Loan Servicing Functions: • Collection of scheduled loan repayments • Follow-up on delinquent accounts • Provide loan account information, amortization schedules, payoff quotations, and reconveyances • Payment of homeowner’s insurance premiums and property taxes for impounded accounts • Provide annual reminder notifications to borrowers with deferred loans • Review and monitor annual financial statements and basis for residual receipt payments submitted for multi-family loans • Provide year-end account information to each borrower • Furnish IRS 1098 (interest paid) to borrowers and to the Internal Revenue Service • Provide month-end and year-end reports to the City of Stockton • Provide City and borrowers access to electronic (online) loan information • Provide a secure location for maintaining loan information Forbearance, Foreclosure, and Bankruptcy Services: • Conduct forbearance evaluations • Monitor foreclosures by senior lenders and notify City • Evaluate and make recommendations on loans for foreclosure • Monitor and notify City of bankruptcies by borrowers Client and Borrower Services: • Provide customer service and access to electronic loan information for both City and borrowers • Serve as account representatives for loan information for both City and borrowers • Provide secure location for all loan documents and borrower information
