The Note Servicing Center story could easily be “your” story because it is the story of a company created to fill a need and has grown from servicing just a handful of notes to a major competitor as a Loan and Note Servicing Provider. Both the mistakes made and the successes experienced along the way have played a major role in preparing us to meet the needs of those we serve in ways that could not be possible without having gone through the pain and gain of each experience.
In 1979, Tom Standen, President and CEO of the Note Servicing Center and a graduate of the FBI National Academy retired as Area Commander with the CA Highway Patrol after serving over 20 years in Law Enforcement both in Command and Administrative positions. As an entrepreneur at heart, a survivor by nature and an opportunist by design, he was eagerly looking forward to embarking upon a new career path. He partnered with an Executive Officer with Wells Fargo in San Francisco who had decided to spin off on his own. Together they established California Equity Corporation, a Hard Money Lending operation with branch offices in Manteca, Mariposa and Sunnyvale, CA. Tom began his re-education process for his second career in Real Estate and Finance by taking advanced CCIM and CFP classes and other continuing education opportunities along with obtaining a CA Brokers License and becoming involved in the CA Trust Deed Brokers Association as a Legislative Advocate.
Tom loves telling the following true story of the small beginning of the Note Servicing Center Inc.
It was in early 1983, when the Mariposa Superior Court Judge called Tom with a problem as follows: A real estate promoter had put together a Limited Partnership with 165 partners to purchase a commercial building. A suit was filed against the General Partner who was sentenced to jail and the building ordered to be sold. The Trustee sold it with a carry back requiring each of the 165 partners to receive a monthly share of the note based on percentage of their interest. Unequivocally, Tom took on the task and for months did the calculations on his HP12. It didn’t take long for him to figure out “there must be a better way”. The short and long of the story is this: He purchased one of the first PC’s made by IBM – an AT 286 computer. He had the “sheer guts” to also purchase a $9,000 software package a whole lot of money (back then) with only one note?? He was later confirmed by the Superior Court as an appointed Referee and Receiver.
As a man of great vision, in the spring of 1984, the Note Servicing Center was formally established, at that time known as North American Loan Servicing. In 2005, the name was changed to the Note Servicing Center Inc., to more efficiently and effectively service lenders and brokers as an effective outsourcing or “back office” processing center to collect and disburse payments on notes, loans and other debt instruments. Since 1984, the Note Servicing Center has steadily grown through referrals from clients, Brokers, Lenders, Title Companies and Attorneys, and now recognized as one of the premier loan servicing companies in the country.
The primary mission is to collect, calculate and disburse payments for private notes, loans and other debt instruments that no bank, financial institution or escrow company has the time, capability or motivation to provide. The Note Servicing Center acts as a third party authority in the servicing of promissory notes secured and unsecured for Private Hard Money Lenders, Note and Loan Brokers, Banks, Pension and IRA Administrators, Real Estate and Exchange Brokers as well as Private Mortgage Pool LLC Managers. Strategic Partners who provide professional services to the Real Estate and Finance Community also rely upon the Note Servicing Center as referral affiliates to assist in providing solutions through servicing to their clients. Among others, these included Attorneys, CPA’s, Financial Planners, and Qualified Exchange Intermediaries.
Although the operations and staff of the Note Servicing Center has grown exponentially, the servicing of privately financed seller carry back notes remain solid, growing and a primary source of the servicing business, including intra-family loans. More recently, the services of the Note Servicing Center has expanded to provide solutions for non-traditional types of real estate transactions including Contracts of Sale (aka Land Contracts and Contract for Deed) and Subject2 agreements.
With over 80 years of combined experience in Residential and Commercial Real Estate Brokerage, Finance, Property Management, Construction and Development together with Loan and Note Servicing, the founders, officers and staff of Note Servicing Center have earned the respect and recognition as a leader in the Real Estate and Private Finance Community.