POLICY MANUAL
TABLE OF CONTENTS
PAYOFFS AND PAYMENT PROCESSING
A Request for Payoff Quotes
B. Verifiable Funds on Payoffs
BANKING INFORMATION
A. Change of ACH Bank Deposits
B. Non-Sufficient Funds NSF/Returned Checks Policy
CHANGE OR MODIFICATION OF ACCOUNT
A. Notification of Deceased Obligors/Buyers
B. Notification of Deceased Payees/Sellers
C. Change of Monthly Disbursement Fees Upon Assignment
DOCUMENT POLICY
A. Destruction of Records
B. Requests for Production of Documents
GENERAL OPERATING POLICIES
A. Adding Out-of-Pocket Expenses Paid by Payee/Seller
B. Close-Out Fees Policy
C. Form W-9 - IRS Reporting
D. Interest Accrual
E. Original Signatures Required
F. Undelivered or Missing Documents
PAYOFFS AND PAYMENT PROCESSING
A. Request for Payoff Quotes
We will try to provide all payoff quotes within 24 hours upon receipt of request. All requests should provide the following information:
BORROWER NAME:
ACCOUNT #
PROPERTY
ADDRESS
DATE PAYOFF GOOD THROUGH
PER DIEM AMOUNT
(Please add per diem if you miss above payoff date or contact our office for an updated quote)
WHERE QUOTE IS TO BE SENT
IS THERE AN ESCROW?
IF YES, PROVIDE CONTACT INFO FOR ESCROW OFFICER:
NAME
COMPANY
ADDRESS
PHONE
EMAIL
ESCROW #
Any demand statement that requested as an immediate "RUSH" will be assessed a $25.00 fee in addition to the standard payoff fee.
B. Verifiable Funds on Payoffs
1. Incoming Wires- Must include the fee charged by PacTD's bank along with account number. These funds will not be subject to a hold upon verification of funds.
2. Cashier's checks -
A. Local - These will be processed with a one business day hold.
B. Out-of-state - three to five business day hold.
3. Personal checks -
A. Local - up to five business day hold.
B. Out-of-state (brokerage acct., etc.) - fifteen business days hold.
4. Buyers/Obligors are responsible for accrued interest through verification of receipt of payoff funds.
Please Note:
Wiring instructions will be provided upon receipt of official payoff request and an incoming wire fee will be added to the total payoff amount.
PacTD may, in its discretion, allow a shorter hold period, or require a longer hold, depending on the verification of funds.
C. Cash Payments
No cash payments in excess of $1,000.00 Per Month, Per Account will be accepted. We do accept personal checks, cashier's checks, money orders, Bill Pay checks or an automatic draft can be set up for a monthly debit.
BANKING INFORMATION
A. Change of ACH Bank Deposits
Payee/Seller may change banking information in regards to their ACH deposits once per term of contract without charge.
PacTD charges a fee of $25.00 per account for two or more ACH bank notification changes.
This policy also applies to changing from printed checks to ACH deposit.
Any fees may be waived by PacTD in its sole discretion.
B. Non-Sufficient Funds NSF/Returned Checks Policy
NSF checks will be re-deposited a second time unless otherwise noted. NSF checks returned a second time will incur the current NSF fee.
If any payment is returned for other reasons (such as account closed, death of account owner, no account on file, etc.), an automatic NSF/Return Payment fee will apply.
PacTD may, in its sole discretion, cancel automatic debit payments if one or more payments are returned or rejected.
If two or more checks or automatic payments are returned, PacTD may demand all future payments be made in guaranteed or certified funds only.
PacTD reserves the right to hold payments presented by borrower due to NSF occurrences. If monthly payment is placed into a holding account by PacTD, payments to Payee/Seller may be delayed.
CHANGE OR MODIFICATION OF ACCOUNT
A. Notification of Deceased Obligors/Buyers
Upon receipt of written, electronic or verbal notification of a deceased Buyer, PacTD expects heirs, successor trustees, or personal representatives to follow the standard procedure for Obligor/Buyer's assumption process. Please visit our website for instructions regarding this process.
PacTD requires the following:
An original or certified copy of death certificate
Copy of current Assumption or Conveyance Deed
Documents evidencing appointment of Personal Representative or Small Estate Affidavit
Copy of Certification of Trust and any amendments indicating Successor Trustee
PacTD will analyze each file on a case by case basis and charge appropriate fees for time per current fee schedule.
