Receivables Services & Servicing System Information
RECEIVABLES SERVICESOur Processing Department provides quality servicing to commercial and consumer customers. This highly dedicated and experienced team is responsible for managing our receivables portfolio.
Services Provided:
Introductory letter - includes all pertinent “change of servicing” information
1098 processing and reporting
Automatic letter processing (Welcome Letters & Privacy Notices, Reminder Notices, Adjustable Rate Notices, etc.)
Email capability for system generated reporting
Consumer refund processing
Adjustable and variable rate mortgage processing
Developer and purchase reserve processing and reconciliation
Late charge assessment processing
Month end processing - stores a snap shot of each active account
Real-time same day processing for financial transactions (consumer accounts only)
Scheduled processing and reporting
Transaction and “effective date” processing
Escrow processing with ability to track multiple escrow balances per account
Year end escrow analysis process and reporting
Document tracking
Payment Methods and Benefits They Provide
Online Payment Processing (periodic and re-occurring ACH, Debit and Credit Card processing) – enhance your cash flow with this quick and efficient payment method.
Phone Payment Processing through our Voice Response Unit – also a quick and efficient method for consumer use.
Direct Billing with detachable coupon – payment due reminder.
The Online services and Voice Response Unit are available to consumers 24 hours a day, 7 days a week, by visiting us at www.developerfinance.net, or dialing 1-888-792-8299.
Lockbox Management with US Bank
Lockbox services are provided by U.S. Bank. U.S. Bank’s parent company U.S. Bancorp is the 6th largest commercial bank in the United States, with assets of $264 billion.
The lockbox service provides real-time processing of consumer payments, allowing us to post payments to consumer accounts the day they are received. On non-business days, payments are posted the next business day.
COLLECTIONS
Our Collections Department has more than 20 years of collections experience in the financial services industry. We offer innovative solutions to cure delinquent accounts, including customized collection queues and specialized delinquency reports designed to track individual developer portfolios. This department complies with all provisions of applicable federal and state collection laws.
Services Provided
Delinquency resolution
Developer reserve processing
Asset liquidation
Account replacement services
Assumption processing
Extension plan processing
Payment history reports
Bankruptcy processing
Debt restructure and modification
Borrower demographics maintenance
Skip Trace
Payoff quotes
Our collection queues are created by using a “Step Stage” strategy that allows us to group accounts in a manner that optimizes the collection effort and minimizes delinquency.
Our servicing system allows us to produce collection queues that present accounts in a more orderly and predetermined manner.
Examples of the sort criteria are as follows:
Action Date: Oldest action date is presented first
Next Due Date: Most delinquent appears first
Current Principal Balance: Highest balance to lowest balance.
Management monitors collection queue size and work load to ensure proper account distribution and collection follow-up.
Queue monitoring techniques include:
Review of action dates to ensure accounts are being worked in a timely manner
Review of action codes and documentation to ensure the appropriate action code is used and the account is properly documented
Collection Campaigns
The Auto-Dialer and friendly reminder letter take place when an account is 10 days past due.
The Telephone Campaign (with on-demand letter requests) is for accounts 15 and more days past due. The goal of this campaign is to make contact with the borrower(s), and if necessary, send specific delinquency letters. With this Campaign, collectors have the opportunity to review the current account demographics, account information and recent collection activity including notes made as a result of prior conversations. In addition, each collector is required to document any collection activity taken on an account whether or not actions taken resulted in a contact with the borrower.
CUSTOMER SERVICE
Our highly trained and experienced Customer Service Department provides customized, responsive and cost effective services to our consumer customers.
Services Provided:
Toll free 1-888-792-8299 customer service number for customer convenience
Online services at www.developerfinance.net for account information
Documentation research
Account history research
Problem resolution
Payment due, and payoff quotes
Verification of mortgage inquiry processing
Incoming and outgoing correspondence processing
Consumer account updating (i.e. name, address, phone number, social security number)
Customer Service takes on two distinct roles, the “pro-active” role which involves direct and/or indirect contact, primarily with consumers and developers to obtain information and to address any potential problems or concerns, and the “supportive” role which involves servicing the needs of our consumers and developers.
DEVELOPER CREDIT LINE AND ACQUISTION & DEVELOPMENT SERVICES
Our detail oriented, conscientious and highly experienced Commercial Account Services Department handles a variety of responsibilities.
Services Provided
Interest billing on commercial accounts
Reporting on delinquency, liquidation, repurchases and non-performing assets
Monthly collateral cash receipts reconciliation for receivables lines of credit accounts
Instant Information © (Internet access) at www.developerfinance.net
“Instant Information” © for Applicable Products (Internet access)
Portfolio Transaction Detail
Portfolio Transaction Summary
Consumer Transaction Detail
Consumer Account Information
Consumer Contact Report which lists all collection activity including delinquency letters sent
Please view our website: www.developerfinance.net Demo Username: dfcsbs\1000 Demo Password: co00ng
Developer Credit Line - Daily Reports (Internet access)
Borrowing Base Report
Delinquency Report
Trial Balance/Credit Coverage Report
Developer Credit Line - Monthly Reports (Internet access and hard copy form)
Borrowing Base Report
Paid Collateral Report (includes cancelled accounts)
Cash Receipts Report
Trial / Credit Coverage Report
Delinquency Report
Delinquency Summary Report Summary Report
Collateral Added Report
Our standard month-end-reports are available to our developer credit line customers within five business days of each calendar month-end.
Purchase Portfolio - Daily Reports
Delinquency Report
Trial Balance Report
Purchase Portfolio – Monthly Reports
Paid Report
New Sales Report
Trial Balance Report
Delinquency Report
Delinquency Summary Report
Customized Reporting and Report Receipt Options Available
Reports customized by product line to meet your needs
Reports scheduled for automatic email to a specified email address
Reports scheduled for automatic fax to a specified fax number
All reports, including any custom designed reports, are made available on our corporate website. The reports contain “prior day” activity and provide a convenient and efficient way to track the performance of your portfolio. This reporting service resides in a secure location. A username and password is required for access to this service.
LOANS! Servicing Software
LOANS! is a sophisticated servicing, accounting, and investor reporting software for diverse commercial and consumer account types. Loans! offers flexibility, process efficiencies and leading edge support for the most complex account servicing situations.
Powerful System Features:
Function, transaction, and field level security
User defined report writing
Automated collections management
Diverse and complex account interest calculations
Contact management
Document tracking and production
Extensive escrow functionality that includes year-end escrow analysis
Integrated comment/note system
Unlimited borrowers per account
Extensive fee functionality
Extensive late charge options for automatic calculation of late charges
Risk management with automated account rating and collections support
Account setup and account modification edits that ensure data integrity
Extensive change audit control
INFORMATION SYSTEMS AND TECHNOLOGY
This Department has more than twenty years of information systems and information technology experience in the financial services industry. This talented team provides the technical expertise required for the continued success of our services operation.
Responsibilities
Database creation, management and utilization
Design and implementation of system enhancements and upgrades
Development and publication of data for our corporate web site
Network and data administration
Network design, installation, and support
Customized reports and data extract production
Portfolio conversions
Transition assistance when implementing new products and technology
Support onsite and offsite users
Information Security
Full tape backups performed nightly
Internet firewall protection utilizing network address translation and port forwarding
Effective Disaster Recovery Process
Daily and monthly backup tapes are kept off-site in a fireproof facility
Find out more.