8.12.8 Escrow Sub Tab

This topic provides information on the escrow section, which records and manages details of funds or property placed in trust, released only when agreed conditions are met.

If there is escrow information selected on the Itemization sub screen, enter information about it on the Escrow sub screen. The Escrow sub screen records escrow details regarding disbursement, insurance, and property tax - information that is parsed to the Customer Service screen on the Customer Service (2) master tab, where it is available for maintenance.

This sub tab is available, if escrow is allowed for the instrument selected on the Loan screen.

The Escrow Analysis screen enables user to view and perform the initial escrow analysis. User can perform multiple analyses; however, the system records only the most recent analysis.

To complete the Escrow sub screen
  1. On the Origination, click Origination. Under Origination, click Funding.
  2. Under Funding, click Funding tab. Under Funding tab, click Contract. Under Contract, click Escrow.
  3. The Escrow Information section displays information regarding the escrow recorded on the Itemization sub screen. In this section, user can perform any of the Basic Operations mentioned in Preface.
    A brief description of the fields is given below:

    Table 8-12 Escrow Information

    Field Description
    Escrow Displays the escrow itemization code and description.
    Escrow Type Displays the escrow type.
    Escrow Sub Type Displays the escrow sub type.
    Advance Amt Displays the amount that’s been approved for the Item in the itemization screen under the escrow.
    Required Escrow If selected, indicates that this is mandatory itemization and customer can not opt out of this escrow item.
    Cushion Allowed If selected, indicates that cushion is allowed.
  4. Select the Opt Out box only if user want to ignore this particular escrow.
  5. In the Disbursement section, enter the following information:

    Table 8-13 Disbursement

    Field Description
    Rule Select disbursement rule.
    Yearly Amt Specify yearly disbursement amount.
    Account # Specify reference account number for vendor.

    Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234.

    Vendor Specify the vendor name.
    Maturity Dt Specify the maturity date, if one exists.
  6. If this escrow involves an insurance, use the Insurance section to enter the following information:

    Table 8-14 Insurance

    Field Description
    Coverage Type Specify the coverage type.
    Coverage Term Specify the coverage term.
    Policy # Specify the policy number.
    Coverage Amt Specify the coverage amount.
    Effective Dt Specify the effective date.
    Expiration Dt Specify the expiration date.
  7. If this escrow involves a tax, use the Tax section to enter the following information:

    Table 8-15 Tax

    Field Description
    Property Tax Type Specify property tax code.
    Comment Specify a comment.
  8. Perform any of the Basic Actions mentioned in Preface.

Parent topic: Contract Tab