All About Pingora Loan Servicing
When it comes to managing your loans, you want to make sure that you have the best and most reliable loan servicing company working for you. If you’re looking for a loan servicer that can provide comprehensive loan management services, then look no further than Pingora Loan Servicing. Pingora Loan Servicing is a full-service loan servicer that provides both residential and commercial lending services. With experienced staff and knowledgeable customer service representatives, they can assist with everything from setting up escrow accounts to processing payments quickly and efficiently. In this article, we will take a deeper look at all that Pingora Loan Servicing has to offer and how they can help you manage your loans.
What is Pingora Loan Servicing?
Pingora Loan Servicing is a company that services loans. They are headquartered in Denver, Colorado and were founded in 2009. They service residential mortgage loans, including those for home equity lines of credit (HELOCs). Pingora is a direct provider of loan servicing solutions and they also offer subservicing solutions to mortgage lenders and investors.
Pingora Loan Servicing has a few key features that make them stand out among other servicers. First, they utilize advanced technology to provide a streamlined experience for both borrowers and investors. Second, they have a team of experienced professionals who are dedicated to providing the best possible service. And third, they offer competitive pricing for their services.
If you’re looking for a company to service your loans, Pingora Loan Servicing is definitely worth considering.
The Different Types of Loans Pingora Services
Pingora offers a variety of loan servicing options to meet the needs of our clients. We offer conventional loan servicing, FHA/VA loan servicing, and portfolio loan servicing. Each type of loan has its own unique benefits and features, and our team is here to help you choose the best option for your individual situation.
Conventional Loan Servicing:
Conventional loans are typically used for purchases of primary residences, secondary homes, or investment properties. Fixed-rate conventional loans have interest rates that remain constant throughout the life of the loan, while ARMs have interest rates that can adjust periodically. Pingora’s conventional loan servicing options include both single-family and multi-family loans.
FHA/VA Loan Servicing:
FHA and VA loans are government-backed mortgage programs that offer flexible financing options for homeowners. FHA loans are available to all qualified borrowers, regardless of their credit history or employment status. VA loans are available to eligible active duty military members, veterans, and their surviving spouses. Pingora’s FHA/VA loan servicing options include both single-family and multi-family loans.
Portfolio Loan Servicing:
Pingora also offers portfolio loan servicing for our clients who wish to keep their loans in their own personal portfolios. Portfolio loanservicing is a great option for investors who want more control over
Pros and Cons of Using Pingora
There are many benefits to using Pingora Loan Servicing. Perhaps the most obvious benefit is that you will have a professional servicing your loan.
Another big advantage is that Pingora is a very user-friendly platform. You can easily access your account and see all of your loan information in one place. This can make it much easier to stay on top of your payments and keep track of your progress.
Of course, there are some drawbacks to using Pingora as well. One potential downside is that they may not have the lowest interest rates available. However, this will likely only be an issue if you have poor credit or if you’re looking for a very low interest rate. Another possible drawback is that Pingora doesn’t offer pre-payment penalties, which could save you even more money in the long run.
What Happens if You Fall Behind on Your Payments?
If you fall behind on your payments, the first thing that will happen is that you will receive a notice from your servicer. This notice will inform you of your past-due amount and what you need to do to bring your account current. If you do not bring your account current within the specified time frame, your servicer may escalate the collection process.
The next step in the collection process is usually a phone call from a collections agent. The purpose of this call is to discuss your past-due balance and to try to work out a payment plan. If you are unable to come to an agreement with the collections agent, the next step is usually a formal demand letter. This letter will outline the outstanding balance and give you a specific time frame in which to pay it off.
Alternatives to Pingora Loan Servicing
For borrowers who are not able to obtain a loan through Pingora Loan Servicing, there are several alternative lenders that may be able to help. Some of these alternatives include:
- Prosper: Prosper is a peer-to-peer lending platform that offers personal loans and lines of credit. Borrowers can apply for loans from $2,000 to $40,000 and repay them over a period of three or five years.
- LendingClub: LendingClub is another peer-to-peer lending platform that offers personal loans and lines of credit. Borrowers can apply for loans from $1,000 to $40,000 and repay them over a period of three or five years.
- Avant: Avant is an online lender that offers personal loans ranging from $1,000 to $35,000. Borrowers can choose to repay their loans over a period of two to five years.
- OneMain Financial: OneMain Financial is a traditional lender that offers personal loans ranging from $1,500 to $20,000. Borrowers can choose to repay their loans over a period of one to five years.
- LightStream: LightStream is an online lender that offers personal loans ranging from $5,000 to $100,000. Borrowers can choose to repay their loans over a period of two to seven years.