, when submitting the completely filled out checklist.

 Loan Servicing Direct Deposit Form

This Form is used to set up the automatic deposit (ACH) of funds for Note Rate/Sold Rate or Broker Servicing Fee from loan payments into a Broker or Investor/Lender's bank account. This form is not needed for an Investor/Lender whose banking information is already included on the Loan Servicing Setup Form.

 Loan Servicing BORROWER Automated Payments Form (ACH)

Use this Form to set up the optional program for the Borrower's Loan payment to be electronically deducted from the Borrower's checking or savings account on the same day each month using the Federal Banking System's ACH feature.  This popular payment method means there is no need to remember to write checks or mail anything.  Borrowers who do not sign up for ACH payments will automatically get a Monthly Statement with Return Envelope to mail in their Loan payment.  We will include an ACH sign up Form in the Borrower's initial Welcome Package if they have not already signed up for ACH payments.

 Foreclosure Prevention Alternatives Form

Lender/Investors use this Form to specify if Loans require the Foreclosure Prevention Alternatives notice to delinquent Borrowers/Consumers, or are exempt from the required notice. This Form is already included and attached to Form 2. 

 Optional Insurance Services Form

Lender/Investors use this Form to Participate In, or Opt-Out of, the Hazard Insurance Tracking-Automatic Coverage program with available discounted pricing on Force/Lender Placed Insurance. This selection applies to all the Lender Entity Loans in servicing as a package and only needs to be submitted one time for each Lender Entity (not with each Loan in the Lender Entity).  This Form is already included and attached to Form 2.  Broker/Originators please note that this Form can only be signed by the Lender of Record.