Millennium Interests Ltd.
Millennium Interests Ltd. is a real estate development company that specializes in purchasing, subdividing and selling raw land. They offer financing packages to most of their buyers. This has resulted in a servicing portfolio of over $25,000,000 dollars.
Prior to becoming an ABS customer, Millennium contracted servicing to an outside organization. This decision led to a series of debilitating problems, many misunderstandings and a series of lawsuits from borrowers. To get a simple report or feedback from the third party servicing company took several weeks. The percentage of late payments and defaults in Millennium's loan portfolio increased to unacceptable levels.
Millennium made the business decision to invest in The Mortgage Office and bring loan servicing back in house. After installing The Mortgage Office and regaining control of their portfolio of loans, the problems, misunderstandings and legal issues began to disappear.