B. Notification of Deceased Payees/Sellers
Upon notification of a deceased Payee, PacTD expects heirs, successor trustees, or personal representatives to follow the standard procedure for Payee's assignment. Please visit our website for instructions regarding this process.
Upon receipt of written, electronic or verbal notification of the death of a Payee, PacTD is authorized to hold all funds received for the account of the deceased Payee until PacTD receives written instructions for the disposition of such funds from a surviving joint Payee, from the deceased Payee's successor in interest, or from the legal representative of the deceased Payee's estate or trust as shown by satisfactory documentation, which shall evidence, to the satisfaction of PacTD, the person or entity legally entitled to the disbursement owed to the deceased Payee.
Until such satisfactory documentation and instructions are provided to PacTD, all funds shall be held and will be subject to PacTD-s current fee schedule, including monthly holding fee.
For initial assignment of appointment of personal representative or successor trustee, PacTD will charge $50.00. When a full assignment is required, PacTD will charge $100.00 when final distribution is completed.
C. Change of Monthly Disbursement Fees Upon Assignment
Upon completion of the assumption/assignment process by either Obligor/Buyer or Payee/Seller through a death, or any other transfer, if there is a change in the number of disbursements an additional monthly fee will be assessed for such additional disbursements.
Even if Obligor/Buyer is responsible for an original fee under escrow instructions, Payee/Seller will be assessed any additional fees for additional monthly disbursements beyond the fee agreed-upon in escrow instructions - Payee/Seller will bear all additional monthly service fees incurred by adding additional disbursements.
PacTD will charge a minimum of $1.00 per month for each Payee/Seller provided a 1099 even if they only request one monthly disbursement.
DOCUMENT POLICY
A. Destruction of Records
PacTD destroys all checks, ledgers, daily work, check stubs, and deposit slips that are more than six (6) years old.
Any file that has been paid in full, withdrawn, cancelled or terminated may be destroyed after six years from above date of being removed from active system.
B. Requests for Production of Documents
PacTD will charge $50.00 per account for reproduction of documents on files that have been paid off after six months.
PacTD will charge $10.00 per account for reproduction of 1099's or 1098's for previous calendar year.
PacTD will charge $25.00 per account for reproduction of 1099's or 1098's for more than the previous one year old.
These fees must be paid in advance, before documents are retrieved.
GENERAL OPERATING POLICIES
A. Adding Out-of-Pocket Expenses Paid by Payee/Seller
If out-of-pocket expenses are advanced by the Payee/Seller including, but not limited to:
Real or personal property taxes,
Real property insurance.
Attorney's fees,
Irrigation or other special district dues or assessments,
City or other governmental assessments,
These fees will be posted to the account at the time and when proof of payment is received by escrow agent. Notifications of advancements made by Payee/Seller must be in writing and accompanied by receipts or other proof of payment.
There will be a fee for posting each advancement in the amount of $25.00 per transaction to be paid at time of posting.
B. Close-Out Fees Policy
PacTD's standard close-out fee allows for a combination of three (3) verifications of mortgage, or payoff requests and payoff updates per calendar year.
At PacTD's discretion, if there are more than three (3) payoff requests, verification of mortgages, or payoff updates throughout the term of the collection escrow, PacTD may charge $15.00 per additional request.
Any Obligor/Buyer who refuses to pay the close-out fee at the time of payoff may be charged an additional $40.00 when documents are requested.
PacTD will retain original recorded Deed of Reconveyances if PacTD is the Trustee. Any original reconveyances mailed by outside trustees to PacTD will also be retained. Originals will only be mailed to Obligor/Buyer upon request.
If Obligor and Payee have agreed to share monthly fees equally, then all fees including closeout fees will be split equally, unless otherwise directed by the parties in writing at inception of account.
Obligor/Buyer is responsible for the Reconveyance fee(s).
C. Form W-9- IRS Reporting
Pacific Trust Deed Servicing Co., Inc. is required to report any interest paid or received in a given tax year to the IRS. All parties are responsible for providing accurate Social Security Numbers (SSN) and/or Taxpayer Identification Numbers (TINs) on a W-9 form at time accounts are established, assigned or assumed to be used for reporting purposes.
