Local, Flexible & Experienced
Cascade Escrow’s Contract Collections department has been servicing escrow accounts since 1990. Somewhat like a conventional escrow provider who serves in a neutral capacity, a contract collection escrow facilitates and manages the payment from a buyer to a seller, or a borrower to a lender, of the financial obligation between the two parties. A typical collection escrow includes the receipt and transfer of a periodic payment, secure holding of documents, such as a deed or satisfaction when the obligation is paid in full, and the tracking of various financial aspects, including 1098 and 1099 preparation (for IRS tax purposes). However, Cascade Escrow’s Contract Collection services can be tailored to meet each escrow’s specific needs.
Using a collection escrow is a prudent choice for sellers and buyers or for borrowers and lenders who may not have the expertise to perform these functions themselves. There can be a variety of pitfalls in not using an experienced collection escrow provider, such as lost documents, missing principals or later disagreement between the principals, all of which can be managed through collection escrow.
As collection escrow providers have diminished in number, many are outsourcing some components of their process, and even substantially increasing prices. Cascade Escrow continues to provide local, flexible and affordable collection escrow services. We pride ourselves in being approachable – you can actually walk in and sit down to discuss your needs with a Cascade Escrow Contract Collections representative.
What are the benefits associated with Cascade Escrow’s Contract Collection Services?
- Secure and Safekeeping of Documents
- Prompt Deposit of Payments into your Bank Account or Check Disbursement
- Electronic Deposit of Funds
- Electronic Debit of Monthly Payments
- Detailed Monthly Receipts and Payment Notifications
- Loan Amortization Schedule
- Computerized Accounting, Reporting and Documentation
- Instruction Preparation Modifiying Terms of Loan
- IRS 1098 and 1099 Preparation
- Assessment of Late Fees and/or Prepayment Penalties
- Payment Coupons Sent Annually
- Property Tax Tracking
- Insurance Tracking
- Annual Statements
- Quality Experience
- Courteous Customer Support
- Locally Owned & Operated
For more information about this service or any other services, please contact Cascade Escrow’s Contract Collection Department. We look forward to providing you with all of your contract collection needs.