Note Servicing Center actually was founded back in 1984 as the result of a call from an attorney handling a case involving a promissory note secured by real property wherein there were 165 separate beneficiaries. Tom Standen, President and CEO of the new and fledgling company was appointed by the Superior Court to act as a referee in this matter and subsequently handled the collection and disbursement of the funds.
Within months the fame of the Note Servicing Company had shed abroad when an attorney arrived on the doorstep of the office with a shopping bag literally full of I.O.U’s….some even written on the corner of a paper bag and various sizes, shapes and colors of scratch paper and sticky tabs. The attorney reported one of his long time clients, a proprietor of a small but popular neighborhood grocery store on the West Side of Merced, had died. His heirs discovered the kindly old gentleman grocer had been extending credit to his clientele since inception over the past 30 years. He had kept the record in a most untraditional manner and to make matters worse, charged differing interest rates to different customers… Regardless of the format these I.O.U.’s had all elements necessary to qualify as promissory notes negotiable instruments with intrinsic value…hundreds of them. The amounts varied as well as due dates and interest rates. The face value of many of the notes represented a face amount of several hundred dollars. Tom became a hero to the attorney and to the family. It took several days however, he was able to sort out the scraps of paper, enter each in an excel spread sheet and provided the heirs with an orderly verifiable document from which they were able to estimate the value of the receivables for distribution along with other assets.
It was obvious to the entrepreneurial Standen, that the Note Servicing Center, as a third party authority, had the ability to not only service plain vanilla real estate notes, but also could deliver a valuable service and provide solutions for problems often encountered by Tax Attorneys, Estate, Family Law and Business Attorney’s. It was not unusual in a divorce situation for the wife to get the family dwelling because of custody of the children, with the equity balanced by execution of a note in favor of the husband secured by the real estate. Collection would be near impossible without a third party servicer. The value and division of inherited assets are likely to be balanced or equalized with the execution of secured promissory notes, again requiring a third party authority or notes are inherited and need to be serviced or sold. The business law attorney often frustrated with the equal disposition of assets upon dissolution of a partnership often turns to the note specialist and servicer for fulfillment of their charge.
Tom Standen, founder and President of the Note Servicing Center Inc., a licensed broker since 1976 is one of the founding directors of the California Trust Deed Brokers Association where he worked on the legislative advisory committee for the association in an advocacy capacity. His experience spans over 30 years in Real Estate and Finance. The Note Servicing Center Inc. is licensed by the Department of Real Estate, is bonded and registered as a threshold broker servicing multi-investor note/loans. The Trust Account is independently audited and reported to the DRE on a quarterly basis. The computer system, proprietary in design, meets all requirements of trust accounting and reporting for the Department of Real Estate and is updated as new regulations occur.
We look forward to assisting you in the resolving or situations involving the distribution of and estate where servicing of notes or other cash flows are required including the dissolution of a General Partnership, Limited Liability Company or other business entity. When you find the execution of a promissory note might be a reasonable and effective solution to rectify a disproportionate allocation of assets, please contact our office. Your contact on these matters would be Tom Standen Sr. firstname.lastname@example.org; or Thomas IV, email@example.com or by telephone at 559-665-3456 Ext. 300 or 301.
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.
Please include your e-mail address. Thank you.