Solar Servicing, a wholly owned subsidiary of Forbright Bank, has completed the transaction to acquire the loan servicing operations of financing platform Mosaic after it filed for Chapter 11 bankruptcy in June.
Through the transaction, Mosaic’s loan servicing operations are transitioning to Solar Servicing. The company plans to continue Mosaic’s loan operations as usual.
“Forbright’s deep bench of management talent and the hard work of the new team members from Mosaic enabled this complicated transaction to be executed to a high standard for the benefit of all servicing clients,” said John Delaney, executive chairman and founder of Forbright Bank.
Under the terms of the transaction, borrowers’ payment terms and schedules remain unchanged and there are plans in place to avoid disruptions in service. Mosaic’s various payment methods are active, and borrowers can continue to make payments as they have done prior to this announcement.
For loans that were partially funded as of the bankruptcy filing, a pipeline team has been hired to support system installers and loan owners as they work towards a resolution. Mosaic will complete the wind down of its remaining assets.
“We are thrilled to welcome new team members from Mosaic, and we look forward to building Solar Servicing into a powerful driver of innovation and customer success,” said Don Cole, CEO of Forbright Bank. “By combining our deep expertise with new capabilities, we are confident the business will deliver exceptional service and meaningful value to our customers and stakeholders.”
News item from Solar Servicing LLC
