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, see the link below titled Daily Interest.
My borrower pays the administration fee; why did you deduct it 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.
I lost my coupons; can I get another 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 NSF; why didn’t you re-debit?
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.
My spouse isn’t on my loan, but I want her to access information. Can we do that?
Yes, INCS just needs your written and signed authorization on file. You can send it by mail, fax or email.
How do I obtain a print out of my 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.
I dropped a payment off at your office, right before closing, on the 5th and you didn’t give me 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.
I wrote a check for my $15,000 balloon payment; why didn’t I get immediate credit?
Per the Terms of Service Agreement, any payment over $10,000 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 by wire transfer.
Why is there a $100 CLOSING FEE on my payoff quote? My lender pays your fees.
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 annual Administration Fee.
My borrower is late and INCS didn’t institute the default interest rate that is listed in the contract; why?
INCS does not automatically initiate the default rate as called for in some contracts. This rule is applied to avoid potential violation of State and Federal laws, for both yours and our protection. We require written instruction from either the lender, or the attorney working on behalf of the lender, to make the change. This is considered a change to your account, so additional fees will apply.
My father 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 you?
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.
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. Let us know if you need help.
INCS is here to help. We do not give legal advice, but have extensive experience with this process. Your questions are always welcome. Whether you just want a brief outline of what comes next, or you want us to handle something for you, give us a call.