REGULAR SERVICES INCLUDED IN THE MONTHLY FEE
• Credit Reporting
• Transfer or Welcome Letter with Coupon Payment Book
• Collection of monthly payments
• Processing of monthly payments
• Disbursement of funds to appropriate parties (lender, underlying loan, etc.)
• Direct Deposit of Lender funds
• Monthly statements to Lender
• Monthly statements to Borrower
• Online Lender Account Access
• Automatic Debit payment option for borrowers (ACH)
• Management of Escrow Funds (Taxes & Insurance)
• Late Notices
• Issuance of yearly 1098 & 1099 IRS Forms
• Annual Account Analysis of Escrow Funds
BASIC COLLECTION SERVICES
An intermediary between the Lender and the Borrower. Basic collection procedures start according to the legal docs provided; for example, if Note terms state Due on the 1st, Late after the 10th, we would start the process on the 11th.
• Late Notices mailed and emailed
• Calls made to the Borrower
• Notification to Lender