We realize errors may occur when originally submitting the above required information on said W-9 form.
If PacTD receives letters from the IRS in regards to inaccurate or missing SSN/TINs submitted when filing information returns, we will send notice requesting clarification of such filings. If parties do not respond in a timely fashion, PacTD reserves the right to assess party $35.00 fee in addition to the penalties assessed by IRS for time consumed by PacTD for soliciting the missing or incorrect information.
D. Interest Accrual
Pacific Trust Deed Servicing Co., Inc. will not add back deferred interest to the principal balance of a debt.
Any deferred interest will be treated as accrued interest and retired as payments are received.
E. Original Signatures Required
PacTD requires original signatures for the following documents:
A. Collection Escrow Instructions.*
B. Note.
C. Trust deed.
D. Request for Reconveyance.
E. Unrecorded Warranty Deed or other clearing documents for Contracts of Sale.
* PacTD reserves the right to waive the requirement for original signatures on collection escrow instructions if there are no discrepancies between the Note and the payment information supplied on page 1 of the Collection Escrow Instructions.
F. Undelivered or Missing Documents
PacTD reserves the right to hold back monthly payments or payoff checks if original documents have not been delivered to the collection escrow account. PacTD will notify parties of additional clearing documents required before funds will be disbursed.
After second request, PacTD will withhold monthly checks and charge $25.00 per month as a fee for holding funds until satisfactory documents are received. PacTD may charge a $50.00 flat administrative fee, plus any attorney's fees incurred by PacTD reviewing and resolving any dispute as to entitlement of funds, any attorney fees incurred to interplead any funds into a court with appropriate jurisdiction.
When the obligations in the collection escrow account have been paid in full, PacTD will surrender all original documents held by PacTD to the Trustee on demand. Notwithstanding the foregoing, PacTD may withhold funds until all necessary clearing documents, including but not limited to Request for Reconveyance, are provided. PacTD may also charge a $50.00 flat administrative fee for the time incurred in obtaining an original Request for Reconveyance from a third party such as an IRA investment company on behalf of the Payee/Seller.
PAYOFFS AND PAYMENT PROCESSING
A Request for Payoff Quotes
B. Verifiable Funds on Payoffs
BANKING INFORMATION
A. Change of ACH Bank Deposits
B. Non-Sufficient Funds NSF/Returned Checks Policy
CHANGE OR MODIFICATION OF ACCOUNT
A. Notification of Deceased Obligors/Buyers
B. Notification of Deceased Payees/Sellers
C. Change of Monthly Disbursement Fees Upon Assignment
DOCUMENT POLICY
A. Destruction of Records
B. Requests for Production of Documents
GENERAL OPERATING POLICIES
A. Adding Out-of-Pocket Expenses Paid by Payee/Seller
B. Close-Out Fees Policy
C. Form W-9 - IRS Reporting
D. Interest Accrual
E. Original Signatures Required
F. Undelivered or Missing Documents
PAYOFFS AND PAYMENT PROCESSING
A. Request for Payoff Quotes
We will try to provide all payoff quotes within 24 hours upon receipt of request. All requests should provide the following information:
BORROWER NAME:
ACCOUNT #
PROPERTY
ADDRESS
DATE PAYOFF GOOD THROUGH
PER DIEM AMOUNT
(Please add per diem if you miss above payoff date or contact our office for an updated quote)
WHERE QUOTE IS TO BE SENT
IS THERE AN ESCROW?
IF YES, PROVIDE CONTACT INFO FOR ESCROW OFFICER:
NAME
COMPANY
ADDRESS
PHONE
ESCROW #
Any demand statement that requested as an immediate "RUSH" will be assessed a $25.00 fee in addition to the standard payoff fee.
B. Verifiable Funds on Payoffs
1. Incoming Wires- Must include the fee charged by PacTD's bank along with account number. These funds will not be subject to a hold upon verification of funds.
2. Cashier's checks -
A. Local - These will be processed with a one business day hold.
B. Out-of-state - three to five business day hold.
3. Personal checks -
A. Local - up to five business day hold.
B. Out-of-state (brokerage acct., etc.) - fifteen business days hold.
4. Buyers/Obligors are responsible for accrued interest through verification of receipt of payoff funds.
Please Note:
Wiring instructions will be provided upon receipt of official payoff request and an incoming wire fee will be added to the total payoff amount.
