Virginia Beach, Va.-based LoanCare Servicing Center Inc. (LoanCare) has been awarded Ginnie Mae's single-family master subservicing contract.
LoanCare is an approved Ginnie Mae Single Family Issuer and has successfully demonstrated it can provide full loan servicing support in the event an existing Ginnie Mae issuer defaults. The base period for the contract is three years, with two one-year options, and the contract award dollar amount is not to exceed $27.7 million for the term of the contract. Ginnie Mae uses subservicing companies to provide full loan servicing support as needed.
The services to be provided by LoanCare include, but are not limited to, services in connection with issuer defaults and servicing current, delinquent and defaulted loans for both pooled for mortgage-backed securities and non-pooled loans, including foreclosure services and management and disposition of acquired properties.
The contract also calls for preparation and submission of insurance or guarantee claims and reporting to Ginnie Mae in accordance with a statement of work, which is an integral part of the contract.
SOURCE: LoanCare Servicing Center