Discover the benefits of TDMarket.NET loan servicing support. We call our system "The Middle Way". This is because you, the lender, will be responsible for some of the actions necessary to make sure your loans are accounted for and serviced properly. We are not a full service loan servicing company, but we can make it much easier for you to service your loan investments yourself.
If you already service your loans yourself, this is a great value to have accurate accounting and simplify communication with your borrower.
If you use a loan servicing company, our service is an opportunity for you to save substantial servicing fees and keep the late charges for yourself.
All of your data is stored on the internet on a backed up and secure server, so there is no more risk of losing your data if your computer crashes. Also, you can manage your accounts from any computer with internet access.
THIS IS HOW IT WORKS:
- Establish an account for yourself.
- Establish an account for each of your borrowers with information about their loan.
- Each payment period, go online and enter the
- Date of Account Activity Amount of Payment Received (or Advances) Description of Payment/Advance
- Amount of any Non-Interest Bearing Fees Incurred.
- The web site will calculate for the account the allocation between principal and interest, and the new loan balance.
- The web site will also keep a separate balance of all fees you charge which do not incur interest.
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