NoteWorld Announces Partnership With First American Title
December 2, 2004
Partnership Expands Availability of Seller Carryback Mortgage Services
TACOMA, Wash., /PRNewswire/ -- NoteWorld Servicing Center, a national servicer of seller-financed mortgages, today announced that it has entered into a partnership with First American Title to provide specialized account servicing solutions to First American's seller carryback customers. NoteWorld Servicing Center will act as First American's exclusive account servicing division for buyers and sellers using seller carrybacks to fund their property purchases.
In a seller carryback transaction (also known as seller financing or private party mortgages), the seller acts as a full or partial lender, and carries a loan on the property. Without a third-party servicer, the buyer makes payments directly to the seller, and the seller is responsible for holding documents, calculating principal and interest, and providing tax records. NoteWorld Servicing Center acts as the intermediary between the parties of privately held mortgage notes. NoteWorld collects payments from buyers and distributes funds to sellers, issues buyer and seller statements and late payment notices, provides year-end tax records, and assists with additional services as needed. NoteWorld is also recognized as the nation's leading provider of seller finance training and education, through their "Easy Street" program.
Through its partnership with NoteWorld, First American is now able to offer leading-edge servicing features such as online account information, pay-by-phone and pay-by-Web options, tax and insurance impounding, and superior customer service. First American's significant market share, and their active participation in the closing phase of the home-buying process, will ensure that the value of third-party account servicing is communicated and successfully marketed, at just the right time, to buyers and sellers who may not be aware that such services exist. "This is a unique and exciting opportunity for both of our companies to be able to provide this valuable service on a major, national scale," said Linda Remsberg, Executive Vice President of NoteWorld Servicing Center. "We have combined the best seller-financed account servicing with the market strength of First American. The joint presentation of this service makes the seller carryback option significantly more attractive."
"Seller carryback transactions are a considerable and stable sector of all property sales," said Dennie L. Rowland, senior executive vice president of First American Title. "We're excited to begin offering account servicing to our valued customers, knowing that by partnering exclusively with NoteWorld, their investments will be managed at the maximum level of security and convenience."
SOURCE NoteWorld Servicing Center LLC