All Forum Posts by: Charlene Kingsnorth

Bob,

Do you have any names/suggestions of companies that offer "loan servicing software with modular pricing".  Thanks

Jay,

I saw a post of yours from 5 years ago stating that you were/had used ZimpleMoney. I am about to transition over to their platform.  Can you tell me about your experience with them?  Any problems, would you recommend them?  We're private money lenders on mortgages.  Thanks

Jay, thank you for information, that's exactly what I was looking for.

To Chris & Jay,

Thanks for the comments. To be clear. We have a RE attorney & mortgage broker to make sure our operation is legal & compliant. The Note/Mortgage for each loan states the dollar amount invested & the % of the total loan by name, for each investor.  We offer the mortgage investments to our investment group & service each loan.  My question is: On new loans-how can we collect from each investor a small fee for our monthly services.  As the largest investor in each loan, we do receive the points at closings.  I have heard that it is common practice that private money lenders collect a monthly fee thru various methods, I'm trying to determine what those methods are.    Is it possible to have a phone conversation?

We have "investors" who own a % of each mortgage. We bring/offer the mortgage loan investment to the group & handle all the servicing, including chasing the monthly payment/insurance/taxes, foreclosure, etc. We do it all. We get the points at closing. If the loan lasts many years or it becomes a problem child, the points we get does not cover all our efforts. We issue each investor a monthly check for their % of each monthly mortgage payment. They do pay their % of legal fees etc. related to foreclosures. 

Hours of servicing the loans in all their aspects quickly eats up the points we received at the beginning of each mortgage & it feels like we're doing all the work for no compensation.  What methods do other private money lenders use to pass along servicing fees to the investors involved?

We have "investors" who own a % of each mortgage. We bring/offer the loan investment to the group & handle all the servicing, including chasing the monthly payment, foreclosure, etc.  We do it all.  We get the points at closing.  If the loan lasts many years or it becomes a problem child, the points we get does not cover all our efforts. The investor gets a monthly check for their % of each monthly mortgage payment.

We are transitioning to a software service that will automate the mundane work.  We want the investors to pay a portion of the monthly servicing costs.  They do pay their % of legal fees etc. related to foreclosures.  What methods do other private money lenders use to pass proportionate servicing fees along to the investors involved? 

We are Private Money Mortgage Lenders.  We use a loan servicing software that has a monthly subscription.  What are options for having our investors pay their share of this monthly fee?   Thanks for any input.