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Specialized Servicing

SN Servicing Corporation’s default management strategies take into consideration that each case may present itself with varying financial situations and /or individual circumstances. Resolution Strategies are therefore tailored to each individual account in the best interest of the borrower and the investor, in compliance with federal or state regulatory requirements. Asset Managers service each loan from the time it is loaded into our system through disposition, regardless of the loan performance status. Our servicing platform is highly customizable, supporting your need to match resolution strategies to your investment objectives in an expeditious manner.

Why SNSC Succeeds:

High-Touch Approach
SNSC's team of borrower-friendly experts specializes in managing the full servicing life cycle from loan acquisition to asset liquidation, creating a strong sense of trust, thus higher collection rates. Using a personalized approach, we work closely and individually with our customers to understand their needs and provide the right solution while creating the most value for clients.
SN Servicing Corporation employs various campaign options in an attempt to assist borrowers with seriously delinquent loans. These include letter campaigns, door knocks, gift cards, discounted settlements, cash for keys, short sales, and various other incentives.
Loss Mitigation
SN Servicing Corporation specializes in seriously delinquent loans (more than 90 days past due), including HUD/FHA loans. We have serviced over 16,000 seriously delinquent loans with a value of $1.4B, with a current overall re-performing ratio of 36% and an average of 58% for residential loans over the past 4 years.

To achieve re-performance, SNSC uses a variety of loss mitigation options to negotiate an agreement with the borrower to resolve past-due payments and prevent foreclosure. Foreclosure is only considered as a last resort and is not initiated until all loss mitigation options are exhausted. A third of SNSC’s residential loans with a loss mitigation workout were paid in full in 2017.
Early Intervention
SNSC believes that the best method for curing a default is through early intervention. Starting as early as Day 1 for some loans, Asset Managers make frequent and early attempts to contact borrowers:

  • Continuity of Contact: SNSC assigns an Asset Manager to each loan at service transfer, who serves as a Single Point of Contact for borrowers throughout most of the loan’s life cycle.
  • Early and continuous attempts to contact the borrower and establish a relationship, starting with the “Welcome Call” after service transfer
  • Emphasis on “right party contact” with the borrower to understand the reason for default, duration of hardship and ability to repay
  • Ongoing discussion and evaluation of loss mitigation workout options, from home retention to disposition
  • Referrals to HUD and CFPB homeownership counseling authorities and centers
  • Timely responses to borrower-initiated communications – typically within 24 hours
  • Thorough analysis of borrower’s financials and evaluation for appropriate mitigation option
  • Identification of Assistance Programs for debt relief, such as Service Members Civil Relief Act, Natural Disaster Programs and Hardest Hit Funds
  • In addition to telephoning the borrower, SNSC mails written notification containing information about loss mitigation options by the 32nd - 45th day of the borrower’s delinquency.

Re-performance Ratios

A breakdown of SNSC’s residential mortgage servicing portfolio by year:

Year Re-performing Loans Ratio Volume ($MM USD)
2015 5,617 out of 10,309 54% $378.4
2016 6,007 out of 10,463 57% $413.4
2017 9,694 out of 15,709 62% $798.5
2018 7,920 out of 14,677 54% $1,993.0
2019 14,361 out of 23,321 62% $1,777.3