Why Choose Covey Financial
Experienced Loan Servicer
Founded in 2012 — Based In Texas
Founded in 2012, Covey Financial is a Texas-based loan servicer. We service over 8,000 loans throughout 11 US States and are constantly growing. Our competitive advantage is our simple pricing model. Covey Financial is a top choice for lenders wanting strong and consistent loan servicing.
- No Setup Fees
- No Laundry List Of Fees
- No Conditional Pricing
- No Setup Fees
- No Laundry List Of Fees
- No Conditional Pricing
Lender Benefits
- Experienced loan servicing professionals
- In house CPA overseeing servicing and accounting team
- In house portfolio manager and compliance staff
- Multilingual servicing staff
- Limited liability related to compliance and escrow payments
- Credit reporting for borrowers
- Compliance and audit trail
- Insurance renewal management
- Escrow analysis and management
- Robust reporting
- Registered, licensed, and fully compliant
- Credit Reporting
- and much more!
Pricing
For the level of loan servicing provided, our pricing sets us apart:
Additional Fees – Special Considerations are made
for Non-Profits
for Non-Profits
Item
Fee
Notes
Onboard Fee
$100.00
New Loan Onboard Fee
NPL Onboard Fee
$500.00
Setting up NPLs – over 120 days delinq
Portfolio Transfer In Fee
Quoted
Quoted by Covey Financial
Bankruptcy Fee – In house compliance
$500.00
Modifying our system and coordinating with client counsel
Note Sizes greater $1mm<$5mm
$50.00
A minimum $50 per month as servicing fee
Note Sizes greater than $5mm
$100.00
A minimum $100 per month as servicing fee
Additional Investors
$10/ea
$10 added to quoted servicing per additional funding investor
Research for missing Loan Servicing Setup data
$150/hr
Hourly rate to research missing information
Special Requests
Quoted
Quoted before starting request
Maturity Warning
$25.00
Sent 60-90 days prior to maturity date
Lender Bank Account Update
$100.00
Updating Lender Bank Account
Early Close Out Fee
$100.00
Foreclosure/Deed In Lieu…etc
Foreclosure Classifcation
$100.00
Modifying our system and coordinating with client counsel
Loan Reset
$25.00
Changing of data (loan terms, programs, deferrals…etc)
monthly servicing fee schedule (per Loan)
We require a minimum of 20 loans (exceptions are made for non-profit organizations). Below is our 2025/2026 pricing.
1-9
$35
200-499
$16
10-19
$30
500-999
$14.50
20-49
$25
1,000+
$13
50-99
$20
100-199
$18
Included Services
Borrower Related Items Included In Our Pricing:
- Welcome package (1st class mail and email)
- Welcome call
- Monthly statements (1st class mail, text, and email)
- Monthly late notices (1st class mail, text, and email)
- Weekly delinquency phone calls and texts to those over 30 days past due
- Certified 45-day and 90-day letter
- ACH payment collection
- Online portal with loads of information and the ability to remit payments online
- NSF notices (1st class mail and email)
- Maturity date notice (90, 60, and 30 days prior to maturity)
- Payoff demands
- Borrower phone and email support
- IRS 1098 reporting
- Credit reporting to Experian, Equifax, and Innovis (Transunion app pending)
- Escrow administration unlimited items collected (property taxes, insurance, and if applicable HOA, pest control...etc.)
Lender Related Items Included In Our Pricing:
- Online Portal with loads of information and reports
- Robust monthly reporting
- Accurate reconciliations
- Escrow Administration
- Payments remitted 7 calendars after borrower pays along with a payment deposit report
- Payment deposit reports
- 1099-Int reporting
- We cover escrow shortages (we only ask for the shortage if property sells or it becomes REO)
There are a few things we don't do:
- We do not practice law. All foreclosure notices and processes must be performed by an attorney. Items related to bankruptcy also must be performed by an attorney. Our team constantly works with our clients' counsel to provide the information requested.
- We do not manage REO properties.
- We do not originate loans. Our clients admire that we will not poach their loans.