PacTD may, in its discretion, allow a shorter hold period, or require a longer hold, depending on the verification of funds.
C. Cash Payments
No cash payments in excess of $1,000.00 Per Month, Per Account will be accepted. We do accept personal checks, cashier's checks, money orders, Bill Pay checks or an automatic draft can be set up for a monthly debit.
BANKING INFORMATION
A. Change of ACH Bank Deposits
Payee/Seller may change banking information in regards to their ACH deposits once per term of contract without charge.
PacTD charges a fee of $25.00 per account for two or more ACH bank notification changes.
This policy also applies to changing from printed checks to ACH deposit.
Any fees may be waived by PacTD in its sole discretion.
B. Non-Sufficient Funds NSF/Returned Checks Policy
NSF checks will be re-deposited a second time unless otherwise noted. NSF checks returned a second time will incur the current NSF fee.
If any payment is returned for other reasons (such as account closed, death of account owner, no account on file, etc.), an automatic NSF/Return Payment fee will apply.
PacTD may, in its sole discretion, cancel automatic debit payments if one or more payments are returned or rejected.
If two or more checks or automatic payments are returned, PacTD may demand all future payments be made in guaranteed or certified funds only.
PacTD reserves the right to hold payments presented by borrower due to NSF occurrences. If monthly payment is placed into a holding account by PacTD, payments to Payee/Seller may be delayed.
CHANGE OR MODIFICATION OF ACCOUNT
A. Notification of Deceased Obligors/Buyers
Upon receipt of written, electronic or verbal notification of a deceased Buyer, PacTD expects heirs, successor trustees, or personal representatives to follow the standard procedure for Obligor/Buyer's assumption process. Please visit our website for instructions regarding this process.
PacTD requires the following:
An original or certified copy of death certificate
Copy of current Assumption or Conveyance Deed
Documents evidencing appointment of Personal Representative or Small Estate Affidavit
Copy of Certification of Trust and any amendments indicating Successor Trustee
PacTD will analyze each file on a case by case basis and charge appropriate fees for time per current fee schedule.
B. Notification of Deceased Payees/Sellers
Upon notification of a deceased Payee, PacTD expects heirs, successor trustees, or personal representatives to follow the standard procedure for Payee's assignment. Please visit our website for instructions regarding this process.
Upon receipt of written, electronic or verbal notification of the death of a Payee, PacTD is authorized to hold all funds received for the account of the deceased Payee until PacTD receives written instructions for the disposition of such funds from a surviving joint Payee, from the deceased Payee's successor in interest, or from the legal representative of the deceased Payee's estate or trust as shown by satisfactory documentation, which shall evidence, to the satisfaction of PacTD, the person or entity legally entitled to the disbursement owed to the deceased Payee.
Until such satisfactory documentation and instructions are provided to PacTD, all funds shall be held and will be subject to PacTD-s current fee schedule, including monthly holding fee.
For initial assignment of appointment of personal representative or successor trustee, PacTD will charge $50.00. When a full assignment is required, PacTD will charge $100.00 when final distribution is completed.
C. Change of Monthly Disbursement Fees Upon Assignment
Upon completion of the assumption/assignment process by either Obligor/Buyer or Payee/Seller through a death, or any other transfer, if there is a change in the number of disbursements an additional monthly fee will be assessed for such additional disbursements.
Even if Obligor/Buyer is responsible for an original fee under escrow instructions, Payee/Seller will be assessed any additional fees for additional monthly disbursements beyond the fee agreed-upon in escrow instructions - Payee/Seller will bear all additional monthly service fees incurred by adding additional disbursements.
PacTD will charge a minimum of $1.00 per month for each Payee/Seller provided a 1099 even if they only request one monthly disbursement.
DOCUMENT POLICY
A. Destruction of Records
PacTD destroys all checks, ledgers, daily work, check stubs, and deposit slips that are more than six (6) years old.
Any file that has been paid in full, withdrawn, cancelled or terminated may be destroyed after six years from above date of being removed from active system.
