Servicing Standards
As the loan servicing agent for the loan, Anchor is responsible for the administration of the investor's loan. Anchor currently preforms the following services for each loan:
- Collect monthly payments from borrowers
- Remit monthly payments to investors
- Advance funds for construction draws
- Provide monthly statements of loan activity
- Issue demand and conveyance documents
- Issue form 1098 to the borrower
- Issue form 1099 to the investor
- Coordinate default procedures for non-paying borrowers
All investor funds are maintained in separate, non-interest bearing deposit accounts and are not commingled with Anchor monies. These trust accounts are subject to regular audits by independent accountants. As a regulated entity, Anchor services these loans in accordance with the rules promulgated by the California Department of Real Estate ("DRE").
All servicing activity is on a separate loan servicing system that is compliant with the reporting requirements of the DRE. The servicing software is "The Mortgage Office" developed by Applied Business Systems of Long Beach, CA.