Private Mortgage Lending Resources

Thanks for purchasing the Hard Money Book that referred you to this private lender resource page.  These are the same resources we share with mortgage note investors we work with on a daily basis.

Private Mortgage Loan Servicing

The web site is www.afts.com Gary is the contact in Seattle Wash 800-275-2033. This company will send monthly invoices and collect payments for any contract you hold. Mortgage, commercial lease payments, contract for deed or any stream of payments between two parties.

The big benefit  for note holders with several accounts is that they will collect all your payments and then direct deposit the lump sum to your bank account or self directed IRA account. Your borrowers can pay by phone with EFT and will get a monthly statement. You’ll receive detailed reports showing payments, interest and late fees collected on your behalf.

Another Loan servicing company NMLS licesned – they also offer software for in house servicing http://www.multi-fin.com/Services.aspx

Compliance and Guides to the Mortgage Lending Rules

Broker or lender to print based on borrower zip code within three days of application on any residential loan requests. Lenders should get a completion certificate on all High Cost Loans.  The rules state borrowers are to show the counseling agency their high cost loan disclosures (section 32) loan disclosures. In practice we have found the counseling agencies have no clue what they are supposed to do and offer the homeowners first time home buyer counseling.

Here is the link to the lists based on borrower zip code: http://consumerfinance.gov/find-a-housing-counselor

Small entity compliance guide What the new high-cost mortgage protections mean for consumers

This one was updated January 10, 2014 http://files.consumerfinance.gov/f/201401_cfpb_hoepa-compliance-guide.pdf

Complete rule changes and official interpretations from the CFPB

http://www.consumerfinance.gov/regulatory-implementation/

http://www.consumerfinance.gov/regulations/high-cost-mortgage-and-homeownership-counseling-amendments-to-regulation-z-and-homeownership-counseling-amendments-to-regulation-x/

Sample loan disclosure forms

http://www.bankersonline.com/regs/12-1026/12-1026-apph.html

Mortgage checklist, this is what we collect from consumers in order to process the loan and verify their ability to repay the loan (ATR) https://www.c-mortgage.com/mortgage-checklist/