Here, you'll have access to all the resources you need to effectively manage your portfolio, in collaboration with the experts at Servicing Pros
While an Investor is completely capable of hiring a staff to service their loans, it might not be the best option financially. Servicing Pros acts as your back office and can scale up and down as needed to accommodate your portfolio. Loan servicing, both commercial and residential, is layered with complex regulatory compliance that must be met in order to protect your investments. Servicing Pros concentrates at simplifying servicing, ensuring compliance, and allowing you to focus and grow your business. We also use professional grade software that is highly efficient and reliable, that can be cost prohibitive for many lenders looking to increase their ROI.
Servicing pros offers loan servicing for the private investor. We service all privately funded loans and seller carried loans (seller carry back/seller financed).
Servicing Pros utilizes the latest in loan software and technology to service your loan. Together with our experience and servicing skills, we offer an unbeatable solution to your loan servicing needs. We provide convenient, real-time 24/7 online access to your Loan Portfolio through any web browser.
Lender Distributions are scheduled via ACH 3 times per week, every Monday, Wednesday and Friday after a 5-business day hold to comply with the Federal Good Funds Regulation. We do not earn interest on these funds. Lenders/Investors may choose electronic deposit of funds (ACH) or conventional checks, that go out weekly on Wednesdays. Monthly account reports which detail all account activity are mailed out on the 1st of every month. A year-end report details and summarizes all yearly activity.
Competent loan servicing becomes even more valuable when the borrower does not pay. Our experienced team will handle all collection efforts. A series of notices and collection phone calls will be initiated as the borrower becomes late and then increasingly delinquent. If necessary, we offer foreclosure services. Knowledgeable and dedicated loan servicing will greatly improve the borrower's performance and minimize delinquencies.
Enjoy peace of mind knowing the critical obligations of the borrower, which affect your lien, are being met. Property tax payments need to be monitored as defaulted property taxes can bring the property to tax sale. If you have a junior lien, knowing the status of payments to the senior lien(s) is critical as a foreclosure by the senior lien could wipe out your loan. Also, assuring that the property insurance (fire/hazard) policy is current and has not been cancelled is vital. We can provide the services to monitor continuous coverage.
We handle all year end reporting, including the IRS 1098 and 1099 interest reporting.
When we receive a payoff request, we produce the demand and forward it to you for approval. Once the loan is paid in full, we provide a recorded reconveyance.
Borrowers receive a monthly statement with a tear sheet to send the payment. We send a welcome letter and set up a welcome call with your borrower to set up their portal, ACH and answer any questions in relation to servicing their loan.
Our trust accounts are reconciled daily and our records are audited quarterly by a CPA firm to ensure that we are compliant and accurate. Our financials are also audited on a yearly basis, as is required for licensing in many states.
Discover the intricacies of business purpose loans for private lenders. Navigate regulations, assess borrower intentions, and mitigate risks effectively.