FOR INSTITUTIONAL LENDERS
At The Mortgage Administrator Inc., we aim to simplify the rumored to be complicated process of lending funds to others. With our knowledge and years of industry experience, you can assure you are absolutely safe. From connecting you with your potential clients, to collecting payments on a periodic basis, our team will always be by your side.
The services we offer for Institutional Lenders include, but are not limited to:
- Drafting and reviewing the mortgage commitment with both you, and your lawyer
- Ensure the lender understands and accepts the agreement that is at hand prior to the lawyer closing the transaction.
- Drafting, suggesting or obtaining the “standard charge terms” and any additional schedules to be provided with the instructions.
- If a mortgage broker is involved, obtain the mortgage commitment and any direction(s) re: the proceeds of the mortgage.
The professional team at The Mortgage Administrator Inc. is readily available to handle the day to day tasks of managing your mortgage loan. Saving you time and money, our experts will cease at nothing to insure you are protected, well lead, and aware.
- Receive the mortgage funds on the day of closing in escrow/trust to be released to the lender’s lawyer once all closing conditions have been met.
Collection and Default Management:
- Process periodic loan payments
- Respond to borrower inquiries, including preparation of mortgage information statements, annual statements, payout statements, full or partial discharges, payment frequency changes, changes in covenants or mortgage assumptions
- Keep track of principal and interest paid
- Post, transfer or deposit lender’s cleared funds to their account
- Keep track of any changes in payment dates, NSFs, late payments, accrued interest
- Demand payments that are in arrears, verbally and in writing
- Make sure property insurance is in place and appropriately identifies the lender a loss payee
- Obtain property tax certificates and make sure property taxes are kept up to date and administered
- Notify the borrower immediately of any forms of default and make sure it is cured within the allotted time frame or enforced upon.
- Enforce and foreclose or power of sale the collateralized properties
Remind the lender and/or mortgage professional of any upcoming renewals