Attention LA & TX Title Companies and Closing Attorneys
Your state now requires a servicer of a note which is secured with residential real estate, where the servicer does not have a 100% interest in the note, to be licensed by the state.
Your state now requires a servicer of a note which is secured with residential real estate, where the servicer does not have a 100% interest in the note, to be licensed by the state. Moreover, the servicer needs to be CFPB compliant. There is no small servicer exemption and this applies to the servicing of as few as one note.
What does this mean in practical terms? If you or your client want the advantages of the servicing of a note they hold (and there are many – look under the note servicing tab on this website’s home page) you should refer your client to a properly licensed and CFPB compliant servicer.
Such entities so qualified, that specialize as a third-party servicer for clients like yours, are few and far between today – a by-product of increased state and federal regulatory oversight. Escrow Services, Inc. is such a third-party servicer and welcomes the opportunity to service small investor portfolios and individual notes.
Call us today to discuss your clients’ servicing requirements and how we can help.
