In my association with Real Estate Exchange Brokers during the previous three decades, I have yet to meet one who did not have a pocketful of promissory notes. Either they are the beneficiary particularly if they are involved as a principal in the exchange transaction as an investor or, they represent investors who exchange real estate using the 1031 provisions of the Tax Code to build wealth.
In an exchange transaction promissory notes are most often used to balance the equity by either offering to assign existing notes in their portfolio as part of the acquisition of the property or receiving a note from the owner of the replacement property.
Exchange Brokers who are members of the National Council of Exchangors and or the Society of Exchange Counselors typically are involved in Client Counseling, Investing. Many are proficient in Real Estate Development, Commercial and Industrial Investment and analysis as well as the discounted note business. It is not unusual for Exchange Brokers to hold the professional designation of Certified Commercial Investment Member (CCIM).
The Note Servicing Center has enjoyed supporting Exchange and Investment Professionals by providing accurate and efficient loan servicing made possible by licensed Brokers with decades of experience in the area of Exchanging and Investments. The owner/brokers of the Note Servicing Center have been members of the National Council of Exchangors since 1984 and hold the EMS Designation.
For over 35 years now, the founders of the Note Servicing Center have been collecting and servicing private notes and loans. The Note Servicing Center protects client funds through fidelity bonding, is CPA audited every 90 days and completes mandatory quarterly reporting to the Department of Real Estate. Clients benefit from our highly sophisticated computer system, proprietary in design on the cutting edge of technology. These facts, together with the ability of the company’s team of innovative, creative and experienced staff, provide clients affordable, accurate, fast and dependable note servicing.
Wally Walker, an old time experienced Note and Exchange Trainer, used to call the services provided by the Note Servicing Center as “Toning the Note” by increasing the note’s value. He believed in the notion that having a neutral third party provider: continuity, audit trail, history and reporting as well as portfolio analysis will enhanced the value of a note. The late Royce Ringstorf, author of “The Basic Steps in Real Estate Exchanging” and one of the most respected and successful Exchangors in the business, supported and recommended the use of a third party servicer as part of the due diligence when purchasing a note and verifying value.
You can find the types of notes and contracts serviced by the Note Servicing Center. No note is too difficult to service regardless of the complexity and structural creativity. Our goal is to “Take the Worry Out” so you can spend your time “Building your Business. The servicing most in demand by Exchange Brokers is Multi-Investor loans, partially because in most States the servicing of this type of notes requires special reporting to the Licensing Authority and quarterly reporting. These notes can be very profitable for the investor/broker, but require an unusual amount of time, money and expertise. The Note Servicing Center is a “threshold broker” and in that position takes care of the reporting for the Broker and is the entity subject to the audit, not the Broker. We also take on servicing Subject2 transactions, Land Contracts (aka Contract for a Deed) and Lease Options.
Click here to sign up for servicing. After you have reviewed the Services we Provide, Choose the Package that best describes you and your needs, complete the Online Forms and Authorization and Fax or e-mail to the Note Servicing Center and choose the method of payment for the “Set Up”. We take over from there and do all the work.
The Note Servicing Center offers an extensive business support system for Investors, Brokers and Lenders holding Real Estate Notes. We feel confident we can provide the note and loan services necessary to make your business even more successful. To expedite a full transfer of your loans for servicing into our proprietary software, could take as much as 2 weeks depending upon the complexity of the process. Much depends on the fields and format of the program and software you are currently using.
As a company on the “cutting edge” of technology, we may be able to integrate your present servicing portfolio easily and quickly into our system. But you can rest assured that we will do all the work to make the conversion process as seamless as possible for Investors and Borrowers.
Here are the steps:
- When you contact the Note Servicing Center to transfer your entire portfolio of notes into our system for servicing, we will schedule a time to visit with you about your loan servicing needs, the platform you are currently using and special needs you may have.
- We prepare and submit a Loan Servicing Proposal which includes information about what the Note Servicing Center is prepared to do for you to save you money, support your objectives and help you and your company move up to the next level. The proposal will be custom made to fit your needs.
- The Note Servicing Center does not buy or sell notes. Servicing is our only business. However we understand totally the importance of not compromising the integrity of your client base. Therefore, to protect your interest, it is our standard practice to execute a non-circumvent agreement to cover that base as part and parcel of the Servicing Agreement.
YOU BUILD YOUR BUSINESS — WE SAVE YOU TIME AND MONEY
WE SERVICE NATIONWIDE
If you have additional questions, please feel free to ask in the area provided below. For complete contact information click here.
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