Standby Servicing
Why engage a standby servicer?
If your primary mortgage servicer were to fail, your first thought may be to ensure customer experience and cash-flow continues.
We offer standby agreements including cold (90+ days), warm (30 to 60 days) and hot (48 hours) invocation periods.
Why choose Verofi?
Choosing Verofi as standby servicer:
means servicing operations will continue with as little disruption as possible;
helps the servicer with access to servicing experience through the due diligence process;
provides funders with confidence that assets will be in safe hands;
enhances transaction and risk management structures;
protects against failure of the primary servicer, and satisfies rating agencies;
enhances deal structures and supports your funding via pre-securitisation protection for financiers and post-securitisation protection for investors.
Our Resources
Although often regarded as a form of insurance against rare but potentially difficult times, we need to be prepared and resourced to step in if and when required.
Initial due diligence
We prepare by undertaking an extensive due diligence over several weeks to understand the specific processes and resources of the servicer. From this, we prepare a detailed step-in or activation plan to be signed off by the financier or trustee.
Annual and ad hoc reviews
Each year we undertake a review of the servicer and update the plan. We will also do this at other times if requested by the financier.
Resources available from the Servicer
If called upon to step in we utilise as much of the resources of the staff and systems of the servicer as are available. Depending upon the circumstances that trigger the step in, we can call upon resources from our partners to provide immediate backup. With our knowledge and experience in the industry, we can also access experienced contractors on a case by case basis.
Banking Platform
If the servicer utilises the banking platform provided by our partner, Interfi, and /or uses it for its business continuity or disaster recovery, the step-in can be seamless.
In the worst case scenario, data can be transferred across to the Interfi platform established for that step-in programme.
3rd Party Loan Processing & Management
Why manage your portfolio with us?
Reduce costs
Our services can be more cost effective than managing everything in-house
Work with experts
We have unrivalled experience in managing complex portfolios, including migration from a range of platforms
We'll manage your customer communications
You can trust us to deliver your branded communications
Quick product launch
We can help you launch new loan products quickly and successfully
Improve your customer experience
Our partnerships with technology and digital solution companies helps us improve your customer experience
Get the latest market updates
Keep up to date with the latest market trends from our industry experts
Special Servicing
Specific solutions to meet your recovery objectives.
We know that recovering loans can be a complicated and difficult process. We focus on positive customer outcomes, with forced realisation of assets as the last resort. Our strategies ensure each individual's circumstances are considered and the right resolution to payment difficulties is reached.
Our special servicing offers solutions to achieve your objectives. We also understand the importance of staying credit law compliant and our arrears management service puts conduct risk at the centre of what we do.