The Federal Home Loan Bank (FHLB) of Des Moines has approved Nationwide Advantage Mortgage Co. (NAMC) as a subservicer for its Mortgage Partnership Finance and Mortgage Partnership Finance Xtra products.
The subservicing option is available to FHLB participating financial institutions that may not wish to incur the expense and operational risks associated with servicing these loans, NAMC explains. In a typical mortgage subservicing arrangement, the lender retains control and ownership of the mortgage portfolio without having to invest time and resources to support loan administration processes.
"A subservicer, such as Nationwide Advantage Mortgage, provides a number of services, such as collecting payments, administering escrow accounts, delinquency and foreclosure management, reporting and regular investor remittances on behalf of the lender," explains Robert Kallio, vice president for Des Moines, Iowa-based NAMC, a subsidiary of Nationwide Insurance.
NAMC offers clients both private-label and servicer-branded subservicing programs.