Owner financing payment tracking app?

[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. 

[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.