Seamless Borrowing: Swift Answers Through Direct Communication
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.
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 Stormfield Capital Approach Loan Servicing?
At Stormfield Capital, 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
Billing statements are sent via email by the 1st of the month. Contact email@example.com to add additional recipients.
Although online payments are currently not an option, the following payment methods are accepted:
– Automatic Payment – this is a secure and easy way to ensure payments are made on time; payments will be debited from the account of your choice automatically each month.
– Wire Transfer – contact firstname.lastname@example.org for wire instructions.
– Check – via regular United States Postal Service mail only; make checks payable to:
Stormfield Capital Funding I, LLC
Woburn, MA 01813-3437
Check Reference: «BorrowerAccount»/«PropertyStreet»
Stormfield’s loan servicing team will reach out to notify and determine repayment options.
Please reach out to the servicing department directly at email@example.com.
Email firstname.lastname@example.org to obtain a full-year summary of payments made.
Email email@example.com to request a payoff quote. If the request is not made by the borrower directly, include an executed authorization letter.
Turnaround time is 2-3 business days. However, if you need an expedited payoff, Stormfield can rush the request for a fee.
Stormfield Capital will prepare and send lien release documents directly to the borrower and/or title agent to record the satisfaction in the county where the property(ies) reside.
Email firstname.lastname@example.org and include contact details for party responsible for recording the lien release.
Lien Releases will be sent 45 days after full payoff.
We understand that unexpected financial challenges can arise. If you’re facing difficulties in making payments, please contact our asset management department as soon as possible – email@example.com.
The Loan Servicing department manages draw administration, procedures may be found via the draw request page.
It is your responsibility to ensure property/hazard and liability (and flood, if applicable) insurance remains active with Stormfield Capital Funding I, LLC ISAOA/ATIMA as mortgagee/loss payee throughout the life of the loan. Refer to the attached form for a summary of Stormfield’s insurance requirements; feel free to call 888-248-9499 with any questions. Office hours are Monday through Friday, 8:00 a.m. to 5:00 p.m. EST.
Before or at the time your current policy expires, evidence of continuation of coverage should be sent by you or your insurance provider via one of the following methods:
– Fax to (518) 863-7380
– Upload through our online site, http://www.ValidateMyInsurance.com
– Mail to the following address:
Stormfield Capital Funding I, LLC ISAOA/ATIMA
c/o Lee & Mason Financial Services Inc.
P.O. Box 150
Northville, NY 12134
If the insurance policies are not active, per the terms of your loan agreement, Stormfield Capital 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.
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. Refer to the attached PDF for more information.
Refer to your loan agreement to assess available extension options. Contact firstname.lastname@example.org 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 Stormfield Capital’s 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 203-442-4412.
We’re committed to providing top-notch service and support to ensure a smooth and successful loan experience.
If you have any further questions or need assistance, please don’t hesitate to reach out to us.