Account Servicing is an escrow related function whereby the servicing of a note, agreement or contract between two or more parties is performed.
*Promissory Notes, Agreements or Contracts may be secured or unsecured. Terms & conditions of the Promissory Notes, Agreements or Contracts dictate how an account will be serviced.
Sellers find it especially advantageous to have a third party maintain records for them. This is vital if they wish to sell or pledge their note or contract as collateral, in order to obtain cash or financing. Most lenders or buyers prefer to receive information about the collateral from an impartial third party that can furnish documentation and records, if necessary.
Buyers benefit from using Account Servicing because, as an impartial third party, we maintain records of the date and amount of each payment, interest paid and balance due. We also require that the release document(s) must be placed with us at inception of the account. Due to our holding the release documents, the buyer is assured that the lien will be released upon payment in full of the obligation.
Once the initial transaction is complete, we provide the following services for the buyer and seller: