(866) 407-1599
Quick Rate Quote
(866) 407-1599
Quick Rate Quote
(866) 407-1599
Quick Rate Quote
(866) 407-1599
Quick Rate Quote
(866) 407-1599
Quick Rate Quote

Loan Servicing FAQ

PAYMENTS

How do I set up my online portal?

  • Our servicing team has sent you an email notifying you that your loan has been transferred to one of our servicing partners. Please follow the instructions provided in the email.
  • You will also receive a Welcome Letter in the mail from your new servicer. The letter will include further details.
  • If you are unable to locate the email notification or have not received your Welcome Letter, please contact your Park Place Account Executive or email servicing@parkplaceus.com for assistance.

I’m having trouble with my online customer portal, who can help?

  • Please contact your servicer’s customer care department for assistance.
  • Park Place cannot assist with portal issues.

How do I find contact information for my new servicer?

  • If you know who your loan servicer is, please click their link below.
  • If you don’t know who your loan servicer is, please contact your Park Place Account Executive to confirm.

How do I make my monthly payments?

How do I update the bank information for my automatic drafts?

  • The quickest way to update your bank information is via your online portal.
  • Our servicing team can also facilitate the change for you. Please download and complete a new ACH form here.
    • ALL sections of the form should be completed.
    • For payment details, please refer to your Note from closing documents or contact your Park Place Account Executive.
    • Send your updated ACH form to servicing@parkplaceus.com – be sure to include your name, property address and loan number.

I filled out an ACH form at closing, why are my payments not drafting?

  • The most common reason an ACH form will be rejected by a servicer is because the monthly payment amount and draft date are incomplete.
  • Please contact Jessica Mesa to check your existing ACH form. Her email is jessica@parkplaceus.com.
  • You can also download and complete a new ACH form here.
    • Send the fully executed form to servicing@parkplaceus.com – be sure to include your name, property address and loan number.
    • To confirm your payment amount, check your Note from the closing documents or contact the servicing Jessica Mesa at jessica@parkplaceus.com. 

How do I set up automatic monthly payments?

Why did my automatic payments stop drafting from my account?

  • The most common reasons this can happen are:
    • Your loan has matured. ACH will resume once a loan extension is processed (please refer to our maturity section).
    • Your payment was returned for insufficient funds. ACH will resume once successful payment has been received.
    • You changed your ACH information and the bank was unable to locate the account. 
  • Please contact your servicer’s customer care department for further assistance.

When is my payment due? Is there a grace period?

  • Interest payments are due on the first of each month.
  • Late fees and default interest is activated after the 10th calendar day of each month.

What is default interest?

  • Daily default interest is accrued if your payment isn’t received after the 10th of each month.
  • Daily maturity default interest is accrued once your loan matures.
  • Refer to your Note from the closing documents to confirm your default interest rate.

I made my payment, why is my loan in delinquent status?

  • Your payment is probably sitting in suspense. This can happen for a few reasons.
    • Your loan has matured (please refer to our maturity section).
    • The amount that you paid was not enough to cover your total outstanding balance due.
      • This can be due to NSF payments, late fees, and/or default interest that has been accrued.
  • Please contact your servicer’s customer care department for further assistance.

How do I request to waive late and/or default charges on my account?

  • We work with servicing and investor partners to help manage our loans. Please submit a written request to your respective loan servicer.
  • Your servicer will then forward the request to Park Place and our investor partners to review. Our investors have the final decision and will advise the servicer whether your request is approved or not.

My payment is in suspense, how can I apply it to my monthly payment?

  • If your loan has matured, your suspense balance will not be applied until an extension is processed.
  • For all other scenarios, send a written request to your servicer to apply the suspense balance to your Note rate.
  • Your servicer will forward your request to Park Place and our investor partner for approval. Please be advised that Park Place does not determine whether this is approved or not.

I’m selling or refinancing my loan soon but I have an upcoming payment, what should I do?

  • We highly suggest making any payments that are due while you wait for your loan to pay off. Any delays in payments can result in added default interest, late fees, and other charges. 

