Why do you need my email address?
We do not send spam or share your email address with anyone. We use email to deliver statements, deposit notifications and critical account information. In an effort to EFFICIENTLY increase communication during today’s ever changing economic environment, we will use email to keep in closer contact with our clients.
Is Del Toro Licensed, Bonded and Insured?
Yes, Del Toro is licensed by the Department of Real Estate and carries both a Bond and Errors and Omissions insurance. We are audited on a quarterly basis to insure the accuracy and transparency of your transaction.
When are payments posted?
We post payments as received, throughout the day. Payments are credited the business day on which they are received. They are posted to your online account by 6p pst.
When are payments posted?
We post payments as received, throughout the day. Payments are credited the business day on which they are received. They are posted to your online account by 6p pst.
Can a Borrower setup Auto-Pay through Del Toro?
Yes. By clicking the “Make a Payment” link on our homepage you can follow a few easy steps to setup a one time or recurring debit.
Can Lenders receive their payments via auto-deposit?
Absolutely! This is our preferred method as it saves you time and money and still provides a detailed check stub via email.
Does Del Toro make interest on our money while it sits in our accounts?
No. We are required to hold funds in non-interest bearing & audited trust accounts
When is a payment considered late?
A due date and the terms of the grace period and late fee are specified in the Note. If there is a grace period, the late fee will take effect after midnight on the last day of the grace period. Payments must be RECEIVED by our office prior to this time to avoid a late fee. Mail delays or online payment issues are the responsibility of the Borrower.
How can I tell if you have received a payment?
As a Lender or Borrower, you can view account activity on our website (visit our homepage). The website is updated with all of the day’s activities by 6p PST.
Besides the website, what other ways can we find out if a payment is past due?
Del Toro will notify both Borrower (via mail and email) and Lender (via email only) on the 15th of the month if the account is delinquent. We will also follow up should the account turn 30 days delinquent. Please use our website to check status whenever possible.
How do we update our contact info?
Download an Account Maintenance form and submit it to us via email or fax.
Does Del Toro Report to Credit Bureaus?
This depends on your specific Lender. Please refer to your loan documents or Broker for verification.
How are Borrower’s payments applied?
Payments received will be applied in accordance with the terms of your mortgage note. In most cases, the mortgage note will require that funds, be first applied to any payments past due. Once the account is current, any additional funds will be applied to any outstanding fees, costs and advances, and accrued interest prior to being applied as a principal reduction.
Can a Borrower send in extra money?
This is known as a partial prepayment. The extra money may be applied assuming your loan is current and has the standard application requirements, (please check your Note, Mortgage and any applicable Riders for details) any amount over and above the regular payment amount will be applied first to any outstanding charges (late fees or interest) and then to principal. Also, if your Note has a prepayment fee, the extra monies sent could trigger that fee.
Does Del Toro escrow funds for Taxes and Insurance?
For an additional fee, we will. We do require the Borrower or Lender to provide us with the invoices to be paid NO LESS THAN 72 hours prior to their due date. After faxing or delivering the tax or insurance bill, please contact our office to verify the receipt and pending payment of the related invoice. We are not responsible for fees or penalties if we did not receive the necessary invoices and/or funds in time.
How can an impound account be cancelled?
We must receive written instructions from both Borrower and Lender.
What type of year end statements will I receive?
Borrowers will receive 1098s and Lenders, 1099s. We must have a IRS W-9 for on file for you in order to send these to you. All clients will receive a year end summary of all activity.
What if someone is willing to assume a loan – Either as a Lender or Borrower?
Re Borrower: We can prepare the necessary papers to complete an assumption, assuming Lender approval. Typically the Borrower is responsible for the fees associated with the transaction. Costs can range from a few hundred dollars to a percentage of the loan amount. Re Lender: Should a Lender wish to assign their interest, we can prepare the necessary documents, obtain the proper title company endorsements and escrow the transaction.
What if a Borrower is experiencing Financial Hardship?
Please use the link on our homepage to access important information. What is the difference between the current principal balance and the payoff amount? The loans payoff can include many things like: late fees, account closing fees, deferred or accrued interest and advances made by the Lenders or Servicing Agent. A formal “Demand for Payoff” should be requested if you plan to pay a loan in full.
What is Accrued Interest?
This is the interest incurred from the last “Paid to Date” up to the date another payment is made. The currents month’s payment is for the prior month’s interest.
What happens when a loan is paid in full?
Del Toro will disburse funds to the Lender(s), release the lien on the property and deliver any overage of funds back to the Borrower.
What papers or forms will I receive for my taxes?
In additions to monthly statements, you will receive a year end statement and a 1099 (Lender) / 1098 (Borrower).