INCS is dedicated to providing professional and accurate service through the personal dedication and attention to our customers. Our services are tailored to fit the needs of our clients. Whether you have a large real estate transaction or a small family loan, you can be assured that loan servicing is our only business and we take pride in doing it well.
Professional contract servicing is a convenient and hassle free way to track and monitor your loan. We are a third party company, which allows a “buffer” between Borrowers and Lenders, to answer questions, assist with lien removal and title transfer procedures, and offer services that cannot often be provided by individuals, such as; Automatic Payments, Direct Deposit, and Online Account Inquiry.
Often, private lenders are not aware of the responsibilities involved with collecting their private contract. Managing a loan is more than collecting checks every month and clicking off an amortization schedule. Rather, good management requires an accurate account of payments to principal and interest, provides both Lenders and Borrowers with annual tax statements, assists with credit verification and results in correct payoff information, when the time comes. Although amortization schedules are useful in determining payment amounts, they only produce a “perfect scenario” situation. The first time a late charge is deducted or a payment is received on a different date than outlined, the calculations are no longer accurate. This method of tracking payments can lead to disputes about interest reported to the IRS, payoff balances, status of payments, outstanding late charges and a host of other issues. Without specialized software and the knowledge of loan collection, Lenders may find it difficult and cumbersome to assess and track late charges, collect balloon payments, initiate notices, answer questions and field requests from their borrowers; and the list goes on.
Having a third party track your loan, removes not only the responsibility of receiving and tracking funds but provides both parties the peace of mind that payments are being received and accounted for, and provides readily available information for both sides. No surprises.
With the establishment of a new account, we mail borrowers payment coupons as well as provide other convenient electronic options for making their payments. Both Borrowers and Lenders can establish an online password to enable them to monitor their account 24 hours a day 7 days a week, and print up to two years of payment histories at any time. Payment notices can be mailed or emailed to both parties after each transaction. If we are collecting funds to pay taxes, insurance, or some other contractual obligation, we will calculate the monthly reserve payment and provide the borrower with an annual analysis to show the breakdown.
INCS will work with other professional services such as; Insurance Agents, Attorneys, County Offices, and Title Companies to ensure the accuracy of the accounts in our care. Your business is our business. We will go the extra mile to make is right.
Please look over the services that we offer. If your contract calls for something that is not on the list, or you have an unusual circumstance, please give us a call. It is very likely that we can make the necessary arrangements to accommodate your needs. This is just one of the many benefits of working with INCS and our staff.
Impound “Reserve” Accounts
Setting up an Impound, or “Reserve,” account allows the borrower to conveniently pay their property taxes, insurance premium, and/or homeowner dues when they are due by contributing monthly payments over the year.
Reconveyance / Recording
INCs offers a True Escrow service and document storage service at no extra cost. We are equipped with fire proof files to protect your original documents for the life of the loan.
Payment Notices and Reporting
We offer: Email Notices/Receipts, Reminder Notices, Tax and Insurance Notices, Online Inquiry Access, 1099/1098 Forms/Year End History, and Default or Demand Letters
Payments to Underlying Obligations
Occasionally, we will come across a “Wrap Loan” or a loan that will have an underlying (UL) obligation payment.
INCS offers a True Escrow Service which provides both the lender and the borrower peace of mind.
Electronic Funds Transfer (EFT)
Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands or the delivery of a paper check.