Below are links and documents which you may find helpful in operating your note buying business. We will update these resources so check in frequently for new postings.
Due Diligence Files:
ACCOUNTING SOFTWARE PACKAGES COMPARISONS
Accounting Software News
http://www.accountingsoftwarenews.com/web/top40.htm
Wikipedia
http://en.wikipedia.org/wiki/comparison_of_accounting_software
BANKRUPTCY INFORMATION
PACER
Public Access to Court Electronic Records is an electronic public access service that allows users to obtain case and docket information from federal appellate, district and bankruptcy courts.
You need to register with Pacer to become an account member.
Bankruptcy Information:
http://www.bankruptcyinformation.com/faq.htm
http://www.nolo.com/legal-encyclopedia/chapter-11-bankruptcy-small-business-owners.html
Fannie Mae – Retained FC Attorney List
BANKS AND FINANCING COMPANIES
LANE GUIDE
Lane Guide is an on-line software program that helps you find banks, financing companies, and other financial vendors across the nation. You can search by asset class, location, wholesale or retail or lending type.
BOOKS/MANUALS
The Self Directed IRA Handbook by Mat Sorensen
Paper Profits – How to Buy and Profit from Notes: A Beginners Guide.
BPO SERVICES
CITY AND COUNTY DATA WEBSITES
CITY-DATA
EPPRAISAL
NETROnline
http://publicrecords.netronline.com
The Public Records Online Directory is a Portal to official state websites and Recorders’ offices that have developed websites for the retrieval of available public records over the internet. Although not every county has data online, many have home pages, and where neither is available a phone number is provided. At a minimum, you can always find which county the property is located in.
TRULIA
ZILLOW
CREATING AN LLC
Incorporate
Legal Zoom
Biz Filings
CREATING AN OPERATIONS MANUAL
Small Business Play Book
www.thesmallbusinessplaybook.com
Small Business
http://smallbusiness.chron.com/
Small Biz Express
http://thesmallbizexpress.com/
CREDIT REPORT BUREAUS
EQUIFAX
EXPERIAN
TRANSUNION
CREDIT REPORTS – VENDORS
AVANTUS
CBC INNOVIS
Pulling credit reports:
http://smallbusiness.chron.com/obtain-credit-reports-potential-customers-16181.html
Equifax
http://www.equifax.com/home/en_us
Experian
Transunion
DOOR KNOCKERS
NATIONAL CREDITORS CONNECTION, INC. (NCCI)
http://www.nationalcreditors.com/
SAND CASTLE FIELD SERVICES
https://www.sandcastlefs.com/default.aspx
DOWNLOADING FORMS
ROCKET LAWYER
Find various forms including; Letter of Intent, NCND and Broker’s Agreement.
SAMPLE ASSIGNMENTS
Fannie Mae
https://www.fanniemae.com/content/legal_form/3741.pdf
US Legal Forms
EDUCATIONAL WEBSITES
Microsoft Excel Training Websites:
EXCEL EXPOSURE
MULTI-LEVEL TRAINING
NOTE EDUCATION
Excellent online courses for both 1st and 2nd NPLs conducted by Sherman Arnowitz
Good basic course on buying 2nd NPNS conducted by Dave VanHorn
http://www.papersourceonline.com/
Good place to start, mainly covers buying seller carryback notes Bill Mencarow
www.biggerpockets.com excellent resource for getting advice
www.noteschool.com Eddie Speed’s school, good content but pricey
www.notemba.com Newly started podcast by 2 guys who are fairly new to notes
E-MAGAZINES/E-NEWSLETTERS
NATIONAL MORTGAGE NEWS
MORTGAGE SERVICING NEWS
www.nationalmortgagenews.com/mortgage-servicing/
FORECLOSURES
How to Find Your State’s Foreclosure Laws www.alllaw.com
US Foreclosure Network
http://www.usfn.org/AM/Template.cfm?Section=Home
Foreclosure Laws by state
http://madisonmanagement.net/investors/foreclosure-by-state/
Foreclosure Law
http://www.foreclosurelaw.org/
RealtyTrac: Foreclosure Info
http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp
Bankrate
http://www.bankrate.com/finance/mortgages/foreclosure-judicial-or-nonjudicial.aspx
Judicial Versus Non Judicial Overview (PDF)
http://www.mbaa.org/files/ResourceCenter/ForeclosureProcess/JudicialVersusNon– JudicialForeclosure.pdf
HUD Foreclosure overview and state by state Information
http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/foreclosureprocess
A nonprofit national network of attorneys who specialize in real estate related services.
GOVERNMENT PROGRAMS
Home Affordable Modification Program
http://www.makinghomeaffordable.gov
HOME VALUATION
ZILLOW
TRULIA
REALTOR
EPPRAISAL
HOMES
IRA’S THAT ALLOW SELF-DIRECTING INVESTING
SEE FULL LINKED LIST AT: http://www.rcm.company/self-directed-ira-companies/
LAWS/GUIDELINES
FEDERAL TRADE COMMISSION
This website will give you tons of information regarding laws, guidelines and examples regarding collecting on a borrower.
LOAN SERVICING SOFTWARE
CAPTERRA
www.capterra.com/loan-servicing-software
This website lists the top loan servicing software products.
MERCHANT SERVICES
Credit Card Processing
Merchant Services
The SBA/Newtek Business Services
MISCELLANEOUS
MERS (MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.) www.mersinc.org
MERSCORP Holdings, Inc. owns and operates an electronic registry known as the MERS system designed to track servicing rights and ownership of mortgage loans in the United States and has a banking, mortgage and financial related membership.
By using MERS, lenders and investors who are the real parties in interest avoid the need to file assignments in county land records.
