And so are your wire transfer fees and your points! Evergreen’s President, Phil Dryden, reached out to us again and told us that their system is fixed, it applies interest the way it is supposed to, and that their team that handles foreclosures has been changed out and this new team will handle the foreclosures correctly from now on. Because we hear everyone’s complaints, we are allowing each investor to choose which servicer they want from now on: Evergreen, FCI, or Superior Loan Servicing (who are very responsive but who do not service any owner occupied loans). Unfortunately, Weststar indicated that they cannot be utilized as a servicer, even if the investor chooses them.
So, make sure that you keep the following information updated at all times on our portal: your vesting(s), your bank info, and your favorite loan servicer. If we have a multi-bene loan, then we will choose Evergreen as they are the servicer who will allow us to disburse points to the investors. FCI is 1000% opposed to wire transfer fees and points going to investors as it is too much work for them and they don’t allow HOA fees to be impounded, and you know how we feel about that!
We are going to have to transfer the servicing of the Snowmass loan to Evergreen, as FCI is not able to disburse points to our investors even though they did so on four loans already, now they have figured out they can’t do that.
I know what you are saying…..”why doesn’t Capella Mortgage just service it’s own loans?” and the answer to that is: Matthew and I believe very strongly in the separation of the mortgage company and the servicing agent. I am sure we could get up to speed on all of the servicing rules, but another reason is that the CFPB has a lot of rules about “affiliated businesses” and since April 2018, the laws have dramatically changed for servicing agents, bringing in a ton of liability and no profit.
Thank you for the positive responses to the mortgage fund. I learned some new things. If just 200 of our 1000 investors put in $100k to the fund, we will have a $20M fund to start with. That would be a pretty good start and easily doable with the investor base we have.
More to come. Happy Thanksgiving!