B. Requests for Production of Documents
PacTD will charge $50.00 per account for reproduction of documents on files that have been paid off after six months.
PacTD will charge $10.00 per account for reproduction of 1099's or 1098's for previous calendar year.
PacTD will charge $25.00 per account for reproduction of 1099's or 1098's for more than the previous one year old.
These fees must be paid in advance, before documents are retrieved.
GENERAL OPERATING POLICIES
A. Adding Out-of-Pocket Expenses Paid by Payee/Seller
If out-of-pocket expenses are advanced by the Payee/Seller including, but not limited to:
Real or personal property taxes,
Real property insurance.
Attorney's fees,
Irrigation or other special district dues or assessments,
City or other governmental assessments,
These fees will be posted to the account at the time and when proof of payment is received by escrow agent. Notifications of advancements made by Payee/Seller must be in writing and accompanied by receipts or other proof of payment.
There will be a fee for posting each advancement in the amount of $25.00 per transaction to be paid at time of posting.
B. Close-Out Fees Policy
PacTD's standard close-out fee allows for a combination of three (3) verifications of mortgage, or payoff requests and payoff updates per calendar year.
At PacTD's discretion, if there are more than three (3) payoff requests, verification of mortgages, or payoff updates throughout the term of the collection escrow, PacTD may charge $15.00 per additional request.
Any Obligor/Buyer who refuses to pay the close-out fee at the time of payoff may be charged an additional $40.00 when documents are requested.
PacTD will retain original recorded Deed of Reconveyances if PacTD is the Trustee. Any original reconveyances mailed by outside trustees to PacTD will also be retained. Originals will only be mailed to Obligor/Buyer upon request.
If Obligor and Payee have agreed to share monthly fees equally, then all fees including closeout fees will be split equally, unless otherwise directed by the parties in writing at inception of account.
Obligor/Buyer is responsible for the Reconveyance fee(s).
C. Form W-9- IRS Reporting
Pacific Trust Deed Servicing Co., Inc. is required to report any interest paid or received in a given tax year to the IRS. All parties are responsible for providing accurate Social Security Numbers (SSN) and/or Taxpayer Identification Numbers (TINs) on a W-9 form at time accounts are established, assigned or assumed to be used for reporting purposes.
We realize errors may occur when originally submitting the above required information on said W-9 form.
If PacTD receives letters from the IRS in regards to inaccurate or missing SSN/TINs submitted when filing information returns, we will send notice requesting clarification of such filings. If parties do not respond in a timely fashion, PacTD reserves the right to assess party $35.00 fee in addition to the penalties assessed by IRS for time consumed by PacTD for soliciting the missing or incorrect information.
D. Interest Accrual
Pacific Trust Deed Servicing Co., Inc. will not add back deferred interest to the principal balance of a debt.
Any deferred interest will be treated as accrued interest and retired as payments are received.
E. Original Signatures Required
PacTD requires original signatures for the following documents:
A. Collection Escrow Instructions.*
B. Note.
C. Trust deed.
D. Request for Reconveyance.
E. Unrecorded Warranty Deed or other clearing documents for Contracts of Sale.
* PacTD reserves the right to waive the requirement for original signatures on collection escrow instructions if there are no discrepancies between the Note and the payment information supplied on page 1 of the Collection Escrow Instructions.
F. Undelivered or Missing Documents
PacTD reserves the right to hold back monthly payments or payoff checks if original documents have not been delivered to the collection escrow account. PacTD will notify parties of additional clearing documents required before funds will be disbursed.
After second request, PacTD will withhold monthly checks and charge $25.00 per month as a fee for holding funds until satisfactory documents are received. PacTD may charge a $50.00 flat administrative fee, plus any attorney's fees incurred by PacTD reviewing and resolving any dispute as to entitlement of funds, any attorney fees incurred to interplead any funds into a court with appropriate jurisdiction.
When the obligations in the collection escrow account have been paid in full, PacTD will surrender all original documents held by PacTD to the Trustee on demand. Notwithstanding the foregoing, PacTD may withhold funds until all necessary clearing documents, including but not limited to Request for Reconveyance, are provided. PacTD may also charge a $50.00 flat administrative fee for the time incurred in obtaining an original Request for Reconveyance from a third party such as an IRA investment company on behalf of the Payee/Seller.