RICHMOND MONROE
Specializes in providing document preparation and recording for assignments and lien releases.
NETWORKING
LINKED IN
It’s important to join groups and constantly be joining new groups. Here is a sampling of some you should check out:
- Accredited Investors Network
- Alternative Investments: Private Equity, Hard Assets
- American Association of Private Lenders
- Available Portfolios for Sale
- Bank Connects – Real Estate Networking
- Bulk Nonperforming Notes Directly from The Trading Desk
- Business & Real Estate Industry Networking Group
- CompliancEX
- Debt Buyers
- Distressed Asset: Buyers and Sellers
- Distressed Assets Network
- Distressed Real Estate Investment Network
- Distressed Residential Mortgage
- GMAC ResCapped Network
- Internet Lending Professionals
- Mortgage Bankers Association
- Mortgage Connectors
- Mortgage Masters 360
- Mortgage Servicing Network
- Non-Performing Mortgage Buyer Group
- Note Buyers
- Notes for Sale
- Real Estate Investor
- REO & Note Buyers/Sellers Group
- Real Estate Networking Group
- Residential Real Estate Investment
- Secondary Marketing
MEET-UP
Search for Meet-Up Groups in your area to join. It’s a great way to learn and meet others. The following are some examples of groups:
- Distressed Mortgages
- Second Mortgages
BIGGER POCKETS
Good forums and one just for notes & tax liens
SEMINARS/PROFESSIONAL MEETINGS
ACA International – The Association of Credit and Collection Professionals www.acainternational.org
NoteWorthy Convention
http://noteworthyconvention.com/travel/
Paper Source Symposium
SourceMedia
SKIP TRACING
Batch360 | MasterFiles | 972-735-2300 www.masterfiles.com
Batch360 provides large-volume store and forward programs specifically customized for collection industry professionals who need rapid debtor location data, current phones and hard assets.
Live webinars are offered online on multiple dates each month that are hosted by a professional skip tracer who demonstrates real-time searches to better equip users to maximize results by providing a better understanding of the information being revealed in a search or a report.
Features a Credit Profile report designed to help collectors quickly assess the status of the loan from the origination date to current, to better determine or verify the consumer’s ‘credit story,’ thus enabling the collector to lead the conversation rather than interrogating and demanding information.
Batch360 features are capable of providing fully-automated batching, accessible day or night through secure methods.
CLEAR | Thomson Reuters | 800-262-0602
Features customized reports to create and save for later use or share with necessary parties.
CLEAR can search multiple databases including new phone numbers, cell phone data, and addresses with a single search.
Features integrated provider content, including NPI numbers, state and federal sanctions, and professional licenses across all states.
CLEAR can automatically identify probable aliases to optimize the use of existing information. Features personalized, over-the-phone training and search assistance for users.
Batch capabilities allow users to obtain data such as deceased indicators and driver’s license records for eligibility, warrants, or to enhance internal data records.
CollectBOOST | U. S. Tracers | 800-360-5601
The ConstantSEE platform allows customers to combine batching, individual searching, Web services.
Offers users contact address information, landline phone numbers and wireless phone data.
Aggregates Place of Employment data daily. Verified Place of Employment can be used for garnishments or to collect on dormant accounts. Features increased breadth of data used to develop scoring models for portfolio valuations. Features “Push” data using monitoring capability so records can be checked daily, weekly, or monthly. Notifies users of new monitoring hits as they occur within the interface and via email alerts. About 40% of the addresses are not in the major credit bureaus. About 43% of the Associates information is less than a year old. Up to 50 data points available in a basic report.
COLLECTION ADVISOR
INTERACTIVE DATA | Interactive Data | 866-584-2295
The Bankruptcy Information Search offers coverage of the entire United States Bankruptcy Court System-information that is both computer retrieved, and backed by actual field research.
Users have access to 48 months of NCOA information to identify and correct records within files before they become problems.
Batch users can house non-hit records and then re-run them when database updates arrive.
The Military Search feature enables users to uncover critical data such as “beginning date of service,” “duty status” and “branch of service.”
The social security searches are updated directly from credit bureaus on a monthly basis and allow users to obtain current address listings and any phone number attached to that address.
PAYROLL PROMISE | VeriFacts | 800-542-7434
Features latest network & virus scanning, firewall protection, intrusion detection, data encryption and access controls.
Features controlled physical access.
Aids compliance with Federal Trade Commission – Section V, FDCPA, NIST / FISMA, Gramm-Leach-Bliley Act and FCRA.
Payroll Promise supports a legal strategy to return verified full-time places of employment. The information returned is guaranteed to be accurate. VeriFacts reports that this program is selected for accounts in which a judgment has been issued.
SKIP TIPS
TLOxp | TLO | 800-856-5599
TLO’s TLOxp features customizable reports allowing agencies to manage their skip tools to match their philosophies.
Features unmatched data sets for relatives, phones, POE, assets and utilities.
Batch Processing built to be a complete solution and allows users to flag, scrub, and manage large volumes of data. Features a collection specific layout designed to help skip tracing efforts. TLO Verified Services now offers Verified POE and Bank Accounts
Features unmatched linking algorithms.
Features a collection-specific interface designed from a workflow perspective.
UltimateFind | Columbia Ultimate | 800-488-4420
UltimateFind searches for updated information are performed at predetermined intervals on accounts in the system. All qualified accounts receive updated information.
Features real-time lookup from the Collector Screen on individual accounts
Automation allows accounts to receive a maximum of five automated searches during the first 150 days in the system.
Features analytics and reporting on data quality and account activity.
Full search and scoring performed on new placements. Full search and late-stage scoring performed on accounts still active. On demand searches available on active accounts.