Mortgage Administration & MIC Management for Private Lenders

The easiest and fastest way to manage your private mortgages

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Private Mortgage Administration & Servicing

Trying to manage your own private mortgage could be a daunting task, especially if you have more than one.

Mortgage

  • Mortgage and Loan Underwriting

    Administering a mortgage loan is the servicing required after the loan agreement or mortgage commitment has been executed. Our lawyers and administrators at Levy Zavet can facilitate the mortgage underwriting and loan before it closes.

  • Loan Administrators

    Levy Zavet often acts as a loan administrator to its mortgage lenders as clients. Typically our mortgage lender clients outsource their loan administration once the loan closes (which we handle as well). Borrowers will also receive a letter that explains that we will be administering the mortgage loan on behalf of the lender.

  • Mortgage Experts

    Mortgage lenders should be busy evaluating potential borrowers’ creditworthiness, the equity left on the collateral property and issuing loans. Rather than creating a separate department to service your loans, its often best to outsource this function to Levy Zavet that specialize’s in mortgage closings, mortgage administration and mortgage enforcement.

Get a Free and Confidential Consultation with our Legal Experts

If you find yourself in need of any legal advice regarding Mortgage and Loan Administration do not hesitate to contact Levy Zavet Lawyers for a consultation.

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Servicing a mortgage after it closes requires the following:

  • Informing the borrower of their interest only payments, or repayment schedule, often called an amortization schedule for blended payments of interest and principle.

  • Collecting the contact information of the borrowers and guarantors and any next of kin to use in the case of an absent borrower. Also, informing the borrower of any changes such as an assignment of the mortgage loan to a different lender or lenders, and if any changes in how to make the periodic payments are required.

  • Depositing the periodic post-dated cheques of the mortgage repayments or interest only payments, on time when they come due. Or alternatively withdrawing the periodic mortgage payments directly from the borrower’s bank account or other form of payment.

  • Ensuring the mortgage payments clear, and if not, to immediately record the date and reason for the payment being returned as not cleared, for example insufficient funds from the bank.

  • To forthwith send a demand for payment to the borrower for the mortgage payment that was returned, informing them that they are in breach of the terms of the mortgage agreement, and that it is a form of default under the loan. In this letter any penalties, NSF fees, and compounded interest due because of this missed payment is calculated and the borrower is told to bring in certified funds prior to any enforcement proceedings.

  • Collecting and depositing or withdrawing the missed payment from the borrower’s account, failing which a legal demand letter is sent out pursuant to the regulations and laws governing the mortgage enforcement proceedings in the jurisdiction where the collateral real estate property is located. This will also take into consideration any terms in the mortgage agreement.

  • Communicating and reporting to the mortgage lender, and if more than one, ensuring that the terms of any inter-lender or co-lender agreement are upheld.

  • Remitting the cleared mortgage payments from the borrowers to the lenders in a timely manner. Along with a breakdown of the remittance and an accounting of the payments to-date as it compares to the payment schedule pursuant to the mortgage agreement with the borrower.

  • Assisting co-lenders on the mortgage with assigning their interest or portion of the mortgage loan to a new mortgage lender or to one of the existing mortgage lenders on the same mortgage loan.

  • Preparing any assignment agreements and transfer documents of the mortgage loan and security from the existing mortgage lender to the new mortgage lender, and completing any registrations to perfect same.

  • Responding to any requests by the borrower or their lawyer for payment history information, delaying or moving the date of an upcoming mortgage payment, correcting any errors or miscommunications, preparing mortgage information statements and accounting of the payments made pursuant to its schedule, and preparing mortgage payout statements for discharge purposes including any prepayment penalty calculations.

  • Handling any responses to other mortgage lenders and encumbrancers, such as construction lien claimants that have also secured or registered their interests in the same real estate property secured.

  • Enforcing any mortgage loans that are in default, including power of sale and foreclosure proceedings, as well as suing the borrowers and guarantors for any shortfalls after recovery against the collateral real estate property.

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MIC Management & Administration Services

At Levy Zavet we pride ourselves on knowing all that it takes to manage and operate a Mortgage Investment Corporation.

