Note Servicing Software Sugestions?

Question

We have been successful in brokering mortgage notes for the last 2 years that we have started to buy our own with our own money and investors money.  We do have most of them boarded with a servicer but as we start to do the math.  Paying $3000 a month in servicing fees alone is getting silly. We are aware of notesmith and Mortcare as servicing platforms but we would like to know if there are any other software out there that anyone uses?  Are there any softwares that are low cost or free?  We are not cheap but if it does what we need it to do and it is inexpensive or free,  well why not.   Does anyone have an opinion on this subject??

Mary Clark · Answer

Dear Scott,

I have finally found a good software program that tracks mortgage loans and is affordable.  It is called Money Lender Professional.  You can track as many loans as you want, get year end statements, escrow, etc.  My favorite thing is that you can put in as many payments per month as you need to.  I have one bad apple that I am trying to work with that makes several payments a month.  cost is under $200 and no monthly fees.

Scott Schmitz · Answer

Thank you for your input.  After reviewing all options, you are correct.  We will keep them with our currentservicer and look into the note servicing center.  Thanks again!

Kevin Foster · Answer

Hello everyone!

@Scott Schmitz

@Darren Eady

I agree with Darren...being a servicer I can say with conviction...let a professional servicer handle your portfolio.  The cost may at first appear to be something where you think you could save money. It's not...everything else aside...with the current wave of CFPB and related regulatory issues (many of which remain vague and open ended)...risk and liability have risen dramatically and will continue to do so in the foreseeable future.

We do offer one of the premier software platforms for servicers as well as a variety of servicing options for investors/note buyers.

If you would like to discuss this further or other options that might be more beneficial to you please contact me Kevin Foster, Business Development Manager, Evergreen Note Servicing, Puyallup WA.

Darren Eady · Answer

Don't do it!  There's not enough money in servicing to make it worth your time and buying the software is just the start of compliance.  I have used Note Servicing Center in Chowchilla, CA for the past six years and they are great.  The company is owned by Thomas Standen.  Look them up, give them a call, and let them manage your accounts.