Concord serves as a master/backup servicer for approximately 150,000 loans with combined balances of approximately $1.9 billion.
Concord works with the primary servicer to obtain necessary data and information required to offer extensive master/back-up servicing. To deliver the appropriate level of support, Concord provides cold, warm, and hot back-up programs.
Using the interface programming prepared by IT, Concord receives and downloads data into its servicing system on a predetermined frequency, to include all data available from the primary servicer. In warm and hot backup situations, the data can be stored on the Concord’s systems with a copy made for inclusion on the system for Concord’s Disaster Recovery Program.