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Countless activities must be done from the time a loan is made until it's repaid. This maintenance is time-consuming and tedious. It must also meet regulatory requirements.
This is where a loan servicing specialist can help. They handle payments, paperwork, customer communications, and more. So, if you invest in mortgage and private loan promissory notes or originate direct loan alternatives to traditional financing, handing off these tasks can save time and headaches.
On top of that, you can be confident that everything will be appropriately handled when you hire a top-rated loan servicer for the job. The RealEstateBees.com directory can help you with that. We provide a list of the top 10 note servicing companies in your area that can make residential and commercial mortgage loan note investing easier for you.
Frequently Asked Questions
What are mortgage note servicing companies?
Mortgage loan servicing companies are businesses that manage residential and commercial mortgages in the repayment phase in exchange for a fee.
In other words, these companies are outsourced service providers. As an investor, you can transfer mortgage servicing rights to them via a contractual agreement.
Sitting between the borrower and the noteholder to service a loan, the company is a neutral middleman. They are also the borrower’s primary point of contact for all things related to the loan once it’s made, including payment.
You’ll find that these companies vary in size and have different geographic footprints. Some service hundreds of notes, and others manage thousands or more.
Geographic coverage is often one or multiple states. There are even some servicing companies that have a nationwide presence.