A. Most homeowner associations collect monthly, quarterly or annual assessments to pay for maintenance of shared or common areas within the community. The requirement to process and track those payments can be simplified by using our Lockbox Service. With Lockbox processing, we will open a P.O. Box where homeowners can direct their payments. We pick up and process the payments, then send the self-managed HOA or management company an electronic file of each business day’s transactions. These daily files can be uploaded into accounting software systems, saving a tremendous amount of time for the self-managed HOA or management company. For most customers, this service is provided free of charge.
A. In most cases, yes. If the homeowner includes the full name of the association and their account number on the face of the check, the information can be processed. If there is not enough information available, the check is imaged and transmitted electronically to the self-managed HOA or management company for them to provide the missing information. After the required information is received, the item can be processed without further delay.
with their payment?
A. All correspondence included with payments is forwarded to the self-managed HOA or management company office via two-day mail on Mondays and Wednesdays. “Miscellaneous notes” and change-of-address information written on the coupon itself will be intercepted on a best-effort basis. However, as many of the payments are never seen by a human, they can be overlooked. If you are a homeowner, please send all correspondence and change-of-address notification to the address of the management office.
A. Yes. We have a fully staffed lending group ready to review whatever needs a HOA community has. We lend anywhere in the United States for items such as repairs, expansion or any other needs the community may have. You will find us very flexible in structuring the loan to the needs of your community.