FAQ'S

What happens when I choose LoanCare to service my account?

After LoanCare receives your servicing agreement we set up the file in the computer and send out a welcome letter.  We then process payments as received, deduct fees and post to principal and interest as instructed by the file documents. LoanCare then processes the disbursement as instructed by the owner.

If I have a question about my account who do I contact?

You can contact LoanCare a variety of ways. You may phone us at 1-800-919-3009 and any one of our experienced and courteous customer service representatives will be there to answer your questions.  You may also email accountservicing@myloancare.com with questions as well.  The third option is to view your account online at www.myloancare.com, which is available 24/7.  You may also go to one of local offices in person.

How do I receive my login information for www.myloancare.com?

Once your account is set-up you will receive a welcome letter with your account number and a temporary password to log on to the site.  After you register you may change your password.

Who holds the original documents ?

The set-up agreement has an option for the parties to designate that LoanCare hold the original documents.  If this option is not chosen then the parties will determine who holds the documents.  It is strongly suggested that you have the third party servicer, in this case LoanCare, hold the original documents. We keep original documents in a secure fireproof location and would only be released upon payoff of the contract, note or lease.  By having LoanCare hold the documents you can avoid lost or misplaced documents.

Does LoanCare draw original documents?

No, LoanCare is a third party payment servicer.  Documents must be prepared by the appropriate real estate professional. This will vary from state to state.

Is LoanCare insured and bonded?

Yes and we are licensed in the states where we do business.

How does LoanCare collect service fees?

We collect the fees from the party or parties indicated in our servicing agreement at the same time the payment is processed.

How does LoanCare handle late payments and late charges?

LoanCare has a late notice option that the payee can select (additional fee) so when the payment is not received on time, LoanCare will send a letter out to both parties alerting them that a payment has not yet been received.  Phone calls for late payments are also an option (additional fee) for the payee.  If there is a late charge clause in the loan or lease the letter will note that a late charge is owed. All late fees that are collected by LoanCare are then disbursed to the payee.

What happens in the case of a default by the payor?

LoanCare will refer the client to an attorney for legal advice about how to proceed.  We can assist through a 10-day notice to foreclose letter requested by the payee and sent certified mail to the payor.  LoanCare would accommodate the payors by providing any necessary documentation such as loan histories.

What if I make changes to my loan?

LoanCare can facilitate modifications, assignments and assumptions for a small fee as requested by the parties.  Please contact customer service at 1-800-919-3009 for more information and assistance.

Do you report to the credit bureaus?

LoanCare does not currently report to the credit bureaus, but will upon request provide a Verification of Mortgage and copy of loan history for the payor. 

Do you report to the IRS?

Yes.  LoanCare provides the IRS with interest paid by the payor and interest received by the payee to the IRS.  This function is required by federal law and we take the hassle out by reporting on behalf of the party.