All Forum Posts by: Scott Mclaren

Ann,

Thanks for your input. I know my strategy for this loan. It is just the servicing I have questions about. I want to know if there are servicing licenses in all states or just a few or none. It is really a small sidebar to the investment itself. I know I can have it serviced. I was just looking for anybody who knew the answer. 

, what really matters is the laws in AZ, not in "really in any state." I feel that if you buy a note you should have already done your due diligence about the laws in that state where the property is located, because those laws control your actions as to the asset.

However, since that didn't happen, it's time to start. Assuming you've already been to the NMLS website for AZ, which is not helpful, I'd say the next place is the . If you can't find the info on that website, I'd reach out to the state and ask them.

Then if Gordon still refuses to transfer the servicing to your preferred company, I'd have him transfer to you, then you can transfer to your preferred company. Assuming that there are no laws in AZ that prevent your servicing the loan without a license

Yes Don, it is a residential loan, owner occupied. Non performing. Thank you for your input. I will be talking to the AZ departments tomorrow to verify the licensing issue. No there is no mistaking what this guy at FCI is saying. He is very clear saying that the servicing company I want them to transfer servicing to is not licensed in AZ and refusing to transfer it to them. He is instructing his minions to transfer it to me.

I agree 100% with you about FCI. I have some performing loans being serviced by them and it works great. Good information on the dashboard etc. I also agree about having them anything doing outside the plain collections they screw it up. This is a NPN and that is why I don't want them to handle it. They are more expensive for NPNs as well.

I bought a performing note that was all set up with ACH with Loan Servicing Center so I kept it there. It seems a lot more of a streamlined operation. I thought I would try them to hold the servicing for this note. Apparently FCI takes offense if you pull a note away from them. 

Getting back to your original question. Those numbers you have put up on the deal are too good to pass up. I would go with hard money loan to get the place , do what you need to do to get it running, then look at refinancing it to a better loan. With the equity you are showing on the place and the cashflow , you could afford the 12% hard money loan. Pilots I know have cash looking to invest, probably could find one with either self directed IRA money to put to work or just keep that much in a checking account.

I know I could leave the note servicing with fci, I just don't want to. I cant find any licensing requirement for AZ . I was just wondering if anybody knew if there was any. Also if licensing is a requirement to service loans in any or all states. 

I have a question about loan servicing. I bought a note through FCI. A non performing note. It was being serviced by FCI. I wanted to move the servicing to Loan Servicing Center in Chowchilla CA. I get an email from some guy Gordon at FCI claiming that Loan Serving Center is not licensed in Arizona where the property is located. They will not transfer servicing to them only to me. I checked what I could find and AZ does not seem to have a license requirement for loan servicing. I see that FCI has a corporation registered in AZ but nothing else I could find.  Note servicing center says they service note in all states but NC and NH .

Does anyone here know the license requirements for loan servicing? In AZ but really in any state. This guy at FCI is making a big deal that FCI is one of the only companies licensed in every state.

Hello Ericka,

I understand crash pads, my wife and I both work in airline industry. We have never had to use one but we certainly know many people who have. My question to you is how do you manage the rent collection etc from Atlanta for Detroit crash pads? 

I have not heard of a MLO being needed to do loan modifications I know at FCI the asset managers negotiate with the borrowers to modify the non performing loans. I have also seen modifications that have been done by PPR . They are just signed off by a representative of the company.  I would like to hear more on this topic if anyone has any input.

Les, Thank you for your blog. It really helped me.

Bob,

I would like to attend this meetup. I clicked the link and it took me to meetup.com site, not anything specific to this meetup. I have never been on there before so I signed up to meetup. I still have not found this meetup to sign up for it. My email is [email protected] if that would allow you to send me a link. Otherwise I plan on coming Weds at 7pm.

Scott