Loan Servicing Support
Scope Of Loan Servicing Support Provided
Servicer’s duties include, but are not limited to:
- Collecting borrower's payments
- Disbursing payments to investor and underlying mortgages (if requested)
- Providing monthly borrower statements
- Tracking delinquencies and sending notice of default letters
- Compiling annual IRS 1098 forms for tax payments
- Compiling 1099 tax reports for seller/lender
Note: Servicer does not report borrower’s payment history to credit bureaus
Sub 2 Loan Servicing Onboarding Documents
- Client Information Form: Sub 2 Client Information
- Disbursement Instructions Sheet: Sub 2 Disbursement-Instruction-Sheet
- Loan Servicing Agreement: Sub 2 Loan Servicing-Agreement-S2-Professional-LLC
- Notice of Underlying Lien: Sub 2 Notice of Underlying Lien Form
SUB 2 LOAN SERVICING DOCUMENTS TO BE PROVIDED:
- Offer/Purchase Agreement (to include all amendments)
- HUD-1 Settlement Statement, Deed Transfer & Closing Documents
- Most Recent Underlying Mortgage Statement
SUB 2 LOAN SERVICING FEES:
- Loan Onboarding Setup fee: $100.00 (one-time fee)
- Monthly servicing fee (collecting funds from client & disbursing to underlying mortgage): $25/Month
- ACH electronic payment processing for drafting of payment = $15/payment
- Any additional disbursements will be charged @ $10/per disbursement
Wrap Loan Servicing Onboarding Documents
- Borrower Information (To Be Completed By Buyer/Borrower): Borrower Information
- Investor Information (To Be Completed By Seller/Investor): Investor Information
- Disbursement Instructions Sheet (To Be Completed By Seller/Investor): Disbursement-Instruction-Sheet
- Loan Servicing Agreement (To Be Completed By Seller/Investor): Servicing-Agreement-S2-Professional-LLC
- Notice of Underlying Lien (To Be Completed By Seller/Investor): Notice of Underlying Lien Form
- One To Four Contract/Purchase Agreement (to include all amendments)
- Seller Finance Addendum
- HUD-1 Settlement Statement
- Promissory Note
- Deed of Trust
- Copy of Current Insurance Policy
- Copy of First Payment Letter Containing Mortgage Payment Breakdown to Borrower
- Copy of Current Underlying Mortgage Statement (For Wrap Around Closing Transactions)
WRAP LOAN SERVICING FEES:
- Loan Onboarding Setup fee: $250.00 (one-time fee)
- Monthly servicing fee (collecting from borrower and disbursing to seller): $25.00/Month
- Servicer shall make the payments to the underlying mortgage for an additional $25 per month
Any additional disbursements will be charged @ $15/per disbursement
- Servicer shall make the payments to the underlying mortgage for an additional $25 per month
- Late Charges Received: Split 50/50 Between Seller/Lender and Servicer
Other Fees
- Payoff Quote Generation: $75.00 (for each payoff quote generated)
- Verification of Payment History: $50
- Returned Payment Fee: $35
- Release of Lien Drafting and Filing: $150
- Calculation of Initial Monthly Payment Amount: $150
- All other support services requested outside the scope of this agreement: $75/Hr
Note: All third party services and expensed to be billed and paid by seller/investor. This includes any postage fees, attorney fees, courier fees, recording fees, etc.
All applicable documents mentioned above, to include the applicable onboarding set up fee, must be received in order to establish the servicing of your note. Upon receipt of all required documentation, both the seller/investor and the buyer/borrower will receive a Loan Servicing Introductory Kickoff Email once the account has been established.
LET'S DEVELOP A RELATIONSHIP!
I would be very interested in speaking or meeting with you to discuss how I can assist you in the areas of real estate, insurance, business consulting, or government contracting support. Feel free to either send me an email at [email protected], or call me at (210) 788-1034, and I would be more than glad to schedule a face to face meeting or phone conversation accordingly. I hope this helps, and I look forward to speaking with you soon!