Many banks are getting out of this business because the regulatory costs eat up the meager profits. If this is a large portfolio, you might want to consider it. Are you prepared to respond to requests from condominiums for approval of changes to declarations? Do you have all of your collection letters in place (and do you have the homeownership counseling notice incorporated)? Are you aware of all of the state law restrictions on collection activities (watch out for states that have a UCCC)? Can you handle the changes in insurance policies by consumers? Do you have your escrow disclosure software in place? Who is the custodian of the documents? Are you prepared to handle incoming documents, such as the mortgage from the register of deeds and the final title policy? Do you have an arrangement for forced placed insurance? Flood zone checks (LOL coverage)? Tax service? Are you prepared to pay taxes in installments where permitted to reduce the amount needed in the esccrow account? Are you ready to send out annual financial privacy notices? 1099s? Escrow analyses? Payment coupons?
Do you really know what you are getting into, and how much staff you will need to cover these items?