COMPONENT SERVICING
SELLER FINANCE COMPONENT SERVICING
LoanCare offers Seller Finance Component Servicing, which enables sellers to choose from a menu of services and then tailor a program to meet their individual needs.
Seller Finance Component Servicing Options:
- Loan boarding
- Storage of original documents
- Optional automatic withdrawal and deposit of payments
- Payment processing (Lockbox, ACH debits, incoming wires and MoneyGram)
- Escrow management
- Investor reporting
- Reconciliations
- Default Notification (10 day letter mailing – upon seller request)
- Modifications, assignments, assumptions
- Lien releases
- IRS 1098 and 1099 preparation and reporting
- Monthly and year-end reporting
- 24/7 access to account information online
- Toll free access to our customer service representatives