Owner financing payment tracking app?

Member since 2021 · 11 posts · 9 votes

Hello! Working on an owner finance deal and I'm curious what technology you use to keep track of payments and amortization schedules.

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Caleb Christopher

Title Representative · Denver, CO · Member since 2020 · 126 posts · 66 votes

I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.

They have a login portal to track payments etc, like you mentioned.

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Doug SmithPro Member
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
This might sound silly, but an old fashioned spreadsheet if you only have a deal or two. If you have more than 4 or 5 loans, then you might want to engage a sub-servicer to handle the billing and payments. It is an expense, but they keep it all legal and compliant. Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license. If you get so large that you need to invest in technology, you'll likely need to get a sub-servicer anyway to do it for you and keep you compliant.
1 Reply
Beth JohnsonPro Member
Lender · Renton, WA · Member since 2018 · 227 posts · 216 votes
3y
@Denise Carringer
I'd suggest using a third party contract loan servicer. Plenty exist for private lenders (which is what seller financing is) and can track payments and am tables and also do automatic electronic withdrawal (ACH debit) which helps improve the likelihood of getting paid promptly each month. Additionally, most servicers will provide the tax documents needed at end of year (1099-INT, 1098-INT) and can also issue notices of NSF, late payments and support delinquency /default. Also, they do the payoff demands when the loan is being paid off and I appreciate not having to generate these myself. I think any seller without much knowledge of being the lender would appreciate the added benefits and hassle free approach using a third party.
[email protected]Podcast Guest on Show #210
1 Reply
Denise Carringer
OP
Member since 2021 · 11 posts · 9 votes
3y
This is such great advice! Any particular companies you’d recommend?
0 Reply
Beth JohnsonPro Member
Lender · Renton, WA · Member since 2018 · 227 posts · 216 votes
3y
@Denise Carringer
My preference is to go local - some community banks offer this type of service or local escrow companies, which is what I found, because they offer a higher level of service than most national.
At the national level, it's the best of the worst in that industry - a lot left to be desired in the customer service department but still better than doing it on your own. Try Note Servicing Center out of California or FCI.
[email protected]Podcast Guest on Show #210
1 Reply
Caleb Christopher
Title Representative · Denver, CO · Member since 2020 · 126 posts · 66 votes
3y
I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.
They have a login portal to track payments etc, like you mentioned.
3 Reply
- Marie Lovett
  Member since 2025 · 1 post · 0 votes
  1y
  Quote from @Caleb Christopher:
  
  I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.
  They have a login portal to track payments etc, like you mentioned.
  Last month I was looking for a servicer for our first owner financed deal and I could not find reviews for any company anywhere. I found the one point website (which looked more professional than others I came across) and I found your comment in bigger pockets, which I was not a member of at the time, when I googled them. We called One Point and they answered the first time we called. We started the process and sent them all the signed docs at our closing that they had sent us. The experience has tanked completely since then. They no longer answer the phone (at ALL- I’m talking a dozen attempts per day for over a week and all straight to a voice mail) They take days and days to respond to emails and there is zero follow up. We finally got someone to schedule a zoom with us and thought things were moving forward and then got on the zoom and it was just them telling us they’ll follow up the same day with more outstanding details in an email (that was a week ago and the email never came- we have sent follow up emails asking about it and they are all unanswered)
  
  We have our first payment coming up and are now frantically searching for another solution because
  1.) They STILL have not onboarded us
  2.) If the communication is the horrible at the start I can only imagine what it’s going to be when we are onboarded
  3.) They keep your money for 2 weeks (to collect interest off your cash) which I’ve found is not standard practice. I just wanted to comment about our experience here because your post is how I found them so hopefully others will see this when they are searching online for one point as well. :)
  
  0 Reply
- Aaron T.Pro Member
  Developer · Aguada, PR · Member since 2014 · 928 posts · 279 votes
  10mo
  Quote from @Marie Lovett:
  
  Quote from @Caleb Christopher:
  
  I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.
  They have a login portal to track payments etc, like you mentioned.
  Last month I was looking for a servicer for our first owner financed deal and I could not find reviews for any company anywhere. I found the one point website (which looked more professional than others I came across) and I found your comment in bigger pockets, which I was not a member of at the time, when I googled them. We called One Point and they answered the first time we called. We started the process and sent them all the signed docs at our closing that they had sent us. The experience has tanked completely since then. They no longer answer the phone (at ALL- I’m talking a dozen attempts per day for over a week and all straight to a voice mail) They take days and days to respond to emails and there is zero follow up. We finally got someone to schedule a zoom with us and thought things were moving forward and then got on the zoom and it was just them telling us they’ll follow up the same day with more outstanding details in an email (that was a week ago and the email never came- we have sent follow up emails asking about it and they are all unanswered)
  
  We have our first payment coming up and are now frantically searching for another solution because
  1.) They STILL have not onboarded us
  2.) If the communication is the horrible at the start I can only imagine what it’s going to be when we are onboarded
  3.) They keep your money for 2 weeks (to collect interest off your cash) which I’ve found is not standard practice. I just wanted to comment about our experience here because your post is how I found them so hopefully others will see this when they are searching online for one point as well. :)
  
  If this is your experience with this company before onboarding with them, then you should expect more of the same after. Tread lightly.
  
