The Federal Home Loan Bank (FHLB) of Des Moines has approved ""Nationwide Advantage Mortgage Company"":https://www.nwsubservicing.com (NAMC) as a subservicer for the federal bank's Mortgage Partnership Finance and Mortgage Partnership Finance Xtra products.
[IMAGE] [COLUMN_BREAK]The subservicing program is available for FHLB participating financial institutions that may not want to incur the expense and operational risks associated with servicing these mortgage loans.
In a typical mortgage subservicing arrangement, the lender retains control and ownership of the mortgage portfolio without having to invest time and resources to support loan administration processes, NAMC explained.
""A subservicer, such as Nationwide Advantage Mortgage, provides a number of services, such as collecting payments, administering escrow accounts, delinquency and foreclosure management, reporting, and regular investor remittances on behalf of the lender,"" said Robert Kallio, VP of Des Moines-based Nationwide Advantage Mortgage Company, a subsidiary of Nationwide Insurance.
NAMC offers clients both private label and servicer-branded subservicing programs. The private label program is transparent to a lender's customers.