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As a lender when can I expect to receive the borrowers payment?
HCE receives Borrowers funds via ACH, Check or Wire Transfer. There is a 3 business day hold on the funds to make sure they clear the bank if the funds are remitted via ACH or Check. The lender will receive the payment via ACH, Check 3 business days after receipt. If the borrower pays via wire transfer, we can release the funds the next business day.
How do I know the borrower has paid their payment and a payment to me as the lender is being sent?
HCE will send you an updated lender statement when your payment is issued to you via ACH or check.
As a borrower how will I know my payment was posted to my account?
HCE will provide you with a receipt if you bring your payment into the office in person. If a check is mailed in or an ACH draft is authorized, HCE will email you an updated borrower statement when the payment is posted in our system.
Can I pay additional principal payments toward the balance of the loan?
Provided payments are current and on schedule and as long as there are not any prepayment penalties detailed on your note, we can accept principal reductions and apply those payments a principal only payment.
If I pay a principal reduction payment, does that change my monthly payment amount?
No, the monthly payment will remain the same, but you will pay off your loan ahead of the amortization term.