Products tagged with 'loan servicing contract'

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California Loan Servicing and Tenancy in Common Agreement

The agreement is between the investors (lenders) and a loan servicer who has arranged the loan between the lenders and the borrower.
The servicer is acting as agent for the investors with respect to the promissory note, and no other relationship exists between the parties.
The borrower will make all payments on the note to the servicer.
The servicer will provide each lender with monthly statements and with the appropriate tax forms at the end of each year.
The servicing fees will be paid monthly and will be calculated as a percentage of the principal balance outstanding at that date.
If a foreclosure of the property is necessary and the servicer is required to manage the property, an additional property management fee will be charged.
The servicer has the right to hold back a reserve sufficient to pay two months interest payments.
If an investor fails to pay its pro rata share of any assessment within 10 days of request, that investor's right to receive principal and interest payments will be subordinated to the rights of all investors who have paid their share.
This is a comprehensive legal form that you can tailor to your specific requirements.
Intended to be used only in the State of California.

$29.99

The Buyer receives a percentage yield on its interest, plus a pro rata participation in any interest collected.
The Seller is entitled to the remainder of the interest plus any default penalties, late charges, etc.
The Seller will act as trustee with fiduciary duties to hold the participation ownership and legal title to the loans and receipts, and to make the required remittances.
The Seller, as trustee, will retain all loan documents, mortgage notes, and related items.
The Seller will continue to service the loans in the same manner as it services loans for its own account.
Available as a fully editable MS Word template.
Intended to be used only in the United States.

$34.99