Due Diligence In Seeking A New Loan Servicing Company
Over the years, Multi-Financial has spoken with literally hundreds of loan servicing prospects as they sought answers
to their questions in order to make a good, sound management decision on whom to outsource their loan servicing
to. As such, Multi-Financial has created a Due Diligence Chart
which summarizes the most frequently asked questions
from key management personnel, lawyers, board members, accountants and bookkeepers, and others. This chart
provides over FIFTY most asked questions with Multi-Financial providing its own answers. Additionally, the chart is
developed in such a manner, that you will be able to easily fill in columns for up to three competitors, then provide
a good decision making matrix on which to base a sound decision. Should you have any questions, call
1-800-326-4112. We are here to be of assistance — we want your business!
Rating Your Servicer's Bank
At the 2013 HFH National Conference, workshops began urging affiliates to determine the Bankrate.com rating for their bank and / or their servicer's bank. The intent is to better understand the financial viability of banks
being used for servicing. Should you wish to determine the Bankrate.com rating on a bank, please click here
for easy to follow instructions. Additionally, Multi-Financial's bank ratings can be found below, which are all FDIC insured banking institutions:
Farmers & Merchants - ***
Company Financials & References
Our references define who we are as they speak volumes of our integrity and attention to the minute details of keeping both
our lenders and borrowers happy. Over one-half of our serviced clients come from referrals of existing clients. To each,
we humbly say, "Thank You!" To our prospective clients, we welcome you and look forward to being of service.
It is imperative that your servicing company have an excellent credit rating! This provides you not only with assurances on
its ability to make timely credit payments but, also, the ability of management to protect your vital assets under their
temporary custody. Multi-Financial is very proud that even in these turbulent financial times, it maintains an excellent
credit rating as evidenced by its Dun and Bradstreet information:
State Licensing and Government Agencies Approval
For those states requiring licensing, we meet all net worth, surety bonding, criminal background checks, as well as continuing
education they require. Multi-Financial is proud to indicate they have never had a license revoked. Copies of licenses
are always available as well as copies of fidelity and surety bonding, and any other appropriate information deemed pertinent
in your decision making.
Additionally, due to the nature of the company's priority in servicing affordable housing loans across the country, Multi-Financial does not find
a need to be approved by government agencies, e.g. FNMA, FHA, HUD, GNMA, VA, etc. However, prospective clients should check
to see if other entities have had their own approvals revoked and, if so, when and request specifics as to reasons.
Parent Company Ownership
Multi-Financial Services Co., Inc. is a closely held company without ownership by any other outside entity.
However, again, in these financial times, "caution is the word of the day!" We urge our prospective clients to
request and review D&B reports of your "suitors" to determine if they have outside ownership and / or major investors
and if there is outside ownership, don't hesitate to ask for a D&B report on them. In the case of being owned
by a banking institution, go to: www.bankrate.com
for a very good synopsis of their status or to view Bankrate.com instructions,
. Please don't hesitate to contact Multi-Financial's
sales staff for assistance in accomplishing this vital part of your due diligence.