Backup Servicing

We provide backup services and reporting.

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With Center Street Finance, there are two general levels of backup servicing: Backup and Backup + Reporting.

As a backup servicer, we preemptively negotiate service level agreements and plan for a swift transition of servicing in case of a trigger event. Once we are engaged as a backup servicer, we “map” all loan data to our system. Due to this mapping, it is common for clients to add our reporting services monthly or quarterly. By providing both backup servicing and reporting services, we offer operators, owners, investors, and lenders an added sense of security and peace of mind.

  • Receive and store daily/weekly/monthly contract-level data files.
  • Review the file to confirm “clean” data (data integrity test performed).
  • Run collection note model to identify problem accounts (one-time unless engaged to perform reporting).
  • Receive and store payment histories and collection note data files (one-time unless engaged to perform reporting)
  • Store collateral documents in our bank-sized walk-in vault.
  • Run payment history model and test amortization and cash balances (one-time unless engaged to perform reporting).
  • Confirm that the data file is properly mapped to loan servicing systems.
  • Prepare boarding file algorithm, which allows for a 24-72-hour shift to active servicing.
  • Deliver lender and borrower (Originator) monthly exception report.

Are you ready to find out what
Center Street Finance can do for you?

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