New York, NY (PRWEB) September 05, 2013
The New York State Energy Research and Development Authority (NYSERDA) has partnered with First Associates Loan Servicing, one of the country’s fastest growing consumer loan and lease servicers, to provide backup servicing for its innovative energy efficiency loan program.
Green Jobs – Green New York, a program established by the State of New York to significantly increase numbers of energy efficiency improvement projects and create clean-energy jobs, includes a revolving loan fund that provides unsecured low-interest loans. Under Governor Andrew M. Cuomo’s Power NY Act of 2011, NYSERDA added a second low-interest loan option, known as On-Bill Recovery Financing, which enables consumers to repay the loan on their utility bill. Both loan options help qualifying homeowners to make their homes more energy efficient with no cash up front. First Associates Loan Servicing is providing backup servicing for both loan options in the event that the master loan servicer fails to perform as required.
Loan servicing for this program includes sending monthly statements to borrowers for monthly payments due under NYSERDA’s Smart Energy (unsecured, direct bill) loans, collecting payments from borrowers and following up with borrowers who are delinquent on loan payments. For the On-Bill Recovery loans, servicing entails coordinating with the utilities to communicate on-bill loan initiation and to commence collections, and receiving payments collected by the utilities from borrowers.
“Under Governor Cuomo, New York State is actively working to help homeowners and businesses reduce their energy costs,” said Francis J. Murray Jr., President and CEO, NYSERDA. “Through programs and funding created by the Green Jobs – Green New York Act and the Power NY Act, the State is delivering significant value to residents, including decreased energy use and carbon emissions. In working with the capital markets and rating agencies, First Associates played a critical role in bringing our financing successfully to market.”
“NYSERDA is actively growing the pool of capital available for energy efficiency loans through an innovative and timely structure,” said David Johnson, CEO of First Associates Loan Servicing. “We’ve partnered with many state programs on energy efficiency and solar programs. We believe this segment of the financing ecosystem is key to making lower energy costs for consumers an achievable reality.”
About First Associates Loan Servicing
First Associates is one of the nation's premier consumer servicing firms and comprised of a team of professionals with a world-class experience, first-rate knowledge and exceptional technology. First Associates provides best-in-class servicing for titled assets and unsecured loan portfolios with a staff that is committed to providing the highest level of service to borrowers while maximizing lender and investor returns. More information is available at http://www.1stassociates.com.
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels. NYSERDA professionals work to protect our environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975. For more information, visit http://nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, Instagram.