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"Straight" Collection
This form of account provides core payment processing services, including payment receipt and disbursement, principal and interest calculations, tax reporting, etc. A "straight" collection account is available in connection with all sorts of agreements, but is ideal for parties with unsecured loans, lease or rental agreements, and road/water/homeowners association assessments. For agreements including collateral, in a "straight" collection the seller/lender holds the original release documents, and is responsible for delivery on satisfaction of the terms of the agreement, not NCCI.

"True Escrow" Collection
With a "true escrow" collection account, in addition to the core payment processing services, NCCI holds the original collateral release documents and forwards them to the appropriate parties upon satisfaction of the terms of the underlying agreement. Sellers/lenders are relieved of the necessity of holding, securing and properly delivering the release documents, and buyers/borrowers get the added peace of mind that comes from having a third party professional assisting in the completion of this crucial process.

"Reserve" Accounts
For property taxes and homeowners insurance premiums, NCCI "reserve" accounts offer borrowers a budget friendly option by adding a contribution to provide for these expenses to each principal and interest payment. The additional funds are held by NCCI, and when the taxes and insurance are due the payments are made by NCCI. Reserve accounts also give lenders added confidence that these crucial payments will be made on time. "Reserve" accounts may be either "straight" or "true escrow" collection accounts.

Agreement Descriptions