The Escrow tab allows users to enter detailed escrow information and any applicable escrow/closing instructions.
The Escrow tab is divided into two sections: Escrow Information and Escrow Instructions.
Escrow Information
The Escrow Information section allows users to enter detailed escrow information for the loan file. All of the fields in this section are editable and are not required to be entered. If information is entered here, the information will be mapped out to the closing document when ordered.
All fields will be blank and manually entered by users with the exception of the following fields:
The Endorsements field will automatically populate based on the information entered on the loan file. Users have the ability to edit these endorsements and also add on to them.
The Loan Officer field will automatically populate based on the Originator assigned to the loan file. Users have the ability to edit this field and change the Loan Officer’s name, if applicable.
The Title Co. Contact field will automatically populate based on the Contact for the Title Company/Settlement Agent selected on the Forms & Docs > Vendor Info screen. Users have the ability to edit this field and change the Title Co. Contact, if applicable.
The Promissory Note City, State and County fields will automatically populate with the subject property’s City, State and County. Users have the ability to edit these fields and change the Promissory Note City, State and/or County, if applicable.
The Flood Zone is in field will automatically populate based on the Forms & Docs > Request screens > Flood Zone. This field is editable and users can indicate if the Flood Zone is in Participating Community or Non-Participating Community from the Flood Zone is in drop-down list. If this field was not previously completed on any of the Forms & Docs > Request screens, then the field will default to N/A and is editable.
The Is Property in a special flood hazard area will automatically populate based on the Forms & Docs > Flood Hazard > Is Property in a special flood hazard area field. This field is editable and users have the ability to select Yes or No from the Is Property in a special flood hazard area drop-down list.
Escrow Instructions
The Escrow Instructions section allows users to enter in any escrow and closing instructions to be printed on the closing documents.
The Escrow Instructions will automatically populate with the conditions that are not yet cleared in the Forms & Docs > U/W Conditions/Decisions screen.
The Add More Button allows users to add additional lines for additional escrow instructions to be added. The Add More button is located within the blue ribbon next to Escrow Instructions.