With our in-house loan servicing expertise, we ensure a seamless and efficient experience throughout the life of your loan. Below, we’ve compiled a list of frequently asked questions to provide you with a better understanding of our loan servicing process and how we can assist you.
Loan Servicing
What is Loan Servicing and why is it important?
Loan servicing refers to the management and administration of loans after they have been originated. It involves tasks such as collecting payments, managing escrow accounts, and providing customer support. Effective loan servicing is crucial for maintaining a positive borrower-lender relationship and ensuring the financial health of the loan.
How Does Abclendingco Approach Loan Servicing?
At Abclendingco we offer in-house loan servicing, which means that we manage all aspects of loan administration directly. This approach allows us to provide personalized service, quick response times, and tailored solutions to address any issues that may arise during the life of the loan.
Loan Servicing FAQs
Who should I contact with loan administration questions?
Email: gabc@abc-lending.com
Phone: (248) 482-2434
When should I expect billing statments?
Billing statements are sent via email by the 1st of the month. Contactgabc@abc-lending.com to add additional recipients.
Can I process a payment online?
Although online payments are currently not an option
What happens when a Check or ACH payment is returned for insufficient funds?
loan servicing team will reach out to notify and determine repayment options.
How to request a Construction Draw?
The Loan Servicing department manages draw administration, procedures may be found via the draw request
What are my responsibilities for insurance going forward?
It is your responsibility to ensure property/hazard and liability (and flood, if applicable) insurance remains active with abclendingco Funding I, LLC ISAOA/ATIMA as mortgagee/loss payee throughout the life of the loan. Refer to the attached form for a summary of Abclendingco insurance requirements; feel free to call (248) 482-2434 with any questions. Office hours are Monday through Friday, 8:00 a.m. to 5:00 p.m. EST.
If the insurance policies are not active, per the terms of your loan agreement, Stormfield Abclendingco will force-place insurance on the subject loan collateral, at a cost to be borne by you, if satisfactory evidence of required coverage is not provided on a timely basis. The cost of placed insurance is generally higher than you can obtain independently; forced placement is an event of default on the loan.
How is the Prepaid Interest collected at loan closing applied to payments?
Interest reserve will be applied according to the Prepaid Interest Reserve Agreement executed at closing. The prepaid interest reserve balance is reflected in your billing statement.
If the insurance policies are not active, per the terms of your loan agreement, Stormfield Abclendingco will force-place insurance on the subject loan collateral, at a cost to be borne by you, if satisfactory evidence of required coverage is not provided on a timely basis. The cost of placed insurance is generally higher than you can obtain independently; forced placement is an event of default on the loan.
What happens if I need more time to secure financing/pay off my loan?
Refer to your loan agreement to assess available extension options. Contact servicing@abclendingco.com as soon as possible to request an extension. Be sure to include your expected exit plan (e.g. status of refinancing, sale, etc.).
How Do I Contact Abclendingco Loan Servicing Team?
Getting in touch with our loan servicing team is simple. You can reach us through email or by calling the department directly. Our loan servicing department is open from 8am to 5PM, and one of our knowledgeable team members will be ready to assist you. You can reach us at 248 482-2434
