While Midwest’s loan acquisition process is second to none, it’s loan servicing capabilities are among the best in the business.
Midwest’s servicing platform consists of a dedicated team of professionals – including loan officers, attorneys, accountants, credit analysts and real estate specialists. This team of loan servicing experts are supported by the staff and systems necessary to bring managed assets to effective and efficient resolution.
Each loan managed by Midwest is assigned to a designated loan officer with the appropriate skills and experience to manage that loan. The loan officer pursues resolution strategies appropriate to the loan under the supervision of senior management and in accordance with established loan servicing procedures.
Midwest’s loan servicing platform includes a centralized asset management database (the ASR). This system allows for comprehensive tracking and management of the key components of the collection process. In addition, Midwest’s institutional knowledge and experience is reflected in comprehensive policies and procedures that guide our administration of managed assets. These policies and procedures encompass, among other things:
- Collection process management and oversight
- Data consistency, tracking and reporting
- Use of approved vendors, budgets and billing guidelines
- Legal process management
- Payment processing and reconciliations
- Collateral document tracking and release procedures
- Management, servicing and accounting system integration
- Disaster recovery
- REO management procedures
- Property tax management
- Insurance administration
- Regulatory compliance, privacy and record retention
In addition to full-service engagements where Midwest also underwrites the portfolio of loans, Midwest extends its servicing platform and expertise to more limited, specialized projects with lenders and investors. For special servicing engagements, Midwest has the experience to manage the litigation, collection, restructuring, liquidation and REO management efforts while the lender provides payment processing, loan accounting and insurance monitoring using its own people, processes, and systems. This allows for improvement in liquidation or reinstatement program timing and efficacy without disruption of payment processing or monitoring put in place by the lender.
Midwest can also provide oversight services on behalf of lenders and investors. This may include regular compliance reviews of third party loan servicers as well as monitoring of other external providers such as attorneys, outside collection agencies and property managers.