Explain the process, when someone says, “Yes, I’m all in.” What happens next? The process is very simple:
Fill out our intake form below with basic information.
Intake Form: Intake Form
Send copies of your closing documents with the intake form and a check (or pay here)
for the $100 set up fee and appropriate escrow deposit and we take it from there.
Checks should be made payable to: Moat Note Servicing, LLC
Mail Check Payments to: P.O. Box 17472, San Antonio, Tx 78217
If you have any questions please feel free to contact me at CustomerSupport@MoatNoteServicing.com
Call Shannon: 210-504-8878 Fax: 210-599-7140
Payment Information: Click here to download
Escrow Tax Chart Example: Escrow Chart 2017
Closing Instructions: Click here to download
ACH Instuctions: ACH Instructions
Moat Note Servicing, LLC
P.O. Box 17472 San Antonio, Tx 78217
For your convenience, our most common customer questions are answered right here. Not finding what you want? Reach out directly through our Contact Us page.
What is a “Loan Servicing” company? A servicing company is a company, that handles the monthly payments you have coming in. They collect the payments, track the payments, make the deposits, record the escrows and mail you a check for your portion. This way you can be out continuing to make more money.
Who needs a “Note Servicing” company? Anyone who would rather spend their time out growing their business. We specialize in servicing for Investors that are doing owner financing. The collection process can become very time consuming and very time sensitive. If you want to sit back and just wait for your checks to come in and not have to worry about it unless it needs to go to foreclosure, then a Note Servicing company is for you.
What services can your clients expect from Moat Mote Servicing?
- We will collect your payments, send the New 120 day default notice on the very first payment that is 1 day late
- We track your escrows
- Cut your checks to you for your principal and interest
- We will handle the collection process up until the point that you choose to take it to foreclosure
- We will handle the payment of taxes and or insurance
- We will do all your year end tax forms
- We will do your escrow analysis
What we need you’re your help with, as the owner, is for you to add us onto the insurance policy as a Mortgage Servicer so that we will receive notice of renewal. We also need you to have the tax bills send to us so that we can get those paid as well.
How much escrow is needed to start? Because taxes are due in different states at different times we have a chart that will tell you exactly how many months to escrow to collect at closing. The simple answer is that you need to collect the number of months since the taxes were due through the date of your borrowers 1st payment plus 2 months of reserve. We require 2 months of escrow reserve on all accounts.
This covers you in case you have to foreclose and will cover that expense for some of the time it takes to close out the foreclosure. If your client is behind at tax time we will pay the entire amount after you send us the difference. Once your client gets current we will reimburse you any amounts you have had to pay.
Insurance need to be paid upfront the first year by borrower and we require just 2 months of reserve on that.
Do you report to the credit bureaus? We do not report to credit. Most of our clients are in the business of collecting payments long term so credit reporting is not necessary, they do not want the client to refinance. That being said if we start to find a real need for reporting we would consider it in the future.
What do you charge? Our charge is $35.00 per month, we will also keep any late fees that we collect. We will offer monthly discounts for volume of notes. Many clients pass this expense on to the borrower (added to the note payment) and some choose to pay it themselves or split it with the borrower.
Is there a “Set-up” fee? There is a $100.00 per file set up fee. We will also offer a discount on this for Volume.
If someone signs up with Moat, how long is their commitment? We do not do contracts as we believe you will be happy with our service.
We want you to be here, but if you are not happy with the service, we will gladly help you get it transferred elsewhere. We require a 60 day notice to terminate.
Can borrowers make online payments? Yes borrowers can make payments online. Those payments take several days to process to us. So checks can be cut on the first check run date after it is deposited to our account.
When are the check run dates? For convenience we have several check run dates per month. We will run checks on the 10th, 20th, 30th, of each month.
Do you make payment on the underlying loan there is one? We do not handle the payment of your underlying loan. If you have an underlying loan from a bank or private lender you will still need to make those payments to your lender.
The reason being is if we do not collect a payment that month we will have not collected the money to pay your lien holder. We only pay when we get paid and this could make you delinquent on your underlying loan so that will still be your responsibility.