Do I need a servicing company for a promissory note?

[Sandi Hague]

Hi All,

I'm about to buy my first note. Am I able to service it myself, or do I need a servicing company? If I am legally able to service it myself, where can I go to find out how to stay compliant with state and fed regulations?

Thanks!

[Les Goss]

@Sandi Hague, here are a couple places to start. The first is from the Consumer Protection Protection Bureau (CFPB) and is rather complete. The second is a shorter summary that might be a good place to start.

Good luck!

http://files.consumerfinance.gov/f/201509_cfpb_rea...

http://www.aba.com/Tools/Offers/Documents/FAS_What...