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Andy Mirza
  • Lender
  • Ladera Ranch, CA
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Reminder to forward invoices regularly to servicer!

Andy Mirza
  • Lender
  • Ladera Ranch, CA
Posted Jan 28 2022, 08:57

We had an unexpected reinstatement come in from one of our delinquent borrowers. Good news is that we got a decent chunk of money that really puts us in a good position on this loan going forward. Bad news is our loan servicer included our 2021 attorney invoices but didn't have the ones from 2019 or 2020. The reinstatement quote should have been higher. This was not the loan servicer's fault as they sent the reinstatement quote to me for approval.

Lesson learned: have systems in place to make sure that your recoverable invoices are regularly forwarded to your loan servicer. This loan was underwater and the borrower had a poor pay history. I never thought this person would reinstate but it happened. Don't miss out on your recoverable costs!

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