I have an approved payoff but I’ve made a monthly payment since then, what should I do?

  • If you have at least 7 business days until your closing date, you can order an updated payoff to reflect your most recent payment.
  • If you have less than 7 business days, we suggest sticking with your original payoff. Your servicer will issue you a refund for any overage they receive.

Who do I contact for questions about my payment statement?

PAYOFFS & MORTGAGE STATEMENTS

How do I request a payoff for my loan?

How long does it take to receive my payoff once it’s ordered?

  • The average turnaround time for a payoff is 7 business days from the time we receive your borrower authorization form.
  • Rush requests may not be honored – please be sure to submit your payoff request with ample time to process.

I see extra charges on my payoff letter and need more details.

I’m closing before the payoff statement good through date.

  • If you have at least 7 business days until your closing date, you can order an updated payoff.
    • Please be advised that your servicer may charge you for each payoff they generate.
  • If you have less than 7 business days until your closing date, you will need to pay the full amount listed on your payoff. Your servicer will refund you for any overage.
    • Please allow 30 days to receive your refund.

I’m closing after the payoff statement good through date.

  • If you are paying less than 10 days after your payoff expires, please add per diem interest for each day past the expiration date.
    • The per diem (daily) interest amount can be found within your payoff demand letter
  • If you are paying more than 10 days after your payoff expires, please order an updated payoff with an accurate closing date.

How do I obtain a mortgage statement?

  • Contact your servicer’s customer care department for mortgage statements.

How do I obtain statements for tax purposes?

  • Park Place Finance does not provide tax documents. Mortgage statements can be acquired through your servicer.

DRAWS

How does the draw process work?

  • Draw approval is based on work completed in line with the borrower’s rehab budget that was determined at origination. Once a line item is partially or fully completed and confirmed with an inspection report, funds will be released accordingly.

What does “Completed Work” mean?

  • Park Place will reimburse you for work that has been fully completed. You will not be reimbursed for materials that have been purchased and/or delivered but not installed.
  • Example: Cabinets must be fully installed. We will not disburse draw funds for cabinets that have been purchased but not installed. Even if you provide an invoice/receipt for the purchase.

Can I receive partial release on line items within my rehab budget?

  • Yes, draw approval is based on work completed. Example: flooring is 50% complete throughout the home, 50% of funds allocated to flooring will be released.

I’m ready for my first draw, where do I start?

  • Submit a draw request through https://parkplacefinance.com/draw-request/. Our team will sign you up with one of our draw partners – Sitewire or Trinity.
    • If using Sitewire you will receive an invitation email from Park Place and the subject line will read “Property Address – you have been invited to submit draws”.
    • If using Trinity our team will submit the request and an inspector will reach out to schedule an inspection.

I’ve ordered my first draw, how do I order draws for the remainder of the project?

  • If using Sitewire, all draws after the first draw will be submitted directly through the Sitewire app.
  • If using Trinity, submit the request through https://parkplacefinance.com/draw-request/ and our team will request the draw inspection and have an inspector reach out within 24 hours.

How many draws can I call throughout my project?

  • There is no limit on the amount of draw requests that can be submitted.
  • Keep in mind each inspection incurs a $250.00 fee.

What is the fee per inspection?

  • Both Sitewire & Trinity incur a fee of $250.00 per draw request.

How long does it take to get my draw funds?

  • Once Park Place receives the approved inspection report from Sitewire or Trinity, please allow a minimum of 24-48 hours for draw funds to be released.
  • For larger draw amounts, please allow 72 hours for draw funds to be released.

Can I reallocate rehab funds to different line items?

  • No, we cannot reallocate funds within a rehab budget. The final budget is approved during the origination process and cannot change after closing.

What if I do NOT use all of my rehab funds on the project?

  • If rehab funds are not 100% disbursed, the remaining funds will not be due back at payoff. However, if you have been paying interest on the full loan amount including the construction holdback funds you will receive a credit on the payoff.

Can I call a draw if I am delinquent on monthly payments or the loan has matured?

