Servicing companies help with the daily running and dealing of mortgage loans, loans that were in fact issued by a larger company. In most cases after the loan has been issued these sorts of companies collect payments and carry out other daily operations. With bases in Maryland and Frederick, American Servicing Company is an operational supplementary of Wells Fargo Bank and National Association. For the most part this company’s mortgages were provided for by lenders and then ended up on the secondary market. Hence it can be said that Wells Fargo Bank had initially nothing to do with endorsement or beginning of most of the loans which were being dealt with by the American Servicing Company.
It is a somewhat understood concept that working with American servicing company is a difficult procedure and second only to contacting them which is hard to begin with. One of their requirements is that one needs to have been on some kind of terms with them for at least a period of one year for them to even consider drafting a plan to work around. This company goes with the name of ASC in all its dealings because it believes that its rivals might not be for using the Wells Fargo name that is otherwise associated with the ASC to a great extent. But ASC makes sure that they offer the same level of service to their customers as the customers of Wells Fargo could be expected to receive when getting loans issued.
The American servicing company is definitely more a servicing company that a lender of mortgages. The mortgage handling part of this company does however collect loan payments without however initiating the issuing of the loan themselves. This company is generally understood to help handle mortgages issued by lenders all over the nation which include mortgages that are insured federally and issued by Fannie Mae, Freddie Mac and Wells Fargo.
Since this company is a servicing one, they are essentially a sort of middleman between the borrower and lender. American servicing company collects loan payments and distributes money to appropriate parties as tax payments, a lender and premiums for house insurance. While doing this they are charging the lender instead of the consumer. ASC mortgage is always available for access online for all 24 hours everyday. However there is a security setting on the website so the site itself can only be viewed by the people and clients that are involved with the company, or have contacted it in the past. In any case there are a series of complaints against the company by particular customers for being unapproachable and hard to contact.
American servicing company mortgage does not refinance loans in any situation and they also provide no solutions regarding or relating to home equity but they will however handle payments dealt with by other agencies. If a client has issues with payments for loans they might be applicable for getting help through modifications of loans.