"WRAP" TRANSACTIONS - NEW REQUIRED
"WRAP" ADDENDUM - EFFECTIVE APRIL 25, 2025
Wrap transactions (new seller financing by Real Estate Contract or Promissory Note with an underlying loan of seller's remaining in place) have become increasingly popular. NCCI can assist with these transactions, collecting the payments on the new financing between seller and buyer, and forwarding proceeds directly to seller's underlying lender.
We have noted various issues and misunderstandings regarding these transactions. To make sure all of the parties are on the same page up front, we have created a new "Wrap" Addendum to our Contract Collection Agreement:
This "Wrap" Addendum must be signed by the parties and submitted with the account set up package for all new "Wrap" accounts.
Please reach out to us PRIOR to closing with any questions about a proposed wrap transaction, or just to have us look over the documents. We are happy to help you make the transition from closing to contract collections as smooth as possible.
- Collection of scheduled payments
- Tax and insurance reserve accounts
- Electronic banking services (ACH), enabling payments to be both made and deposited without the hassle of mailing checks or trips to the bank
- Payment notices showing easy-to-read interest and principal calculations
- Annual IRS 1098 and 1099 tax information reporting forms (Consolidated reports available for holders of multiple accounts)
- Online account viewing
- Late payment notifications, and late fee accounting
- Holding original documents required to release collateral and clear title, and delivery of documents upon full satisfaction (document preparation services also available on a limited basis)
About Us
With over 50 years combined experience in real estate services (contract collections, title insurance and escrow), our people bring an unmatched depth and breadth of knowledge to private contract servicing, with a practical understanding of each party's needs and expectations.
Whether you’re a seller, buyer, investor, landlord or tenant, we offer a package of services tailored to your needs, with the goal of simplifying your personal accounts.
For our real estate agent and escrow closing partners, we've been there, and understand how important it is to assure that each of your clients has a positive closing and post-closing experience. We are here to work with you to assure customer satisfaction by always striving to exceed expectations.
Services Offered
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