  You can collect payment and do this yourself until you find a proper servicer for the long term.
  0 Reply
Denise Carringer
OP
Member since 2021 · 11 posts · 9 votes
3y
Seriously, thanks so much for your thoughtful replies. I appreciate you!
2 Reply
Josh NixBusiness Member
Lender · Lincoln, NE · Member since 2014 · 304 posts · 101 votes
2y
We do all of our own serving in house and we use Mortgage Automators. Probably way to much for your situation but there were many good suggestions in the thread.
Good Life Lending4.996 Reviews
Website View Page
0 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Denise Carringer:

Hello! Working on an owner finance deal and I'm curious what technology you use to keep track of payments and amortization schedules.

a calculator LOL, and we use a service co ,
0 Reply
Marina Wong
Investor · greater Boston and greater Tampa areas · Member since 2013 · 101 posts · 25 votes
2y
@Caleb Christopher @Beth Johnson
Typically how much does that cost? I assume the lender pays for it, correct?
TIA.
0 Reply
Beth JohnsonPro Member
Lender · Renton, WA · Member since 2018 · 227 posts · 216 votes
2y
We pass all loan servicing charges through to the borrower including set-up fee, monthly fees, and any servicing charges such as payoff demand generation, and loan close out fees.
[email protected]Podcast Guest on Show #210
1 Reply
Marina Wong
Investor · greater Boston and greater Tampa areas · Member since 2013 · 101 posts · 25 votes
2y
Quote from @Beth Johnson:

We pass all loan servicing charges through to the borrower including set-up fee, monthly fees, and any servicing charges such as payoff demand generation, and loan close out fees.
Do you charge all fees (estimated) at the time the loan closes? What about refinancing costs or what ever costs that occurs at the end of the loan term? TIA
0 Reply
Christian EhlersBusiness Member
Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
2y
Use a servicing company, you don't want to be tracking that yourself and worrying about the details. You also don't want to forget about making a payment either so make sure you have auto-payments set up to keep your seller happy!
[email protected]978-396-9939
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Beth JohnsonPro Member
Lender · Renton, WA · Member since 2018 · 227 posts · 216 votes
2y
@Marina Wong No. we just charge the servicing set-up fee at close. A monthly fee (typically around $5-20/mo) is added on to the payment. So if your interest payment is $1000 then the servicer automatically ACH debits your account that plus the servicing fee (assuming you set up automatic payments as @Christian Ehlers suggests). Any other fees such as close out fees or payoff demands are paid out on the back end when your loan is refinanced or paid off. You can see these charges added into your payoff demand by line item. They are all servicer charges and not lender fees.
[email protected]Podcast Guest on Show #210
2 Reply
Marina Wong
Investor · greater Boston and greater Tampa areas · Member since 2013 · 101 posts · 25 votes
2y
Quote from @Beth Johnson:

@Marina Wong No. we just charge the servicing set-up fee at close. A monthly fee (typically around $5-20/mo) is added on to the payment. So if your interest payment is $1000 then the servicer automatically ACH debits your account that plus the servicing fee (assuming you set up automatic payments as @Christian Ehlers suggests). Any other fees such as close out fees or payoff demands are paid out on the back end when your loan is refinanced or paid off. You can see these charges added into your payoff demand by line item. They are all servicer charges and not lender fees.

Thank you so much Beth.
0 Reply
Kashief Henry
Member since 2023 · 1 post · 0 votes
2y
https://2krealtyllc.com/ is in beta right now but it tracks and calculate payments feel free to provide any features are feedback you have
0 Reply
Aaron T.Pro Member
Developer · Aguada, PR · Member since 2014 · 928 posts · 279 votes
2y
Quote from @Caleb Christopher:

I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.
They have a login portal to track payments etc, like you mentioned.

Are they commission based, flat fee?
0 Reply
Caleb Christopher
Title Representative · Denver, CO · Member since 2020 · 126 posts · 66 votes
1y
Quote from @Aaron T.:

Quote from @Caleb Christopher:

I use OnePoint Lending as the servicer for our seller finance and wraparound deals (www.onepointlending.com). I've worked with several loan servicers, and no matter who you use, it's not fun setting it up, but I've had easier success communicating with OnePoint.
They have a login portal to track payments etc, like you mentioned.

Are they commission based, flat fee?
Flat fee setup, flat monthly fees. I only use them on wrap/subto/seller finance transactions. Some others have had communication problems, but I've always been able to get a same-day response.
0 Reply
Brent Washam
San Antonio, TX · Member since 2017 · 4 posts · 4 votes
1y
I was using Zimplemoney to track 3-4 owner finance loans (not handle payments or escrow), the last 8 years, and last week they went up from $36/year to $23-47 per month. This is simple math but the portal and reports are useful. Does anyone know of a limited-support provider? At this point I would pay $10 per month but I've seen much higher costs and the common requirement to process financial transactions, I just use the bank for that and check on taxes and insurance payments once per year using a calendar reminder to prompt me. My customers are family or investors so escrow and payment handling is overkill. Don't want to go to the spreadsheet model because 1. Don't need the tool management and 2. Like an independent party with on-demand loan data availability for myself and borrowers.
0 Reply
Savannah M.
Lender · Las Vegas, NV · Member since 2026 · 3 posts · 1 vote
2mo
Three years late to this, but for anyone finding it via search:

The core of it is the amortization schedule, get that right at the start and everything else follows, since it tells you the principal/interest split on every payment. Spreadsheets work for a single note if you're careful; the risk is that one bad formula compounds quietly for years.

Whatever you use, track interest received on a cash basis by calendar year, grouped by when payments actually arrived rather than when they were due. That's the figure your CPA will ask for.

The other thing I'd prioritize is your buyer being able to see the same record you keep. Most friction in owner financing comes from two people holding different versions of the payment history, not from anyone acting in bad faith.
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