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As pioneers in this industry, the lawyers at Levy Zavet can assist you with:

  • Preparing your initial Offering Memorandum, Subscription Agreement and business plan to provide your investors and shareholders.

  • Navigating through the intricacies of completing a subscription agreement, the exemption from prospectus certificates and acknowledgements, the know your client (KYC) and know your product (KYP) forms.

  • Completing your exempt distribution reports and filing them with the securities commissions and regulators in a timely manner.

  • Issuing shares to shareholders, updating the required corporate resolutions, registers and ledgers, as well as delivering the share certificates.

  • Completing corporate matters including acquisitions and amalgamations.

  • Regulatory changes and updating the offering memorandum, subscription agreement, exemption forms and certificates and any other requirements of matters of compliance.

  • Operational matters such as investing in mortgage portfolios and lending on mortgages secured against residential and commercial real estate.

  • Underwriting simple and complex mortgage loans taking into consideration the lending parameters of the MIC and the needs of the borrower balanced between their ability to pay and the collateral available to secure against.

  • Putting together the deal terms of co-lending arrangements and drafting inter-lender agreements in a syndication or prioritized lending consortium.

  • Closing your mortgage loan transactions, including drafting the required security documents, completing title and off title searches, and advising on any further inquiries on the borrowers, guarantors and collateral.

  • Demanding payment, collecting arrears, enforcing the mortgages and any remedies available under the security documents and Mortgages Act, including power of sales and foreclosures.

Get a Free and Confidential Consultation with our Legal Experts

If you find yourself in need of any legal advice regarding MIC Management and Administration Services, contact Levy Zavet Lawyers for a consultation.

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Our Mortgage Administrator Team

Here to serve for over 12 years, our legal experts are skilled at enforcing debt collections of all kinds, including the laws and regulations regarding mortgages, finance and commercial law in general, and have years of experience in Ontario.

Jeff Levy

Lawyer & Managing Partner - Email is JLevy@LevyZavet.com; Tel is 416-477-5941

Mr. Levy represents mortgage investment corporations (MICs), mortgage funds, mortgage brokerages and administrators from all provinces wanting to extend loans in Ontario.  Jeff works with many MICs, mortgage lenders, including private lenders, and lenders of all kinds from nearly every province in Canada, including British Columbia (BC), Manitoba, Alberta, and the maritime provinces.  Jeff Levy is extremely experienced in understanding complicated mortgage loan agreements with multi-collateral structures, diverse payments and elaborate recovery provisions for every unique situation. His long history of experience in mortgage enforcement, power of sale, and foreclosures, has given him the knowledge to foretell viable exit strategies at the loan origination stage of almost every single mortgage deal.

Ruchir Shah

Senior Assistant - Law Clerk - Email is RShah@LevyZavet.com; Tel is 647-847-7272

Since 2012, Ruchir Shah has over 8 years experience in private lending, closing and preparing security documents for private mortgage transactions, administering private mortgage payments and servicing debt collection and demand from borrowers. Ruchir often deals with the day to day servicing requirements of private mortgages and other forms of debt, including leased and financed equipment, and business loans.  Ruchir knows how to handle difficult borrowers and ensure that all sides are reasonable in order to accomplish the most suitable objective for the lender.  Ruchir is often relied on to lend an extra set of eyes when reviewing the security and collateral, as well as the riskiness of the proposed mortgage, often involved in assisting private lenders and mortgage brokers or mortgage agents with the underwriting of the mortgage commitment.

Shervin Rismani

Lawyer & Partner - Email is SRismani@LevyZavet.com; Tel is 647-847-7273

Shervin exclusively advises institutional as well as private lending corporations on a broad range of matters, including secured financing, securitization, construction financing, enforcement, joint ventures, operating contracts, inter-lender agreements, postponements and standstill disputes as well as mortgage enforcement and recovery.  Shervin greatly enjoys working closely in both the private mortgage and equipment leasing and financing space, and focuses immensely on working hand in hand with his clients in all aspects of a loan transaction.  This often includes getting involved from the very beginning during the underwriting stages to enforcement proceedings and recovery.

Looking for a strong legal team to support your mortgage and loan administration?

Contact Levy Zavet Lawyers today to begin speaking with someone from our team of experts.

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