A loan servicer is a company that is licensed and bonded and experienced in handling private lending transactions. A good loan servicing company, such as Del Toro Loan Servicing, Inc., will collect monthly payments, enforce timing requirements of payments, notify the lender and the borrower when a payment is late, and provide answers to many questions that a borrower might have regarding his/her note. A good loan servicing company will also maintain any necessary impound accounts, handle any necessary filings, ensure that the borrower and lender are in regulatory compliance with all of their necessary filings, and ensure that the transaction is handled professionally and with integrity. A good loan servicing company will also try to work with borrowers and lenders to assist in restructuring certain provisions of a loan, in the event the borrower encounters financial difficulties. It is critical that the borrower and lender stay in contact with the loan servicing company, advise them of any difficulties in a timely fashion, and keep the Loan Servicing company apprised of any changes in critical information, such as change of address, contact information, sale of the note to a third party, or any attempt to assign the borrower’s obligations pursuant to the note to a third party. A Loan Servicer cannot and will not provide legal advice.
Private Loan Servicing – How Brokers Can Improve Their Value in the Process
The job of a Private Money Broker is not easy. Oftentimes, despite all of their hard work, borrowers question their integrity, the accuracy of the information they provide, and their overall ability to deliver the quality of services demanded by borrowers.
Dealing with these prejudices is hard enough, but brokers are also plagued by common industry risks. They have to be on their toes all the time because their loan servicing strategies always need to be in compliance with constantly changing regulations. Let’s not forget that in order to stay compliant, you must build a quality team, remain educated in the industry, and pass quarterly CPA, BRE or CFPB audits, among other things.
For many reasons, it becomes more difficult every day to be a Private Money Broker. The volume of responsibilities and expectations, which are often marred by prejudices, make it seem like a thankless job. You do your best to do what is right and present yourself as a completely trustworthy professional, but there are variables in the industry one cannot control that prevents you from thoroughly fortifying your value in the process.
What you do for your profession shouldn’t be like this way. It shouldn’t be the struggle it appears to be, because the true essence of what you do lies in leading your clients to the best available solutions to their problems. Therefore, instead of focusing on the drawbacks of being a private loan broker, look into ways you can regain a positive perspective of what you do, and reinforce the good service that you truly are committed to delivering. Concentrate on the following:
How can I find funds faster?
How can I expedite processing?
How do I do away with costly mistakes?
How do I present myself as an industry authority who can provide the correct response to every question, every time, every day?
How do I keep this profession and not lose joy in my personal life?
Where do I focus my time and efforts for the best results?
For all these questions, there are companies in the private lending arena that have the answers. They are dedicated to helping professionals like you who need to outwork misconceptions with tangible results. They will serve as your partner in making sound decisions to keep you moving forward. For every concern you have, they have tried-and-true solutions available, which you can implement to satisfy your market. In addition, their services aim to put your operations in the right perspective. You can expect to regain control over your expenses, focus on sales (instead of the frills that come with office work), and grow as a business.
Partnering with long-established industry experts is the answer. Their experience and abundant insider knowledge will work to secure your career. All your wants and aspirations as a broker will soon cease to be mere projections into the future and will become changes in your life that you already have a firm grasp on.
To find out if Del Toro Loan Servicing, Inc. would be a good fit for your future, click the link below to schedule a call.
A Loan Servicing Company Remedies the Fears and Frustrations of Brokers and Lenders
When you started your own lending business, you set big goals for yourself. Most likely, you envisioned that your venture would create ample residual income so that you can retire comfortably, giving you ample resources to pursue your hobbies, travel and explore new places, attend concerts, or simply socialize with your friends. Most likely, you imagined running your business on autopilot after building a solid structure and luring top performers to your organization.
Along the way, you found these goals unrealized. Most likely, you have encountered several problems and hurdles that got in the way. Instead of building a tight ship, you may have found yourself putting in more hours of work to compensate for the shortcomings of your staff, especially in terms of accuracy and professionalism. Much as you would like to give your managers ample leeway, you have found yourself micromanaging in order to address issues faced by your organization in dealing with borrowers and reviewing references. Possibly, there have been instances wherein your lending business had a shortage of borrows.
