Answers, before you ask.

A note or loan servicing company collects promissory note payments on your behalf. Loan servicing includes sending monthly statements, collecting monthly payments, maintaining records of payments and balances, and managing escrow funds (if applicable). Funds are then remitted to any underlying liens and to the note holder. Additionally, a servicing company has the time and resources to follow up on any delinquencies.

The legal minimum reserve of 2 months (1/6 of annual payments) will be due to start. Additionally, property taxes for the months prior to the start of servicing will be due — see the Escrow Reserves Chart for further explanation. Please note: the borrower is responsible for the first full year of insurance (at closing), or the first year the note is serviced by Polaris Management (if transferred or a new escrow account is managed).

We do not report to the credit bureaus at this time. Please be patient while we work to provide this service to our lenders and borrowers.

There is a one-time set-up fee of $150 and a $45 monthly servicing fee per address.

No long-term contracts. We require a 30-day notice to terminate a file so we can send disclosures and prepare final accounting. We ask that you give us 3 months minimum to show the value we bring to your portfolio.

Your monthly statement is issued via email on the 25th of each month.

All payments are due on the 1st of each month. Late fees are added after the 10th of each month, unless your note states earlier.

Payments can be made via check or money order made out to Polaris Management LLC. We offer recurring ACH bank draft at no additional cost. For last-minute payments we accept wire transfers and Venmo. See Approved Payment Methods for details.

As the lender — yes, you'll receive an email when a payment is received on your file, and you'll be notified if a statement isn't paid in full by the 11th. As the borrower — yes, you'll receive an emailed receipt when your payment is processed and how it's applied, plus a late notice with any late fee if no payment is received by the 11th.

There has likely been a change to your escrow account. If Polaris Management services the escrow account, you'll receive a notice and explanation before any payment change. Most escrow accounts are managed by an underlying lien, and we have no control over that analysis. Any escrow changes are within legal reserve requirements and are due to a change in property taxes and/or insurance premiums.

Please send all questions or requests to admin@polarismgmt.net.