Services
We provide all of the professional and automated features of a larger corporation, while still maintaining a calibre of customer service that you would expect from a small local company.
Seller financed loan servicing
What is seller financed loan servicing? Firstly, seller financing is an appealing alternative to traditional financing (mortgage loan, small business loan, etc.) to sell/purchase a home, business, or personal property. The seller finances the loan by requiring the purchaser to make payments, with interest, over time, until the full amount of the loan is satisfied. This alternative offers flexible terms, lower qualification requirements, and a steady revenue stream for the seller. Escrow Pacific, LLC will service these types of loans for a small monthly fee. Loan servicing involves receiving payments from the buyer and disbursing funds to the seller based on terms of the loan documents provided to Escrow Pacific, LLC. This allows Escrow Pacific, LLC to act as a neutral third party by keeping track of key loan metrics; remaining principle balance, payment due dates, payoff amount, late charges, year end interest reporting, etc., until the loan is paid in full.
We offer the flexibility of choosing between a Collection Account or an Escrow Collection Account.
With an Escrow Collection account, Escrow Pacific, LLC will service the loan while holding original documents (promissory note, deed of trust, real estate contract, etc.) as well as release documents (reconveyance, statutory warranty deed) in safe keeping. This allows for timely and efficient recording with the county once the loan is paid in full. One time set-up fee of $150.
With a Collection Account, Escrow Pacific, LLC will service the loan with copies of the original documents. The individual parties are responsible for holding, and maintaining original documents as well as recording any release documents once the loan is paid in full. One time set-up fee of $100.
Both accounts offer a fully automated system which, for a small monthly fee, includes:
- Loan servicing
- Provide payment coupons to buyer
- Year end history statements for both buyer and seller
- Seller receipt and automatic deposit
- 1098 and 1099 tax reporting
Payments can be made through various methods:
- Automatic withdrawal (payor)
- In-person with a check
- On our website (additional $5 servicing fee)
- Over the phone (additional $10 servicing fee)
online resources
Forms
Servicing
reserve account (taxes and insurance)
Escrow Pacific, LLC clients have the option of establishing a separate account, called a Reserve Account. With a Reserve Account, Escrow Pacific, LLC would collect a portion of the monthly payment, hold this money in a reserve account, and pay for taxes and/or insurance when they become due, typically on an annual or semiannual basis.
This assures both parties that taxes, insurance and/or assessments are paid when due and kept current.
Safe Keeping of Original Documents
We'll securely hold your original documents in escrow, ensuring you meet state document requirements and assisting in a conflict-free transition of the lien.
In addition to escrow collection, where original documents are held, we also offer a contract collection servicing, which only requires copies of the documents. The seller can hold the originals themselves. Though this is not the highest level of servicing or security, depending on the customer's needs, this may occasionally be the way to go.
Late Notices
We can provide an automatic late notice program, which notifies the buyer and the seller in writing that we did not receive a payment on time. If there is a late charge clause in the note, it informs them that a late fee has been assessed.
Annual Reporting
We provide all customers with an Annual History Statement and report to the IRS the total amount of interest paid by the buyer at the end of each year. This important function is required by Federal tax law. We provide this information to the buyer and seller via 1098 and 1099 interest reporting forms.