Further compounding your woes are your fears about your industry. For one, the lending industry is constantly undergoing changes which your organization has to keep pace with. In order to avoid the risk of audits and associated penalties and even potential embarrassment among industry peers, you have invested a massive amount of capital toward compliance and even your personal time in order to fully understand these changes.
Then there is your fear of liquidation and referring other clients, thinking these would turn out bad, hurting not only the profitability of your business but also the image you have worked hard to cultivate.
Suffice it to say, those in the lending industry have many wants that they need to address. These include faster funding and automation of documents (which includes prompt completion of documents with fewer touches and fewer mistakes). It is also likely that you wish to get the right information from a reputable source without spending a massive amount of money.
How do you achieve all of your goals and overcome all the obstacles you face? The answer lies in choosing the right loan servicing company.
At Del Toro, we fully understand all the fears, frustrations, and wants of lenders. This is why we have built systems that are efficient, accurate, transparent and compliant. Our track record and industry reputation show these.
Our goal is to provide personalized service with our suite of offerings, including professional document preparation, accurate and audited bookkeeping, expert consulting, file audit, targeted assistance, and professional mitigation.
Mortgage Loan Servicing Companies Help You Maximize Your Investment and Enjoy Peace of Mind
Balancing Stones
Mortgage Loan Servicing Companies Help You Maximize Your Investment and Enjoy Peace of Mind
According to a recent survey released by the Federal Reserve, banks in the U.S. have lowered their lending standards for mortgages. The report said the standards have been adjusted to pave the way for an easier approval process for loans that are qualified for the program. Private lenders need not fear losing businesses, however, because the new policies are only applicable to certain types of loans.
Financing a mortgage loan offers an investment opportunity for lenders and investors. However, you need to manage the process well if you truly want to enjoy maximum returns. A lender, whether it’s already an established business or just starting in the industry, can face a host of challenges, including:
How do you avoid the embarrassment of a CPA audit process?
If an audit is inevitable, how do you make sure your records can pass with flying colors?
How to you keep up with fast-changing regulations?
How can you shoulder the costs of compliance and reporting?
How can you find time to learn everything you need to know?
How do you avoid the risk of liquidation?
For many years now, getting the assistance of mortgage loan servicing companies has been the preferred solution of lenders for the secure, organized and efficient loan collection and management.
A reputable mortgage loan servicer can take care of the administration of the terms of your loan accounts. As your professional third party representative, their primary task is to attend to the collection of payments and fines, in the case of late payment. But they also address other concerns, such as delivery of year-end reports, insurance and tax forms processing, bills payment and paperwork, and other operational procedures.
When you work with a trustworthy loan servicing company, you can look forward to the following advantages:
Accurate, 100% compliant accounting
Timely/early detection of problems with your loans
Extract optimal performance from your loans (and re-strengthen previously underperforming ones)
Vigilant tax and insurance monitoring
Proper documentation
Smooth and easy transactions and communications with clients/borrowers
Quick processing of payoffs and demands, if necessary
Expert answers and troubleshooting to your specific issues and problems
The dynamics of mortgage lending play an instrumental role in keeping the economy active and healthy. Make sure you get the best value as a lender and investor by making the most of the services of the right mortgage loan servicing company.
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Welcome to our online payment system, allowing you to make payments to your Del Toro Loan Servicing account quickly and easily, 24 hours a day, 7 days a week. The system provides the option of making or scheduling payments directly from your checking or savings account.
This payment service is provided by Instant Payments for Del Toro Loan Servicing.
Note: ACH payments from checking or savings accounts may be processed from domestic bank accounts only. Credit Card payments do not have that limitation. However, foreign credit cards have higher fees than domestic cards.
Please be advised that any incorrect information provided by you could cause your payment to be rejected, thereby resulting in otherwise unnecessary fees and/or late payment penalties. Del Toro Loan Servicing, Inc., is not able to, nor responsible for, verifying the accuracy of the information you provide when using our Borrower Automatic Debit option. It is your responsibility to ensure the information on this form is accurate.
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