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.