Introduction to Escrow

This feature is based on the fulfillment of the market expectations in the US Escrow while retaining the Canadian TPA processing on the escrow framework.

Existing Enhancements

• Payee files can be received and uploaded to streamline the escrow entry process.
• The parameter set up is wholly contained in the escrow administration hub of the enhancement. This menu contains 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 on a periodic basis 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 calculate the payoff accordingly.
• Creation of escrow bill that allows the manual disbursement or retry process to make the payment to the payee.

New Enhancements

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.