Introduction to Escrow

The following are the existing enhancements:

• Payee files can be received and uploaded to streamline the escrow entry process.
• The parameter setup is wholly contained in the escrow administration hub of the enhancement. This menu includes four main components.
• Payee processing is in the payee menu in the escrow menu. This comprises all the details for payees, including the merge process.
• Loan creation – product contains the escrow condition introduced in the payment schedule.
• Escrow payment processing – calculated installment from escrow account included with the periodic principal and interest payment.
• Escrow disbursement – occurs periodically based on the payee schedule within the analysis year and can be remitted manually or automatically via payment order.
• Ad-Hoc Escrow Deposit and Escrow Withdrawal are available as needed to adjust the escrow balance for corrective purposes.
• Payoff processing considers any escrow balance, whether positive or negative, and calculates the payoff accordingly.
• Creation of escrow bill that allows the manual disbursement or retry process to make the payment to the payee.

The following are new enhancements using the above mentioned existing enhancements:

• Processing Initial Escrow Analysis
• Processing Test Analysis
• Processing Annual Analysis
• Processing Short Year Analysis
• Processing Payoff Analysis.