Important Regulatory Note Servicing Update
June 30, 2016 represents year one since the date set by the Louisiana Office of Financial Institutions for all mortgage servicers in Louisiana to become licensed for the specific purpose of servicing residential mortgages. ESI, active as a private mortgage servicing agent since 1985, remains the only Louisiana domiciled licensed escrow agent licensed to service residential mortgages. The advantages of engaging ESI to service your private mortgage note include;
- Billing of monthly payments in accordance with regulatory requirements
- Complete accounting of all payments
- ACH drafting of payments on the due date
- ACH direct deposit to lender’s account
- Preparation of IRS Forms 1098 & 1099
- Providing a complete third party account history to facilitate re-financing, sale of notes, or foreclosure
- Maintaining an arms-length transaction between lender and borrower
- Handling of tax and insurance escrows
- Providing 24/7 online access to account by both lender and borrower
If you are an attorney, title company, IRA Administrator/Custodian, or financial planner advising your client to use an escrow agent to service their private note, ESI, properly licensed in Louisiana, local, and with over 35 years of service is the firm you can recommend with confidence.