Why are you not collecting late fees from the borrower?

If the borrower only sent in enough funds to make a PI or PITI payment, the late fee will be assessed and accrue on the loan until the late balance is paid. The late balance will be paid before any additional funds are applied as principal pay down. Payments on security instruments are applied in […]

Why was my borrrower’s payment placed in reserve?

Borrower payments that are less than the monthly PI will be placed in reserve until funds are received to make a complete monthly payment. A borrower’s payment in excess of two monthly payments will also be put into reserve.

When will the loan status change to performing?

Borrowers must make payments for three (3) consecutive months  before the loan is categorized from “non-performing” to “performing.” Loans are automatically updated on a monthly basis according to the payment history on the loan. Loans that miss two payments for (2) consecutive months get switched to “non-performing” and loans that make payments for three (3) […]

Can I endorse a check to Madison Management Services?

Yes, you can endorse the back of money orders and checks to Madison Management Services. The back of the money order or check must have “Pay to the order of Madison Management Services, LLC” and signed by you.

I received funds directly from my borrower. Can the account be updated to reflect these payments?

No. Madison Management Services must receive the funds directly to credit the borrower’s account. We need to show the payment was received and applied to the account for accounting and auditing purposes. Payments must also be received to accurately report to the credit bureau and generate end of the year tax forms for the borrower […]

How do I order other services?

Third party services, such as “Door Knockers”, “Broker Price Opinion” (BPO), Title Swipes, etc. must be paid for in advance via PayPal and can be ordered on the Additional Services link under the Loan Servicing menu item: Additional Services.

How can I pay my invoices?

Invoices will be deducted from your half monthly borrower collections check. We also offer auto draft payments via ACH. Funds will be debited once a month for any open invoices during the first week of the month. Checks can also be mailed to: Madison Management Services, LLC 4600 Kietzke Lane, Ste K-225, Reno, NV 89502. […]

When will I receive my invoices?

Invoices are generated on the 15th of every month. You will receive an email when invoices have been uploaded to your Sharefile account. You can click the link in the email to log into your sharefile account and download your invoices from the folders in your account. You can also access your sharefile account ShareFile […]

Where can I find my invoices and payment information?

All accounting information is stored on Sharefile in separate folders. Please use the following link to access your Sharefile account. ShareFile Login.

How will I be notified of payments sent to me?

You will be sent a notification from Sharefile to download a check detail report. The report is sent to you whenever funds are sent to you via ACH or check disbursement. The report will provide you with a breakdown of the borrower’s payments and monthly deductions.

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