AHP servicing - anyone use them for servicing notes?

Question

I'm interested if anyone here has done business with AHP Servicing in the capacity of SERVICING rather than for investing in their funds.  There are a couple of threads on the investing activities, but none on their servicing work.  I'm in need of assistance with note servicing and I'm just curious whether they are doing a decent job with that.

I do have some investments with them also and I'm quite satisfied with it, but I just learned that DeAnn O'Donovan, the CEO, is no longer with the company.  She had only been there for 18 months, so this raises some flags for me.

Randy Rodenhouse · Answer

I would be careful where I put my notes to service. It is extremely important to have a servicer that is licensed in all states for servicing, debt collections, originations, etc and a long history of dealing with all situations.  Typically a cost of a performing note will be $20-$25 a month and for escrow be additional $10 a month.

Andrew S. · Answer

UPDATE: I have continued to experience confusion and conflicting stories with regards to their servicing.  I really want to escrow HOA fees and I was told by multiple people that this would not be a problem - however, as we finalized the deal, someone suddenly said: "no, we can only do escrows for taxes and insurance".  Too much turnover and too little knowledge of their own procedures for MY comfort.  Thus, I decided to service the note myself and also terminate my investment in the AHP note fund.  This whole experience made me lose confidence in AHP - looks to me like they are going down the tubes...

Andrew S. · Answer

I know, and I'm a little nervous about it.  She only lasted a little over a year and her departure must have been fairly sudden as I was in e-mail contact with her in April/May (of course) with no indication of trouble...

Paul Chapey · Answer

@Andrew S. AHP made a lot of noise when she came on board, but her departure sure seems quiet.

Andrew S. · Answer

I wasn't able to find much either, but when I tried to contact her at AHP, the new COO responded as follows:

Paul Chapey · Answer

I can't find any news stories about O'Donovan leaving. Can anyone provide links?

Andrew S. · Answer

Thanks Chris.  For the current project, I'm doing an owner finance deal on a piece of land and literally all I need is a servicer to deal with the monthly payments and escrow.  I think APH charge about $25 a month.  I have not done any comparison shopping - is $25 expensive?  I felt it was probably worth it for me, but if I can get it done for $10 then all the better... :-)

Chris Seveney · Answer

@Andrew S.

Have not used them and also was curious to any reviews. I had looked into their program but I thought it was costly based on my business model as I do some of the workouts etc. I am also very selective on my servicer as they are the vendor in the note business who needs the most hand holding