Includes approval of all asset management related items, such as short sales, modifications, repayment plans, deed in lieus, F/C bidding instructions, REO management, settlements, Tax Approvals, Forced Place Insurance Business Rules, etc.
Attorney Management / Oversight
Includes running reports on all foreclosure, bankruptcy & eviction attorneys, condensing attorney pool (transferring assets as needed), ensuring all timelines are met, contested / litigation review, review of the percentage of cases as requested by Client (review of full chronologies of FC), direct communication with attorneys on any items that require further investigation.
Due Diligence / Present Ownership Analysis
Search Title Review which includes review of the Deed / Ownership / Recorded Mortgage / Deed of Trust / Assignment Chain/ Prior Mortgages, Liens & Judgments / Delinquent Taxes. If Priors are present, the procuring of Title Policy would be necessary.
Collateral Review / Management
Includes a review of Collateral files to ensure all related documents are present and preparing a report of any missing collateral documents. It also includes a due diligence review of collateral for possible purchase of assets (new pools).
Includes case review, document/pay history/comments review, travel time, client / or hearing/trial attendance, etc., as requested and approved by Client. (Usually Litigated matters, or highly contested cases for BK or FC)
Title Policy Procurement
Includes procurement, plus costs associated with procuring the policy, request replacement policy provided a Title Commitment is valid and paid for on HUD-1 Settlement Statement.
On-Site Attorney Visits
This can be for CFPB compliance, or just as a general practice. It can be as detailed or condensed, as created/determined by the Client. Typically runs about 5-6 hours for the first visit, and 2-3 hours for supplemental visits, done annually, or as often as Client requests. Usually determined by volume, or by critical state (FL/NY/OH/CA/TX/IL/MI), or Original Doc states, as that is usually where there are issues with the protection of those documents. Security and IT are critical items, as well.
Internal Charge Off Recoveries
This service would be on any assets that have been internally charged off – not released – these assets must still be collectible just not longer incurring carrying costs internally. Servicer must provide all payoff & balance information, as well as most recent contact information.
Assignments, Endorsements / Allonges, Deeds, Lost Note Affidavits, Quit Claim Deeds, Releases, etc., as needed by Client, for various reasons, or as part of Collateral review, attorney oversight, Servicer Surveillance. Many times there are documents that are required in a foreclosure, bankruptcy or REO which need to be prepared & executed.
Recordation of Documents & Tracking
Includes sending out prepared documents to be recorded, and the tracking and forwarding of those documents to the respective custodians. There will be a processing fee as well as reimbursement of actual recording /eRecording fees.
General Information About Our Services
We also have a Monthly fee for General Oversight of Collateral Documents / Custodian Liaison which basically is a function of managing all Collateral documents & to ensure that missing Notes, endorsements, assignments, mortgages, bailee letters, collateral files, etc. are located & returned from the attornies after foreclosure actions are completed. Also, obtain and review the custodian exception reports on a monthly basis & provide a report to the client. Includes research, interaction with servicers, attorneys, vendors, etc. This fee would also include a review of all assignments & endorsements to ensure they were prepared in the proper format & entity name.
In addition, we have a Monthly fee for Servicer Surveillance, which would cover all oversight of the sub servicer, including approval of short sales, modifications, repayment plans, foreclosure bidding instructions, REO list prices, accepting REO offers, settlements, etc.
Any required travel expenses would of course be reimbursed on all of the above as necessary, and as previously requested/approved by the Client, including the above hourly rates for travel time, but will be in addition to the established and agreed upon monthly fee.
Typically, the monthly fees would be similar to a Retainer and would be pre-determined based on the number of hours anticipated to be allocated to such oversight, usually a fixed $$ amount per month, with an average of 40-80 hours a month, or more, at the Client’s discretion, based on the agreed hourly rate.
One of the more attractive benefits of using our firm is that you don’t have to worry about an employee being on vacation or out sick, paying benefits, or a bonus. We are always available, and will always fulfill your needs, and travel when needed. That’s usually one of the more challenging situations to deal with, as employees tend to not always be “available” or “able” to have that flexibility.
Hahn Management Services Testimonials
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