All Of Your Needs Met In One Place
The one-stop-shop for professional services and resources for mortgage note investors and borrowers.
Standard Loan Servicing
WHO THIS IS FOR:
Individuals with performing loans (contractually current or loans that have had payments made within the last 60 days) or newly originated loans.
WHAT WE OFFER:
BIFI will process payments, manage escrow, send out statements, late notices, report to credit bureaus and maintain all communication with borrowers.
Loss Mitigation Servicing
WHO THIS IS FOR:
Individuals with distressed loans where the borrower is not providing due payment or borrowers who need legal assistance.
WHAT WE OFFER:
BIFI handles all of the borrower outreach in order to work out an agreement with the borrower that you, the client, approve of. We also manage the legal coordination as needed per loan.
How To Get Started
Step 1
Investors will need to be sure that your entity is set up with BIFI by completing the Loan Servicing Agreement, W9, ACH Form and Power of Attorney. All documents can be found in the document library.
Step 2
Next, complete the loan setup form for each loan you wish to have boarded and serviced by BIFI.
Step 3
You’ll then provide a collateral file for each loan you wish to have boarded and serviced by BIFI.
Step 4
Finally, you’ll notify the current servicer to begin the loan service transfer process to BIFI.
We’re with you every step of the way.
For questions and assistance, please contact servicing@bifils.com.
Additional Services
WHO THIS IS FOR:
Individuals who need additional services.
WHAT WE OFFER:
- Force-Placed Insurance (FPI)
- Tax Tracking
- Payoffs & Reinstatements
- Foreclosure Coordination
- Bankruptcy Services
- Property Preservation
- Inspections
- REO Management
- Collateral Housing
- Document Drafting and/or Recording
HOW TO GET STARTED:
Investors should contact their Loan Servicing Account Specialist and request these additional services needed.
We’re here to save you time and prevent costly mistakes.
Servicing Fees
*all fees are per loan
| Service Transfer In (Loan Boarding) | $100.00 |
| Service Transfer Out (Loan De-Boarding) | $150.00 |
| ARM Setup | $15.00 |
| BK Setup | $50.00 |
| Escrow Setup | $25.00 |
| HELOC Setup | $15.00 |
| Truth-In-Lending Act Ownership Transfer | $25.00 |
| Standard Servicing Fee | $30.00 |
| Loss Mitigation Fee | $50.00 |
| Escrow Services | $10.00 |
| Adjustable Rate Mortgages (ARM) | $5.00 |
| Bankruptcy Plan | $20.00 |
| HELOC | $5.00 |
| Bankruptcy Setup | $50.00 |
| Bankruptcy Proof of Claim/Amended Proof of Claim | $50.00 + Attorney Fee |
| Bankruptcy Notice of Payment Change | $25.00 + Attorney Fee |
| Bankruptcy Post-Petition Fee Notice | $25.00 + Attorney Fee |
| Bankruptcy Transfer of Claim | $75.00 |
| Escrow Setup (at boarding) | $25.00 |
| Escrow Setup (after boarding) | $50.00 |
| Escrow Monthly Service | $5.00 |
| Escrow Termination | $20.00 |
| Tax Tracking ONLY (annually) | $50.00 |
|
Demand Letter Coordination |
$100.00 + Attorney Fees |
|
Foreclosure Coordination |
$400.00 + Attorney Fees |
|
Cash For Keys/Deed In Lieu |
$175 + Attorney Fee |
|
Deferral Agreement |
$75.00 |
|
Maturity Extension |
$100.00 |
|
Maturity Notice |
$25.00 |
|
Modification Agreement + Loan Reset |
$400.00 + $50.00 (mobile notary costs not included) |
|
Trial Payment Plan |
$300.00 |
|
Forbearance Agreement |
$300.00 |
|
Payoff/Settlement Coordination |
$750 or 3% whichever is greater |
|
Reinstatement Coordination (12+ months) |
$400.00 or 3% whichever is greater |
|
Loan Reset Fee |
$50.00 |
|
Assignment & Allonge Preparation |
$50.00 |
|
Assignment Recording |
$25.00 + Recording Fee |
|
Collateral Housing |
$35.00 |
|
Lien Release/Satisfaction |
$75.00 + Recording Fee |
|
QuitClaim Deed, Warrant Deeds, LNA, ETC |
$25.00 + Drafting Fee |
| Credit Reports | $15.00 |
| Door Knocker | $30.00 |
| Property Inspection | $30.00 |
| FPI Admin Fee | $200.00 (annually) |
| Payoff Statement | $10.00 |
| Reinstatement Statement | $10.00 |
| Statement of Account | $10.00 |
| Property Preservation | $25.00 + Preservation Company Cost per order |
| REO Management | $75.00 (monthly) |
| QWR | $500.00 |
| Verification of Mortgage Request | $25.00 |
|
Expedite Disbursement |
$100.00 |
|
Wire Fee |
$40.00 |
The BIFI Difference
BIFI was created by investors, for investors. While most loan servicers haven’t changed the way they operate in decades, BIFI assessed the “faults” and complaints from other investors and incorporated them into how we structured our business.
Here are just a few of the ways BIFI is making things better for investors.
1. We monitor property taxes and confirm yours are getting paid. Some servicers make the lender chase down the property tax information, even though this is a service that should fall under their servicer’s purview.
2. We track fees that are reimbursable (like legal fees) and make sure they are returned to you. We don’t “forget” to put them in the system.
3. We make tax-time easier by itemizing all payables to the lender, defining which loan your money is coming from, and what the breakout for those monies are (principal and interest) which greatly impacts your books.
4. We hate getting the runaround too, which is why we stay on top of all foreclosure coordination and provide regular follow-ups with all parties so the ball is always moving.
5. Some servicers will happily charge upwards of 5X the price yet provide zero added value or special services. BIFI is price comparable and our services are exceptional.
6. We run a tight ship with a defined chain of command. This means you’ll always know who to contact when you need help or information.
7. We handle confirming borrower insurance for you, giving you hours of your time back.
8. We have an investors-first mentality and we don’t “throw things over the fence”, leaving you hanging for months on end.
9. Our business is built around providing a top-shelf client experience we’d want to use ourselves. We stand for honesty, transparency, hard work, and dedication.
Where can we help you go next?
FREE EBOOK:
4 Reasons Not To Self-Service Your Loan
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