Updated over 3 years ago on . Most recent reply
Seller Financing - Note Services
BP Nation!
Anyone have any referrals for Note Servicing companies that deal with Seller Financing transactions? We just closed on our first Seller Financing deal (as a Seller) and looking to turn over the servicing to a 3rd Party firm. Preferably a company that offers Customer Service in Spanish.
Thank you!
Most Popular Reply
I would high recommend that you consider Loan Servicing companies that report a borrower's credit to the credit bureaus for several reasons.
1) It will add and increase overall value to the note, especially if you need to sell it down the road
2) It will set the borrower up for success in the case they wish to cash you out with a traditional, conventional lender.
The companies we use are Madison Management Services in Reno, NV (the report to TransUnion who will then report to Experian and Equifax) and August REI in Texas (only services loans in TX and maybe OK).
The company that is the easiest to work with but does not report to credit bureaus is Allied Loan Servicing in WA state. Easy, reasonable and a human always answers the phone with little wait time.
Hope this helps.