What are the advantages of having ILS service my notes?
How and when will my proceeds be disbursed?
What reports will I receive at disbursement?
What Year End reporting will you provide to my borrower?
What Year End reports will I receive?
How will I be notified of any past due accounts?
Do you provide document preparation (release of lien, etc.) when an account is paid off?
How is my customer information safeguarded?
What happens when my notes become past due?
What if one of my borrowers has someone who wants to assume the note?
Yes, Investor Loan Services, Inc. is both bonded and insured to protect our Investor clients.
Each payment is deposited in the Servicer’s Master Trust Account to be disbursed to the Investor twice a month, on the twelfth (12th) and twenty-seventh (27th) day of each month.
Each payment will maintain a hold date of two (2) business days from the date of receipt. Thus, payments received after the tenth (10th) and the twenty-fifth (25th) will be disbursed in the following disbursement.
Disbursements are made to the Investor by electronic funds transfer by means of the Automated Clearing House (ACH) to the Investor’s bank account as set out in the Loan Servicing Agreement.
You will receive the “Check Statement” showing the amount disbursed, the “Investor Disbursement Report” detailing the payment breakdown by borrower and the “Delinquency Report”.
We will provide applicable IRS annual reporting for 1098’s.
You will receive a Trial Balance Report, New Loan Report, Write-off Loan Report, Paid-off Loan Report and the Investor Disbursement Report detailing principal, interest, late charges and other fees collected.
You will receive a delinquency report semi-monthly with each disbursement if there are accounts past due more than 30 days.
We have a relationship with an Attorney that can accommodate these services. In most instances, the document preparation fees are paid by the borrower and we can collect the fee from the borrower.
ILS will send a 15 day payment reminder notice and can accommodate 30 and 60 day past due letters. We have a relationship with an Attorney that can handle all the collection procedures for you from beginning through foreclosure. There are several options regarding collection accounts. Collection accounts will be handled according to the instructions provided on the Loan Servicing Agreement.
An Assumption can be completed upon approval from the Investor. We have a relationship with an Attorney that can handle the Assumption process for you. Typically, the borrower pays the associated fees and the transaction can be closed at our office. Assumptions will be handled according to the instructions provided on the Loan Servicing Agreement.