Payment Notices and Reporting
We believe communication plays a vital role in customer service. Because of this, INCS offers several options for monitoring your account.
These notices are issued every time a payment is received. On them, you will see how the payment was applied to the account, what date the interest is currently paid through, and the next payment due date. On the lender’s copy, there will also be a field showing the disbursement bank. Mailed notices with the same information, can be provided for a nominal charge.
Mailed notices will be sent to the borrower if their payment becomes 15, 30, 60 and 90 days late. Copies can be mailed to the lender for a nominal charge.
Tax and Insurance Notices
Mailed or emailed notices will be sent to the borrower if additional funds are needed to pay an upcoming impound payment. If INCS is unable to make the payment, the lender will also be notified.
Online Inquiry Access:
INCS has a secured website that allows both parties to view their account history after establishing a private password. This is a free service and is strongly encouraged. Having this access will allow you to print up to two years of histories 24 hour a day/7 days a week. This website contains the same information as your annual year end statement and can be easily accessed to assist with your annual tax reporting.
1099/1098 Forms/Year End History:
Every year in January, both parties will receive a year end statement as dictated by your account. If you are paying or collecting interest, you will receive the 1098 or 1099 IRS statement. If your account is not interest bearing, you will still receive a printed account history for your records. This service is included in your monthly administration fee.
Default or Demand Letters:
If your payor is delinquent in their payments or other contractual obligations you may choose to have INCS mail a certified letter to the borrower requesting they bring their account current. This is an optional service and needs to be initiated by the lender. Please see our fee schedule and call our office to discuss the terms of the letter. Additional requests and correspondence will be sent as needed or upon request. Please contact our office via email or by phone to discuss available options.