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.
We offer the flexibility of choosing between a Collection Account or an Escrow Collection Account.
Both accounts offer a fully automated system which, for the basic annual fee, includes:
- Payment coupons
- Year end history statements for both buyer and seller
- Seller receipt
- 1098 and 1099 tax reporting
For those clients wishing to make payments through automatic funds withdrawal, handling of automatic funds transfer is available for an additional fee. Automatic funds deposits are included in the basic fee.
online resources
Forms
Other options available are:
- Payments receipts to the purchaser
- Multiple disbursements for sellers
In addition, all Escrow Pacific, LLC clients now have the option of establishing a separate account, called a Reserve Account, in order to pay their taxes, insurance, and or assessments. With a Reserve Account, the parties can elect to have Escrow Pacific, LLC collect a portion of their taxes (real or personal) and, insurance assessments with each payment made. We then pay these items as they come due on an annual or semiannual basis. This assures both parties that taxes, insurance and/or assessments are paid when due and kept current.
Escrow Pacific, LLC also offers automated funds transfers for those clients that prefer an easy electronic transfer of funds to their accounts along with easy online account access.
Escrow Collection Account
This account is known as a true escrow. With this type of account, we hold all original documents as well as the documents to either convey title or release the security document.
An Escrow Account is designed to survive death, and incapacity. Its structure protects the title and allows payoff to be completed without any additional requirements of the buyer or seller.
Collection Account
We only hold copies of the title documents.
Servicing
Tax & Insurance Reserves
By establishing a Reserve Account for the payment of property taxes, the parties elect to have Escrow Pacific collect a prorated portion of the property taxes and/or insurance with each payment. We will then pay these items when they become due. This assures both payers and payees that the items are being paid in a timely manner.
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 advises 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 advises them that a late fee has been assessed. This effective method keeps buyers making payments on time, and helps sellers avoid embarrassing phone calls.
Annual Reporting
We provide all customers with an Annual Summary Statement, we also 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 and we eliminate this hassle for the seller by reporting on their behalf.