Southern Loan Servicing
ALTA ID: 1214308
Southern Loan Servicing
2325 Manhattan Blvd
Harvey, LA 70058-3450
Contact: Jessica Brennan
Email: serevice@southernloanservicing.com
Web: http://www.southernloanservicing.com/
Company Description
Southern Loan Servicing is an owner-financing loan servicing company that provides objective and knowledgeable third-party loan services to borrowers and lenders using owner-financing.
Owner-financed mortgages have a number of features that make them unique and not like a vanilla mortgage. We have seen many cases of poorly handled owner-financed loans where the accounting records or initial amortization tables were incorrect, leaving the entire transaction at risk. Essentially, if the setup and accounting are wrong, neither the Borrower nor a Lender can trust the payment history or payoff amount.
Our 35 years of experience means that we know how to:
- Set up owner-financed transactions
- Handle unique aspects of each deal
- Structure the payments to pay off correctly
- Collect and document all payments openly and objectively
Our independent documentation of payments made and balance outstanding both to lenders and borrowers is critical and gives both sides of the transaction security that their loan details are well managed.
Southern Loan Servicing maintains appropriate accounting recording on each contract and the sums collected, which records reflect the amounts collected as to principal, interest and late charges, and, if applicable, insurance, taxes, and other specified amounts.
All Lender and Borrower funds will be held in a segregated, monthly reconciled, quarterly audited, non-interest-bearing trust account.