How to add funding commitments in a construction loan?

NOTE: The matching of available funds to timely disbursements is a critical task of servicing construction loans, and if not managed properly could create cash flow deficiencies in a project. Accurately tracking fund commitments ensures that funds are available when needed.

To add a funding commitment:

Click on Loan Servicing in the left panel of The Mortgage Office®.
Click the Loans drop-down.
Click Construction below All Loans from the menu located on the left of the window.
From the grid, select the record you want to modify.

TIP: If the record you want to edit is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or click Find to search for the record by entering your own search criteria. For additional information see How to use find and How to use the data grids.

Click from the options available on the top panel or double-click on the record to open it for editing.
Click Terms from the list located on the left of the window and select the Construction Tab.
Click the Projects tab.
Click the Funding Commitments hyperlink under the Tasks section.
Click and enter the following information:

Field:	Description:
Loan	The loan account and borrower fields are pre-filled by the system and cannot be changed. These fields are read-only.
Lender	Enter the account of the lender making a funding commitment or click to open a lookup window that allows you to select a lender from a list of existing records. For more details see How to Use Lookup Windows.
Description	Enter a description for the funding commitment. (Maximum of 255 characters)
Date	Enter the scheduled date for the inspection.
Amount	Enter the amount of funds the lender is committing to provide to fund this loan.
Date Expected	Enter the date you expect to receive the funds.
Date Received	Enter the date the funds were received. This field is only enabled if the status is Completed.
Status	Use the drop-down list to select one of three possible statuses: Pending Cancelled Completed

Click Ok to save the changes or Cancel to void the changes.

How to add funding commitments in a construction loan?

This part of the documentation explains how to add a funding commitment to a construction loan.

To add a funding commitment: