Is anyone using Madison Management for servicing their notes? If so, how has your experience been? FCI seems to have mixed reviews on here, and I've seen SN mentioned, but a search on BP didn't turn up anything for Madison.
Two thumbs up for Madison.
I use Madison.
I haven't put any notes in there yet. I have a year to do that.
Talk to Shante.
I love Madison. I ask for little tweaks, such as a call log report, and I get it. I ask for a statement for all the invoices when they do a draw or deposit on my account, I get it. They listen to me and adjust their business to my needs.
Madison does a great job. Their lender portal is not as slick as other servicers, but their communication is excellent and I have been very happy with them. Shante is awesome.
Madison is great! Shante is my contact and treats me awesome.... my SDIRA notes are with them.
They are great 👍
Madison is great to work with!!!!
Morning Everyone! Going to do my best to network with everyone on here. Not yet a pro member, so you cant see my profile pic lol.
Anyone bought any loans with Madison, I tried "wholesaling" one in OHIO, but people kept saying it was an old asset?
I don't know if you are talking about firsts or seconds but I do know that for non-performing seconds I used to pay $30 and recently the fees have been increased to $45/month vs $40 for FCI. If you have a lot of notes this might be something to consider because over time these fees add up. I have notes at both FCI as well as Madison. I have heard that if you need workouts, Madison is good. I like the FCI login and portal.
What does Madison charge per month for 1st lien NPNs and non-performing CFDs? I also like FCI for the access to immediate reporting. I just started a foreclosure and needed payoff and reinstatement reports for the attorney and he was amazed when I sent them in like 10 minutes.
I've never used Madison but I second @Gail Greenberg 's comment about FCI's portal and ability to generate loan reports immediately. I have used both SN and Evergreen and think FCI has the best online portal for portfolio management compared to them.
I love Madison
For NPN’s they are at $95/month and performing is $20/month
If you use a Polaris they drop they fell down to $40-$50 for non performing (don’t have exact number but great question for Shante at notecamp)
Very easy to deal with and have been responsive to me which is key
Thanks for the responses, everyone! Sounds like lots of love for Madison. Then again, it seems like for every servicer, you can find just as many people with good experiences as with bad. Guess the moral of the story is to try out a couple and see which works best for you.
@Sandy Uhlmann Firsts is what I had in mind. I don't know if their pricing differs between the two, but interesting to hear about the recent price increase. Are you using Madison for borrower outreach, or do you have it in some kind of non-collection servicing and use a 3rd party for outreach (or maybe since it's a second, you just kinda have it parked there)?
@Gail Greenberg Looking at their website, it says their price for non-performing notes is $95/mo in full collection mode. They don't seem to make any distinction on the pricing (at least online) for firsts vs seconds. Not sure about if you have a 3rd party doing the outreach, but from what Sandy said, sounds like maybe $45/mo.
@Matthew Hell You don't have to be a pro member to have a profile picture.
It's hard to give a fair and balanced review publicly when you're a client unless you shower the company with praise. No one is going to bash the company they're a client of for fear of retribution. Not referring to Madison here but any company.
I'm a Madison client and I'm a FCI client. They both have their pros and cons. I would rather use FCI for no collection servicing, and they also do a great job with performing loans.
My strategy (right or wrong) has been to give a few files to different servicers and see what results I got from it. None of them have been so mind blowingly good that I thought to myself "that's it, this is the one, they're all coming here from now on". Perhaps it's a volume thing and if we sent all of our loans to one company they would pay more attention, but I doubt it.
If I were you I'd start with one of the servicers referenced in this thread, give it a try to go from there. None of them are terrible, they're just not great.
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