Improving Efficiency with Contract Loan Servicing
Michelle Page, Vice President of Loan Servicing
If you’re looking for someone to service your loans, chances are you’re looking for ways to expedite some of the more process-intensive portions of the lending procedure. At Community Reinvestment Fund, USA (CRF), our job is to save you time and money, and we take our job seriously. We have a high-touch, personalized approach to serving our customers: no one is one-size-fits-all. With more than 20 years as a direct and master loan servicer, CRF’s experts have helped cities, economic development agencies, CDFIs, and many other non-traditional financial institutions and mission-driven lenders realize significant cost savings.
The CRF Difference
With a diverse range of expertise, we are prepared to focus on whichever portions of your loan portfolio you want us to service. We provide solutions for a variety of asset types including commercial real estate, community facilities, residential mortgages, equipment and more. By allowing us to oversee the time-consuming “back-office” tasks required for servicing a loan, you can concentrate your time and energy doing what your company or organization does best. And without the need to put money toward servicing software or other expenses that come along with these technical processes, working with CRF saves you money as well.
At CRF, we’re an institution that listens. We become thoroughly acquainted with you and your mission so that you don’t have to worry that outsourcing your loan servicing will disrupt your client relationships. With our special commitment to helping underserved communities, we understand the importance of treating your borrowers as people first.
For nearly 25 years, the City of Minneapolis Office of Community Planning and Economic Development (CPED) has worked with CRF to service its loan portfolio of more than 1,600 community development loans. The portfolio includes residential housing loans and small business loans, each with different terms, maturity dates and monthly payment schedules. For such a complex portfolio and such a small geographic concentration, CPED needed a better way to track delinquencies, make more loans and eliminate costly administrative time. CPED serves as evidence that outsourcing your loan servicing to CRF doesn’t distance you from your borrowers, but rather, allows their needs to receive even more attention. One of the biggest advantages of a CRF contract loan servicing relationship is our ability to collaborate with customers to improve the entire loan servicing process – from information exchange to reporting and monitoring.
Another success story belongs to the City of Woodbury. Woodbury, Minnesota is one of the fastest-growing communities in the Twin Cities metropolitan area. When Woodbury recognized its need for a more efficient loan servicing process, the city turned to CRF for expert advice and solutions. After beginning its housing loan program, Woodbury decided that it needed outside help to manage its growing portfolio. The city needed a firm that could go beyond just processing and reporting, however. The tight-knit community made having a solid asset management team a priority in order to provide a higher level of quality and engagement with its borrowers.
Whatever metric you use to measure our expertise – the number of years we’ve spent in the business, the number of clients we’ve helped, or the number of success stories we have to show for it – we’re proud to support our clients as the grow and improve their companies and institutions. CRF can help realize significant cost savings with innovative loan servicing solutions while solving complex challenges collaboratively, bringing a personal touch to an often-impersonal process. Reach out and request information to get the conversation started and to take one step closer to more efficient and effective operations.