Backup Servicing
Warm Backup
- With Warm Backup Vervent ensures the security of having an experienced primary servicer available for successor servicing.
- Delivers monthly confirmation of backup reporting.
- Delivers reconciliation requirements.
- Analyzes loan data on a regular cadence to ensure validation & reconciliation that data matches primary servicer.
- Preserves operational capacity to match the servicing needs of the portfolio.
- Ensures Vervent is ready to graduate to Hot Backup if additional portfolio concerns arise or assume the role of primary servicer within ~30 days.
Hot Backup
- With Hot Backup Vervent is essentially servicing the portfolio behind the scenes so that they can take over as the successor at any time.
- Runs parallel with the primary servicer.
- Duplicates primary servicer’s processes, to be able to duplicate results should the need arise.
- Includes nightly payment files & payment posting in our test environment.
- Offers daily validation & reconciliation to ensure Vervent data is an EXACT match to primary servicer.
- We do everything except contact the borrower.
KEY ELEMENTS OF BACKUP SERVICING
Learn the six key qualities to look for when choosing a backup servicer.
HOW DOES BACKUP SERVICING WORK?
Backup servicing provides insurance and security on your portfolio to ensure your investment remains stable in the event your primary servicer fails.
