When you secure a California Dream For All loan to purchase your first home, it's important to understand who will be servicing your loan. Loan servicing refers to the administrative tasks that take place after your loan closes, such as collecting payments, managing escrow accounts, and handling customer service inquiries. Let's explore who services the Dream For All loan and what it means for your homeownership experience.
Does CalHFA Service the Dream For All Loan?
While the California Housing Finance Agency (CalHFA) is the program administrator for the Dream For All loan, they do not directly service the loans. Instead, CalHFA partners with a master servicer to handle the loan servicing responsibilities.
The Role of Lakeview Loan Servicing
CalHFA's master servicer for the Dream For All loan is Lakeview Loan Servicing. Once your loan closes, Lakeview will be responsible for servicing your loan throughout its entire term. This means that you will make your monthly mortgage payments to Lakeview and contact them for any questions or concerns related to your loan.
What Does Loan Servicing Include?
Loan servicing encompasses a wide range of administrative tasks, including:
- Collecting and processing your monthly mortgage payments
- Managing your escrow account for property taxes and insurance
- Providing customer service support for any questions or issues that arise
- Generating and distributing monthly statements and year-end tax forms
- Handling loan payoffs and lien releases when you sell or refinance your home
Lakeview Loan Servicing will be your main point of contact for all of these loan servicing tasks, ensuring a smooth and efficient homeownership experience.
The Benefits of Working with Lakeview Loan Servicing
As CalHFA's master servicer, Lakeview Loan Servicing has extensive experience in handling the unique requirements of the Dream For All loan program. They understand the shared appreciation structure and are well-equipped to manage the loan servicing process in accordance with CalHFA's guidelines.
By partnering with Lakeview, CalHFA ensures that Dream For All borrowers receive top-notch loan servicing and customer support throughout the life of their loan. This allows CalHFA to focus on administering the program and helping more Californians achieve their dream of homeownership.
Start Your Dream For All Journey with Tennant Lending
At Tennant Lending, we are committed to helping first-time homebuyers navigate the California Dream For All loan program with ease and confidence. Our knowledgeable team will guide you through the application process, answer your questions, and help you understand the loan servicing aspect of your homeownership journey.
Don't wait to make your homeownership dreams a reality. Contact Tennant Lending today to learn more about the California Dream For All loan and how we can help you secure financing for your first home.
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