Loan servicers
Note Servicing Center
Note Servicing Center is a third-party loan servicer for private mortgage notes. Its stated mission is to collect, calculate and disburse payments on private notes, loans and other debt instruments that banks, financial institutions and escrow companies are not set up to handle, acting for private hard money lenders, note and loan brokers, banks, pension and IRA administrators, real estate and exchange brokers, and seller-carryback lenders.
Servicing covers residential and commercial loans, including multi-lender (fractionated) loans and Section 32 loans, with escrow and impound administration, federal and state compliance reporting, 1098 preparation where it applies, payment statements, online payments and ACH auto-withdrawal, payoff demands, verifications of mortgage, and borrower account support. Under current management the company has expanded into loan documentation, modification and early-intervention foreclosure coordination, with plans for mortgage pool servicing and asset management.
The company was founded in 1984 and is run as a third-generation family company. It says it has serviced over $2 billion in private mortgage notes in the past 40 years, has been through numerous state and federal audits, and services portfolios from a single note upward.
Fees are published on a rate sheet rather than on the public pages: demand-for-payoff, rush demand and verification-of-mortgage fees apply per request. The company lists NMLS# 270925 and CA Dept of Real Estate License# 01488159. Correspondence goes to 3275 E. Robertson Blvd., Suite B, Chowchilla, CA 93610, and payments to P.O. Box 1380, Suisun City, CA 94585.
Best for
Private lenders, note investors, brokers and IRA administrators who want payment collection, escrow and federal and state compliance reporting handled off their desk. It services a single note as readily as a large portfolio.
What they do
- Third-party servicing of private mortgage notes
- Seller-carryback note servicing
- Multi-lender (fractionated) loan servicing
- Escrow and impound administration
- Federal and state compliance reporting
- Payoff demand and verification of mortgage processing
- Loan documentation and modification
- Early-intervention foreclosure coordination
- Back-office sub-servicing for brokers and originators
Details
| Attribute | Value |
|---|---|
| Founded | 1984 |
| Ownership | Private |
| Licenses | NMLS# 270925, CA Dept of Real Estate License# 01488159 |
| How they charge | Servicing and transaction fees, including demand-for-payoff, rush demand and verification-of-mortgage fees, are set out on the company's rate sheet. |
What stands out
- Founded in 1984 and now run as a third-generation family company.
- Says it has serviced over $2 billion in private mortgage notes over the past 40 years.
- Lists NMLS# 270925 and CA Dept of Real Estate License# 01488159.
- Says it services portfolios from a single note upward.
- Says it has come through numerous state and federal audits.
Common questions
- How long does a payoff demand take?
- Once a Demand for Payoff is requested online, Note Servicing Center prepares the calculation and submits it to the lender for approval before emailing it to the requestor. The office has 7 business days to provide a Demand for Payoff on consumer (owner-occupied) loans and 21 days on business (non-owner-occupied) loans. A rush demand is released within 2 business days of the request, for an additional fee.
- Who pays property taxes and insurance on a serviced loan?
- If Note Servicing Center collects impounds or escrow, it sends those payments, and borrowers should forward copies of tax bills and insurance statements when received. Where no impound account has been established, the responsibility is the borrower's unless the note states differently. An escrow account can only be cancelled with the lender's approval, confirmed in writing by both parties.
- Why was no 1098 issued on my account?
- A completed W-9 with an EIN or TIN must be on file. No 1098 is generated when the account is held in an IRA, when it is held by an LLC, or when the interest paid is under $600.00. In those cases the company can produce a statement of account history to give to a tax preparer.
- When are payment statements sent out?
- Payment statements are sent approximately 2 weeks before the due date, by mail or email depending on the delivery options set on the account. Payments are credited on the day received rather than the day they were mailed, and can also be made online from a checking or savings account or set up as an auto-withdrawal, with a convenience fee.