**Understanding Vacation Ownership**
Vacation ownership, also known as timeshares, allows individuals to purchase the right to use a property, typically a resort condominium, for a specific period each year, or even any time of the year and as many days as they want to stay if their vacation ownership property allows them to do so.. The draw? It offers the comforts of a home away from home without the hassles of full-time property management.
**The Growth of Vacation Ownership**
This industry has grown exponentially, thanks to the promise of affordable luxury vacations with a large dose of flexibility. However, affordability isn't a universal trait among prospective timeshare owners. While the idea of owning a slice of a vacation property sounds appealing, the upfront costs can be a deterrent for many.
**Loan Servicing: The Unseen Hero**
Enter loan servicing – the silent hero powering the vacation ownership industry. Loan servicing companies, such as Concord, bridge the gap between aspiration and ownership. They manage loans on behalf of lenders, sending payment reminders, collecting payments, maintaining payment records, and handling any issues that arise.