LOAN SERVICING FOR DEVELOPERS AND INDIVIDUALS

Many developers and individual homeowners have chosen to provide their own financing programs for their customers. Some programs are more sophisticated than others. However, the fact remains that an in-house financing program will require additional resources that will not be dedicated to core business activity.

The Mortgage Alliance Program’s internal loan services program provides the necessary services to ensure the proper collection of monthly loan payments granted to the borrowers by the development.

MAP has implemented the necessary controls allowing Stewart Tile Costa Rica to monitor each loan once it has closed.  This includes:            

• Issuing written instructions so the borrower can understand when and where to make the monthly loan payments 
• Helping to make sure that the residential loan is paid in a timely manner
  • We issue a monthly statement to the borrower detailing debits and credits, loan amount, payment dates, current balance, etc. 
  • We issue reminders each month
  • We confirm with the borrower once the funds are received
• Notifying the developer and the trustee of any payment delinquency
• Following up via e-mail or telephone with any borrower that is delinquent concerning payments
• Facilitating customers in wiring their monthly payments via U. S. accounts

Stewart Title Costa Rica will wire the funds to the developer/owner on a monthly basis, to the account selected for this purpose.

To obtain more information concerning this service, please e-mail fvega@stewartlat.com.

The STAR and MAP Programs hosted the event “REAL ESTATE TRANSACTIONS IN THE SOUTH PACIFIC – CHALLENGES AND ADVANTAGES” at the Hotel Cuna del Angel on Thursday, June 25, 2009. The event was a complete success and the assistance included representatives of major developers, realtors and attorneys from the Central and South Pacific. We thank Rafael Cañas and Mauricio Gonzalez for taking time out of their busy schedule as serve as speakers.

STCR does not have a license granted by government of Costa Rica and is not subject to supervision by Costa Rican financial regulators to sell internal loan services.

The Mortgage Alliance Program (MAP) is not affiliated with Stewart Information Service Corporation, Stewart Title Guaranty Company or any of its subsidiaries and affiliates.

This newsletter is for informational purposes only, and does not constitute either legal or financial advice. It is based on material that we believe to be reliable. While every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors.