Interim Servicing

Forms & Docs > Interim Servicing

The Interim Servicing screen allows the user to track and receive payments on a loan from the borrower before selling the loan to an investor. Users may edit the Interim Servicing screen after the loan has been finaled with the applicable user right (noted below) by clicking on Interim Servicing from the left-side navigation under Forms & Docs.

The Interim Servicing screen is divided into the following three sections:

·         Loan Information

·         Payments Received

·         Disbursements Sent

The following fields will automatically populate on the screen for each section:

Loan Information section contains the following subsections with fields that auto-populate based on data entered on other screens:

Loan and Property:

·         Loan Number populates with the system generated Loan Number

·         Product populates from Lock > Product Code field

·         Occupancy populates from 1003 > Property tab > Property Will Be field

·         Interest rate populates from 1003 > Terms tab > Interest rate (%) field

·         Loan Amount populates from 1003 > Terms tab > Mortgage Amount field

·         LTV populates with the system calculated LTV

·         Property Address populates from 1003 > Property tab > (Subject) Address Number, Address Street Name, City, State, and Zip fields

·         Term populates from 1003 > Terms tab > Number of Months field

Borrower:

·         Name populates from 1003 > Borrower tab > First Name, Middle Initial, Last Name and Generation fields

·         Home Phone populates from 1003 > Borrower tab > Home Phone field

·         SSN populates from 1003 > Borrower tab > SSN field

·         Work Phone populates from 1003 > Employment tab > Work Phone field

·         Email Address populates from 1003 > Borrower tab > Email Address field

·         Cell/Alt Phone populates from Borrower Summary > Cell/Alt Phone field

·         Mailing Address populates from 1003 > Borrower tab > (Mailing) Address Number, Address Street Name, City, State, and Zip fields

Closing and Funding:

·  Closing Date populates from Closing Docs > Loan tab > Closing (Note) Date field

·         Interest Only populates "Yes" when 1003 > Terms tab > Repayment Type = Interest Only, otherwise populates "No" when Repayment Type = Fully Amortizing

·         Funded Date populates from Funding > Date Funded field

·         Period (months) populates from 1003 > Terms tab > Interest Only Repayment Term field

·         1st Payment Date populates from Closing Docs > Loan tab > First Payment Date field

·         Grace Period (days) populates from Closing Docs > Loan tab > Late Days field

·         Maturity Date populates from Closing Docs > Loan tab > Maturity Date field

·         Late Charge populates from Closing Docs > Loan tab > Late Charge field

·         Next Payment Due Date recalculates each time a payment is received

·         Purchased by Investor populates from Accounting > Purchased By Investor field

·         1st Payment Due Investor populates from Accounting > First Payment Due Investor field

·         Escrow Holdback populates from Closing Docs > Loan tab > Escrow Hold field

·         EEM populates from Closing Docs > Loan tab > EEM field

·         Escrow Funds Held By populates from Closing Docs > Loan tab > Escrow Funds Held By field

·         Escrow Holdback Date populates from Closing Docs > Loan tab > Escrow Completion Date field

·         Escrow Holdback Amount populates from Closing Docs > Loan tab > Holdback Amount field

·         203k Self Help populates from Closing Docs > Loan tab > 203k Self Help field

Investor and Servicer:

·         Investor Name populates from Investor Lock > Investor field

·         Servicer Name populates from Investor Lock > Servicer field

·         Investor Phone populates with Phone for Investor based on setup in Admin

·         Servicer Phone populates Phone for Servicer based on setup in Admin

·         Investor Loan Number populates from Investor Lock >Investor Loan # field

·         Servicer Loan Number populates from Investor Lock >Servicer Loan # field

·         Sub-Servicer Name populates from MERS Information > Sub-Servicer field

·         Sub-Servicer Phone populates with Phone for Sub-Servicer based on setup in Admin

Current Payment:

·         Total Payment calculates the total payment amount based on the data in the Principal and Interest, Homeowner’s insurance, Mortgage insurance, City property taxes, County property taxes, Annual assessments, Flood insurance, and Other fields in the Current Payment subsection

·         County property taxes populates from Closing Docs > HUD Page 2 tab > County property taxes Per Month field

