Need Servicer for Seller-Financed Property in PA – Any Recommendations?

Question

Sold a SFH w/ seller finance in place, now need to secure a servicer for a home in Pennsylvania. Does anyone have experience with FCI Loan Servicing or Madison Management they'd like to share?

Or another Seller Finance / Note servicer they'd recommend?

Matt Devincenzo · Answer

I currently have three loans with FCI, but I purchased them from a loan workout provider that already boarded them there. Overall everything seems fine, payments are made regularly via ACH, notes show up in the portal etc. I had two payoffs and one BK, all of those were navigated well so no issues there.

I know currently Madison seems to be a preferred vendor for many SF deals. I've typically heard good things, I only use FCI since that is who had the loans when purchased.

@Chris Seveney is an active note investor and may have recommendations. Another that is out there if BiFi servicing, which Chris is involved in so he can share if they're doing SF notes.

Chris Seveney · Answer

Our preference is Madison Management but both are well respected and reputable firms.

Dan Deppen · Answer

I've had good experiences with both Madison and FCI. If you have a non-performing note I like the processes FCI has set up for handling delinquent taxes and repaying lender advances. Madison is definitely easier to work with in general and has a better onboarding process.

Amanda Orson · Answer

Super helpful context. Thank you so much! Going to give Madison a call.

Amanda Orson · Answer

Thank you for the fast and thorough reply. Sounds like I'm on the right track, but eager to hear what Chris thinks.

Need Servicer for Seller-Financed Property in PA – Any Recommendations?

Need Servicer for Seller-Financed Property in PA – Any Recommendations?

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