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Updated about 9 years ago on . Most recent reply

Sandi Hague's profile image
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Sandi Hague
  • Investor
  • from Shawnee Mission, KS
  • Member since Jun 17, 2014
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Sandi Hague's profile image
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Sandi Hague
  • Investor
  • from Shawnee Mission, KS
  • Member since Jun 17, 2014
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Sandi Hague
  • Investor
  • Shawnee Mission, KS
9
Votes |
44
Posts
Tax Liens & Mortgage Notes

Do I need a servicing company for a promissory note?

Sandi Hague
  • Investor
  • Shawnee Mission, KS
Posted

Hi All,

I'm about to buy my first note. Am I able to service it myself, or do I need a servicing company? If I am legally able to service it myself, where can I go to find out how to stay compliant with state and fed regulations?

Thanks!

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Les Goss's profile image
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Les Goss
  • Realtor
  • from Colorado Springs, CO
  • Member since Oct 12, 2015
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Les Goss's profile image
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Les Goss
  • Realtor
  • from Colorado Springs, CO
  • Member since Oct 12, 2015
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Les Goss
  • Realtor
  • Colorado Springs, CO
40
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Les Goss
  • Realtor
  • Colorado Springs, CO
Replied

@Sandi Hague, here are a couple places to start. The first is from the Consumer Protection Protection Bureau (CFPB) and is rather complete. The second is a shorter summary that might be a good place to start.

Good luck!

http://files.consumerfinance.gov/f/201509_cfpb_rea...

http://www.aba.com/Tools/Offers/Documents/FAS_What...

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