Open a New Account
Welcome to Independent Note & Contract Services, LLC!
We are so happy you have decided to set up a new account with INCS. Below, you will find the forms necessary to get the ball rolling. Please print, complete, SIGN, and email, mail, or fax them to our office along with copies of your contractual documents.
If setting up a True Escrow account, meaning you would like INCS to store your original documents, please mail them by certified mail or drop them at our office. If you are working with an escrow company to complete your transaction, check with your escrow officer to see if they can obtain our forms and the borrower’s signatures and information at closing and mail us the information directly.
Please make sure both parties have copies of contractual documents before depositing them with INCS. There will be a fee for document copies after the account is established and stored.
Use this New Account Checklist to get started with your new account!
For every New Account, we need:
- Service Agreement with Terms of Service Acknowledgement
- W-9 for both parties (on interest bearing accounts)
- Copies of Contractual Documents (i.e. Deed of Trust, Promissory Note, Purchase and Sale Agreement, etc.)
To establish a new account, we must receive a completed and signed Service Agreement with Terms of Service Acknowledgement Form and W-9 from both parties on interest bearing accounts.
We will also need copies of the contractual documentation. If you would like to establish a True Escrow Account, meaning the lender would like INCS to store the original documents, we will also need a True Escrow Form completed.
Lastly, we will collect a one-time Establishment Fee to set up the account. If the Establishment Fee is not received with the new account paperwork, we will deduct or capture it from the first payment received.
Optional Account Services:
Reserve/Impound Account– A Reserve, or Impound, account allows the borrower to conveniently pay their property taxes, insurance premium, and/or homeowner dues by contributing monthly over the course of the year. If you would like to set up a Reserve Account in conjunction with your contract, we will need you to complete and attach a Reserve Checklist Form and provide the latest billing statement(s) for the impounds we will be paying. Please click HERE to find more about Reserve/Impound accounts.
Underlying Obligations– If there is an underlying obligation, or sometimes called a “wrap loan” and we will be responsible for making a payment on a lender’s behalf, from their proceeds, please complete and attach a UL Obligation Form and click HERE to read more about underlying obligations.
Holdback Account– If you are setting up a temporary account, or Holdback account that doesn’t require regularly scheduled payments, please fill out the Holdback Agreement Form in lieu of the Service Agreement.
If you have any questions regarding these forms or need further clarification, please don’t hesitate to contact our office.
Once all documents and necessary forms are received, we try to have new accounts set up as quickly as possible. Currently, it takes 1-2 business days to establish new accounts with all necessary forms and documents received. If the first payment is due within two weeks of when you send your new account information, please call the office and we will work with you to make the necessary arrangements.