FOR PRIVATE LENDERS

The Mortgage Administrator Inc. has assisted the needs of many lenders in the past, and continues to assist them today. We understand that as a lender, you may not be well versed in the mortgage industry, but you are a smart investor, and you would like to see a high return on your investment. That being said, our expert team members are here to offer you professional services from the time you enter our office and well beyond the time your client signs the written contract.

 

Our programs have been put in place to reduce your costs, relieve-stress and insure your investment is not put to waste.

 

Your time is important, and as your fellow Mortgage Administrators, we vow to handle everything related to the process of lending funds.

 

As soon as you explain to us what your needs are, we will begin to create your customer’s mortgage and contact our professional law and finance partners.

 

Our experts are ready to service you:

 

  • Update loan information on the administration system and assisting with the preparation of welcome packages and supporting the department as required.
  • Send an engagement letter to the lawyer to outline the terms of your retainer together with closing instructions.
  • Obtain identification and information regarding the borrowers such as occupation.
  • We will consider whether independent legal advice (ILA) or independent legal representation (ILR) is appropriate, and advise the lawyer(s) early so that they can have the borrower(s) and guarantor(s) make arrangements.
  • We will consider whether the lawyer can act for both sides (the lender and the borrower) in accordance with the rules in place for the applicable jurisdiction and governing body.
  • We will make sure the lawyer obtains proper consent to act for all parties in accordance with the rules in place for the applicable jurisdiction and governing body

 

Escrow Administration:

    • 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