Contract Collection System

The Contract Collection System, developed by Lincoln Data, is a software solution designed specifically for commercial banks, title companies, escrow companies, and private lenders. According to the vendor, this system is aimed at firms servicing a few hundred to many thousand collection accounts in the mortgage servicing industry. With its wide range of features and capabilities, the Contract Collection System is positioned as a valuable tool for managing seller-financed mortgages, trust deeds, real estate contracts, and other installment notes.

Key Features

Comprehensive Reports: According to the vendor, the system generates a range of comprehensive reports, including Trial Balance, Investor Reports, Year-End Statements, IRS 1098 and 1099 Forms, IRS Electronic Filing, Tickler Memo Reports, and more. These reports provide detailed information on account status, balances, payment history, payment disbursement, contract tickler memos, payoff quotations, and amortization schedules.

Payment Processing: According to the vendor, the system seamlessly handles daily or monthly interest calculations, tax and insurance reserves, late charges, payment coupons, buyer/seller payment notifications, and delinquent payment notices. The system supports payment processing through ACH debits and credits, allowing for electronic funds transfer and reducing postage and paper costs.

Data Import/Export: The vendor states that the system allows for effortless import and export of data, including ACH debits and credits, email receipts, annual statement printing, and cleared/issued checks. This feature facilitates seamless integration with external systems and streamlines data management processes.

Bank Reconciliation System: The system interfaces with the WCCS database to automatically transfer checks issued by the system into a separate check reconciliation file for the trust account. According to the vendor, the system provides "point and click" and "range" clearing features for efficient check reconciliation, reducing the time required for balancing bank accounts.

Email Receipts: According to the vendor, the system offers an email service that provides buyer/seller statements by email, reducing postage, forms, and labor costs. This feature enables efficient communication and document delivery through electronic means.

ACH Interface: The vendor claims that the system allows for the electronic transfer of funds, eliminating the need to mail checks to sellers or their banks and improving payment posting efficiency. This feature is said to reduce postage and paper costs, streamline payment processes, and enhance overall operational efficiency.

www Branch Internet Inquiry: The system provides password-protected inquiry and printing for sellers and buyers who want 24/7 internet access to their loans. According to the vendor, this feature enables convenient and secure online access to loan information through a website interface, improving customer satisfaction and self-service capabilities.

System Requirements: The vendor states that the system is compatible with Windows 7 and newer versions, including Windows 10, with support for Terminal Services. The system requires a laser printer and disk storage capacity based on the number of years' payment history and volume of imaged documents stored.

Types of Loans Serviced: According to the vendor, the system supports various types of loans, including mortgages, trust deeds, real estate contracts, mobile home loans, land contracts, rents, and leases. This feature offers flexibility in servicing different loan types, catering to the needs of diverse industries and professionals.