Reminder to forward invoices regularly to servicer!
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!
#4 All Forums Contributor
- Lender
- The Woodlands, TX
@Andy Mirza
Good “lesson” Andy. When I first started in 2001, I handled everything and since we had only a few loans, it worked. Now, with 2 principals, two (part time ) service employees, and 3 contractors, we needed better systems in place. Fortunately, two years ago we installed a operations system which updates almost every aspect of our business on a real time basis.
#1 All Forums Contributor
- Investor
- Virginia
@Don Konipol
Challenge I have is not sending them but servicers not adding them. I am always hounding certain servicers who do not add my fpi bills and have to constantly remind them to add them
What’s worse is I even give them the template to upload into their system…