·         Principal and Interest populates the system calculated P&I amount

·         Annual assessments populates from Closing Docs > HUD Page 2 tab > Annual assessments Per Month field

·         Homeowner's insurance populates from Closing Docs > HUD Page 2 tab > Homeowner's insur­ance Per Month field

·         Flood insurance populates from Closing Docs > HUD Page 2 tab > Flood insurance Per Month field

·         Mortgage insurance populates from Closing Docs > HUD Page 2 tab > Mortgage insurance Per Month field

·         Other populates from Closing Docs > HUD Page 2 tab > User Defined Per Month field

·         City property taxes populates from Closing Docs > HUD Page 2 tab > City property taxes Per Month field

·         Other populates from Closing Docs > HUD Page 2 tab > User Defined 2 Per Month field

Payments Received section contains the New Payment Received subsection with the following fields for users to add a payment received from the borrower:

·         Payment # - enter the payment number for the payment received

·         Principal – enter the amount of the payment to be applied to principal

·         Payment Amount – calculates based on the data entered for the received payment and displays when the payment is saved

·         Interest - enter the amount of the payment to be applied to interest

·         Payment Received - enter the date the payment is received

·         Escrows - enter the amount of the payment to be applied to escrows

·         Payment Forwarded - enter the date the payment was forwarded to the Investor (if applicable)

·         Additional Principal - enter the amount of the any additional principal payment

·         Check # - enter the check number for the payment (up to 15 characters)

·         Additional Escrows – enter the amount of any additional escrow payment

·         Late – select Yes from the drop-down list if the payment was received late (defaults to No)

·         Other - enter the amount of the payment to be applied to Other

·         Late Fee – enter the late fee amount (if applicable)

Click Add to save the payment.

Saved Payment subsection of the Payments Received section displays the previously entered payment information. Click Edit to modify the previously entered payment information. Click Delete to remove the previously entered payment information.

Disbursements Sent section contains fields for users to record and track escrow disbursements and is divided into the following subsections:

Hazard Insurance:

·         Vendor – populates from Closing Docs > Lender & Legal tab > Hazard Insurance field

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for Hazard Insurance

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for Hazard Insurance

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for Hazard Insurance

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

Mortgage Insurance:

·         Vendor – populates from Closing Docs > Lender & Legal tab > PMI Company field

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for Mortgage Insurance

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for Mortgage Insurance

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for Mortgage Insurance

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

City Taxes:

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for City Taxes

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for City Taxes

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for City Taxes

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

County Taxes:

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for County Taxes

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for County Taxes

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for County Taxes

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

Annual Assessments:

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for Annual Assessments

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for Annual Assessments

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for Annual Assessments

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

Flood Insurance:

·         Vendor – populates from Closing Docs > Lender & Legal tab > Flood Insurance field

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for Mortgage Insurance

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for Mortgage Insurance

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for Mortgage Insurance

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

Other 1:

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for User Defined

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for User Defined

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for User Defined

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

Other 2:

·         Annual Payment - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Annual Payment Amount field for User Defined 2

·         Payment Schedule - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Schedule field for User Defined 2

·         Payment Date - populates from Closing Docs > HUD Page 2 tab > Aggregate Adjustment > Payment Date(s) field for User Defined 2

·         Date Paid – enter the date the escrow payment is sent

·         Amount Paid – enter the amount paid to the vendor

·         Forwarded – enter the date forwarded to Investor

 Additional Information:

·         UPB - displays the calculated unpaid principal balance

·         Hello Letter Sent - enter the date the Hello Letter is sent to the borrower

·         Good-Bye Letter Sent - enter the date the Good-Bye Letter is sent to the borrower

·         Paid in Full - enter the date the loan is paid in full

·         Serviced By – select the user servicing the loan from the drop-down list

Repurchase Information:

·         Repurchase Date - enter the repurchase date from the Investor (if applicable)

·         REO? – select Yes or No from the drop-down list (defaults to No)

·         Next Due Date - enter the due date of the next payment

·         Current Balance - enter the current balance of the loan

Tip: The date fields may be entered manually or by utilizing the calendar icon to the right of the field.

Click Save/Close to save the information entered on this screen.

Click Cancel to discard changes made to this screen.

Click the Printer Icon next to Forms & Docs > Interim Servicing to open a printable version of the Interim Servicing screen.