Loan servicing refers to the administrative and logistical work required to ensure borrower payments are collected and distributed in a timely manner. PeerStreet’s Servicing team monitors borrower payments from the time the loan is purchased by PeerStreet, through the moment the loan is paid off and final distributions are made to you and others invested in that loan.
The Servicing team’s responsibilities include:
- Monitoring payment status on active loans
- Collecting payments and distributing interest to all investors
- Maintaining records of those payments and balances
- Ensuring properties are insured for the life of the loan
- Collecting and paying taxes
- Assisting our Financial Operations team as needed in the reporting of taxable distributions and preparing of 1099 statements
- Managing and resolving any delinquent payments with the borrower
- Communicating with the borrower as necessary over the course of the loan
- Managing construction reserves
