Note Owner FAQs
Why was my borrower’s payment placed in reserve?
Borrower payments that are less than the full monthly installment amount due will be placed in reserve until funds are received to make a complete monthly payment.
When will the loan status change to performing?
Any account reflecting a status of outstanding amount due for more than 30 days is considered delinquent. Once funds are received and applied to allow the loan servicing system to reflect a status of under 30 days late, the account will be no longer be considered delinquent.
Can I endorse a check received from borrower to you?
Yes, you can endorse the back of money orders and checks to National Asset Mortgage. The back of the money order or check must have “Pay to the order of National Asset Mortgage, LLC” and signed by you.
I received funds directly from my borrower. Can the account be updated to reflect these payments?
Payments must be applied in our loan servicing system. Any payments received by you will need to be sent to us OR credited to the account via non-cash credit to reflect receipt of the payment.
How do I order other services?
We must have funds availability in order to place requests for third party services. These services can be ordered and results of inspection, title and other various reports will be available on our investor portal.
Q: When will I received my inspection report?
A: Inspection Reports and Occupancy Checks are targeted to be completed and delivered to NAM within 5-10 business days from the date on which an order is placed. Properties located in more remote locations may take additional time and may incur additional costs.
How can I pay my invoices?
Invoices will be deducted from your portion of monthly borrower collections. Should this amount be deficient, funds outstanding are due to us within 15 days of being invoiced. Checks can also be mailed to: PO BOX 1517, IRMO SC 29063. We can also accept credit card payments, however there will be a processing fee charged.
When will I receive my invoices?
Invoices are generated on the 15th of every month. You will receive an email with a statement attached, in addition, all remit reports will be uploaded to the investor portal for your reference and download.
How will I receive my payment?
If you would like ACH remittance, please contact our office. Otherwise, remittance will be sent to you via check.
When will I receive my payment?
Payments to investors are disbursed within 5 days of remittance reports being sent.
Q: Will you record my deed?
A: For transactions that NAM has originated, we will assist with recording as part of the origination process. For transactions for which NAM has not provided services, we will not be able to assist with recording. We can refer you to our preferred attorney network to assist with these needs.
Q: How much does recording cost?
A: In addition to a recording Administration Fee, any necessary walk-up fees, actual recording costs, charged by cities or counties can vary greatly from state to state and county to county. Depending on the jurisdiction, such costs can include a number of charges such as document recording costs (per page) for each document to be recorded, transfer taxes, payoff of all liens and/or outstanding, unpaid publicly-supplied utility charges (like, water & sewer). We recommend a minimum budget of $100.00 per asset allocated for recording costs and fees. Please refer to the Fee Schedule Exhibit attached to your Servicing Agreement for Recording Administration and walk-up fees, or contact your Investor Services Coordinator to confirm such fees that may apply to your property.
Q: Can I add Force-Placed Insurance?
A: We have two options for insurance. Forced Placed insurance is available through US RISK. We also have hazard portfolio insurance policy that is designed to provide coverage for REO assets, prior to consummation of a contract. This coverage is also offered to each buyer, if they are unable to obtain their own insurance and agree to reimburse the property owner on a monthly basis. If you would like to place your own insurance, we do have some options that may assist you to place coverage, depending on the Insurance provisions contained in the collateral documents associated with the property. We are able to collect insurance payments, if your customer agrees or your documents allow, as well as assisting in implementing alternate ways to recover force-placed insurance costs, as allowed in your documents. We are not able to provide recovery, foreclosure or eviction services due to non-payment of insurance costs.
Q: I have my collateral file and I would like to reach out to the borrower, or vendee, to see why they are not making payments.
A: It is important that you NOT attempt to contact the borrower at any time regarding matters related to collections or payments. Most states have laws related to consumer collection activities, and strictly regulate the Collections process and procedures that are allowed, and ways in which a consumer can be contacted regarding housing-related payments. Even though you, as the property owner, may be perfectly justified in contacting a vendee or borrower, doing so may cause delays, time and legal costs before you are able to prove that you were justified in your contact. In addition, such contact often confuses the customer, and may diminish the authority of your servicer in the eyes of the customer. Your servicing company will contact and manage the customer on your behalf.