Private Note Processing

Advantages of Private Note Processing

The parties are assured that all the bookkeeping accurately reflects the amounts paid appropriately separated between principal and interest. Your account balance will always be correct.
The IRS 1098 report is automatically sent to each party, plus a year-end statement.
FINS provides you with the payment coupons for convenience to make your monthly payment if requested.
If the parties need “note modification” FINS can help you in the implementation and reset of the servicing to reflect the change and proceed with the new accounting of the loan.
The parties have access to a customer service representative, FINS is always ready to serve you.
If there is more than one person receiving payments on the note, FINS can provide payment accounting to each Seller/Lender.
There are no “hidden fees.” A small monthly loan servicing fee covers all routine services. There is a fee schedule provided that covers non- routine charges.
FINS is a third-party that provides security in document holding. That is to say if the Seller/Lender were to move, get divorced, or pass away, the third party holds on to the documents that can release the lien documents upon payment in full.
FINS will provide to a third-party documentation for verification as needed after a proper waiver by the party to the account.

Monthly receipts or other than monthly terms receipts.
E-mailing delinquency notices notifying of late fees to Buyer/ Borrower which may result in an additional FINS fee.Tracking and mailing balloon payment requirements.
Preparation of payoff demands.
ACH automatic withdrawal from a bank account for Buyer/ Borrower.
ACH deposit to a bank account for Seller/Lender.
Online Notes/Loan Payments
Payments by debit card, where there is a fee.
Payment of Underlying Senior Loans if so requested.
Escrow (impounding) funds for payment of taxes, insurance, and HOA as required or requested.

The Seller/ Lender in a contract assumes the role of the lender. The Seller/Lender is responsible for maintaining payment records and reporting the interest received to the IRS. FINS does this for the Seller/Lender.
FINS will collect, apply, and remit the Buyer/ Borrower’s payment to you.
FINS will calculate the principal and interest figures for you, according to each individual Contract or Note.
ACH deposits the payment to the bank account of Seller/Lender if requested.
When the Contract or Note is paid in full, FINS takes care of sending the original documents to the appropriate parties or may assist in recording the appropriate documents if so requested and authorized.
If the Seller/Lender does not need the immediate cash from the sale of the property, then interest can be received that likely would exceed what a bank would pay in a savings account.
If there is more than one person receiving payments on the note, FINS can provide split payment accounting.
Often there are third parties that will buy a private note if the Seller/ Lender decides to sell the private note.
There are institutions that will lend money on private notes.
Emailing a deliquency notice if payment is more than 15 days late. If there is a request for the notice to be by mail there will be a charge to the Seller/Lender.
Emailing deliquency, notifying of late payment to Buyer/Borrower, which will result in an additional FINS fee,