  • In order to receive draw funds, the loan cannot be in delinquent status.
    • If payments are delinquent, the borrower must bring their loan payments current to proceed with the draw.
  • If the loan has matured, an extension must be completed to continue the draw process and receive draw funds.
  • The loan must also be current on insurance and property taxes. 

LOAN MATURITY & EXTENSIONS

What is a loan maturity date?

How do I find my loan maturity date?

  • Please refer to the Note that you signed from the closing documents.
  • Our servicing team will begin reaching out to you with maturity reminders 60 days before your maturity date.
  • The sooner you provide us with your exit strategy, the better we can help guide you through the process.
  • Please email servicing@parkplaceus.com to let us know the exit strategy of your loan. 

What happens to my loan when it matures?

  • Your loan is technically in default once it matures.
  • If Park Place is funding your rehab, no draws will be released until a loan extension is processed.
  • Your interest payment ACH auto draft will be suspended until a loan extension is processed.
  • Payments will be made in suspense and will not be applied to your Note Rate causing your loan to enter delinquent status.
    • If you pay off your loan, suspense balances are added to the total amount due as a credit. Note rate is your regular monthly interest payment.
  • Your loan will incur daily maturity default interest until a loan extension is processed.

I’m scheduled to close before my loan matures, is there anything I need to do?

My closing was postponed and my loan is maturing, what should I do?

  • Provide an update as soon as possible to servicing@parkplaceus.com. 
  • Request a loan extension here.
  • Continue to make your monthly payments while you wait for your loan to pay off. Delinquent payments can result in added default interest.

What is a loan extension?

  • An extension to your loan terms if you are not ready to pay it off in full. 
  • The minimum extension time is 3 months. 

How do I request a loan extension?

  • Complete the extension application here.

What is the loan extension process?

  • Submit your loan extension request on our website and send proof of current property taxes and insurance servicing@parkplaceus.com.
    • *Your extension will not be processed without proof of current property taxes and insurance*
  • We will review your application and submit it to our investor partners
    • Please note that our investors make the final decision and set the terms of your extension
  • If approved, our team will send you a set of extension documents to sign via DocuSign. 
  • Your loan cannot be extended until the documents are signed. 

How many extensions can I request?

  • Ideally, you will only need one loan extension. In some rare cases, two loan extensions may be approved.

Do loan extensions cost anything?

  • Yes. Extension terms are a case-by-case basis and can be determined by several factors. We’re unable to provide exact loan extension terms until we submit a request.
  • Common terms may include:
    • A one-time extension fee equal to a small percentage of the total loan balance.
    • An increase in the note rate to match the current market.

SITEWIRE

What is Sitewire?

  • Sitewire is a fast draws program where we eliminate inspector site visits in order to provide draw funds quicker.
  • You will use your phone to capture the project in video and photos via the Sitewire App.
  • Once photos and video have been uploaded to the app, a remote general contractor will review for draw approval.

What is the Sitewire draw process?

  • You will receive an email invite to join the app.
  • Open the invite on the mobile device used for inspections and “accept invite”.
  • From there you will “Create Draw” to add job items from your budget.
    • Corresponding photos and videos are required to show progress on the project.
  • Once submitted a general contractor will review for draw approval before submitting the inspection report to Park Place for review.

The Park Place team stated they sent the invitation for Sitewire but I did not receive it?

  • Search your spam and promotions folder within your email. The subject line will read “Property Address – you have been invited to submit draws”.
  • If you are still unable to find the Sitewire invite, please email draws@parkplaceus.com and jgreeley@sitewire.com to resend the invitation.

I am unable to take photos/videos myself through Sitewire, can someone else submit the draw request?

  • Within Sitewire you can add users (partner, general contractor, family) to your property portal so that they can submit draws on your behalf.
  • Additionally, you will be able to review the draw before the added user officially submits to Sitewire for approval.

I have bad data connection error message when I press submit:

  • Every time you hit “save” within the app, your work is saved to the app. You can leave the jobsite and connect to Wifi then press submit again.