Frequently Asked Questions
GENERAL FREQUENTLY ASKED QUESTIONS:
My spouse isn’t on my loan, but I want him/her to access the account information. Can we do that?
Yes, INCS just needs your written and signed authorization on file. You can send it by mail, fax or e-mail.
How do I obtain a print out of payment history?
Set up a password so you can view and print your history ledger 24/7, from our website, free of charge. A payment history will also be included every year with your year-end statement. If you still need to order a copy, we can provide one to the address or email address, of record, for a fee. If the request comes from the borrower, they will need to include the fee with their next payment or it will be deducted. If the request comes from the lender, the fee will be deducted from the proceeds of the next payment. Histories will only be provided on “closed” and “delinquent” accounts AFTER the fee is received. We cannot provide history ledgers to any person not named on the loan, without a specific written authorization, from an account holder. View your account now.
When will I receive my 1098/1099 statements?
The statements will be mailed out to the address of record on the account no later than January 31st. The information is also available online and can be accessed at any time through our website. View your account now.
My family member has passed away and I’m now the Personal Representative for the Estate. What do you need me to do?
In order to transfer an account from an individual to their Estate, we need the following documentation: Copy of the Certified Death Certificate, Letters Testamentary, the Personal Representative’s name and contact information, the Estate’s bank account information, and the Estate’s Tax ID number.
Our contract has a UCC that needs to be renewed every five years. Do I need to track that or can INCS?
If you would like to take care of this yourself, no action is needed except to send us a copy of the renewed UCC for our file. If you would like INCS to renew the UCC before expiration, let us know when you establish your account. Three to six months before the renewal date, we will deduct the recording fee and our posted handling fee from your monthly proceeds and submit the renewal on your behalf. It is your decision; just let us know well before the renewal date.
BORROWERS FREQUENTLY ASK:
How do I make a payment?
Why did I pay more in interest this month than last month?
Your loan is being collected using the daily interest method. This common method for collecting interest is based on actual days rather than rounded 30 day months. This means that interest is calculated from the current interest paid date to the payment receipt date. The more days between your payments, the more interest that will accrue. For a detailed explanation of how interest is calculated, click Daily Interest.
I lost my payment coupons; can I get another coupon book?
Of course! Just give us a call or send us an email. There will be a $5 fee which you can include with your next payment. You are welcome to send a payment without a coupon, just make sure you include your account number on your check or Postal Money Order.
My ACH payment was returned as Non-Sufficient Funds (NSF); why was it not re-debited?
We cannot automatically re-debit an account, in the case of an NSF on electronic transfers. We have no authorization to do so or guarantee that funds will be available. Per the terms of our NSF Policy, all replacement funds must be remitted in the form of a Postal Money Order, Cashier’s Check or Wire Transfer.
I dropped a payment off at your office, right before closing, on the 5th and I didn't receive credit until the 6th; why?
INCS has a posted cut-off time of 1:00pm to ensure that lender’s receive their funds on-time. Any approved payment received before 1:00pm PST, M-F will be posted on that day or posted the following day and backdated to reflect the date it was received. Any approved payment received after 1:00pm PST, will be posted for the following business day. Please view more about our payment cut-off times here.
I wrote a check for my $15,000.00 balloon payment; why didn’t I get immediate credit?
Per the Terms of Service Agreement, any payment over $10,000.00 needs to be remitted in the form of a Wire Transfer. If such an amount is received as a personal check or a Cashier’s Check, it will be held until we are notified by our bank that the funds have cleared. For a personal check, this could be up to ten days and for a Cashier’s Check it could be up to five days. The funds will be posted to the account as of the date we are notified, not the date the check was received. To avoid the delay, please remit any payment over $10,000.00 by wire transfer.
My lender pays your fees. Why is there a $100.00 Closing Fee on my payoff quote?
INCS charges a “Closing Fee” which covers the extra handling of the account during the payoff process, as well as the retention of records after closure. Per the Terms of Service, this fee is charged to the borrower, regardless of who pays the Administration Fee.
If my lender chose not to have the original documents held in a True Escrow, can I still get your help with the Reconveyance process when the loan is paid?
Absolutely! If all the originals documents were not held by INCS, it will be the lender’s responsibility to either facilitate the Reconveyance process or deliver the documents and signed Request for Full Reconveyance to the borrower. As the borrower, if you need assistance with the process or would like us to deliver the required documents to the Trustee, just contact us. A processing fee may apply. If you have a Real Estate Contract, ask the Seller for your Fulfillment deed. We can make the request of the Lender, but do not do this automatically.
LENDERS FREQUENTLY ASK:
My borrower pays the administration fee; why was it deducted from my proceeds?
The fee was not deducted from your proceeds, rather it was captured from the total payment received. When a borrower agrees to pay all or a portion of our admin fee, it is included in their payment amount, listed on their coupon. If they neglect to pay our fee, we capture it from the amount we receive, first, before posting the payment to the account. By doing so, it leaves the applied payment, “short”; however, the amount that is applied to the account is the amount the lender received. The Borrower must make up the shortage.
My borrower is late and INCS didn’t institute the default interest rate that is listed in the contract; why?
INCS executes the account according to the terms of the contractual agreement. According to our Terms of Service Agreement, INCS will not automatically initiate the default interest rate. We require written instruction from the lender(s), or an attorney working on behalf of the lender, to make those changes to an account. Then, we will work with the lender(s) and lender’s attorney throughout the foreclosure process.