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How to assess finance charges & generate billing statements for a line of credit loan?

This part of the documentation discusses how to assess finance charges & generate Borrower Billing Statements for a line of credit loan.

Unlike more conventional loans, with line-of-credit type loans you must assess finance charges at regular intervals. The frequency and method of calculation is determined by the parameters entered in each loan’s Line of Credit billing terms.

To assess finance charges & print Borrower Billing Statements:

  • Click on running Loan Servicing in the left panel of The Mortgage Office®.
  • Click Tasks & Reports. 
  • Under the Line of Credit / HELOC section, click print Assess Finance Charges & Print Billing Statement.
  • Select Loans by Account. The drop-down choices are:
    • All Loans
    • Select Loans by Account

TIP: If you choose to select loans by account, click the browse two dots lookup tool in the From: & To: fields to choose a range of borrowers. Read more about the lookup tool here.

  • Statement Style. The only style supported at this time is Standard.

  • Select Envelope Size. This selection aligns the location of the borrower's address on the statement with several commonly available window envelops. The drop-down choices are:

    • None (best for sending the statement via email or exporting it to PDF format)
    • DFS-771 (4-1/8 x 9)
    • Size 9 (3-7/8 x 8-7/8)
    • Size 10 (4-1/8 x 9-1/2) 
  • Enter the Statement Closing Date. This date determines which loans are considered for assessment. For example: if you enter a statement closing date of 10/31, all loans with a Billed Through date of 9/30, Billing Start Day of 1 and monthly billing frequencies will be selected for assessment.

TIP: The Statement Closing date is the final day of the billing cycle—it's the last date that charges can post and be counted in the statement balance calculation.

  • Check Exclude Borrowers on Hold square-check-solid to exclude all borrowers that have been placed on hold; otherwise, uncheck this box.

TIP: You may, as many times as needed, use the  Next and BACK blue button without borderBack navigation buttons to retrace your steps and make changes.

  • If necessary, use the Select Categories to Include or Exclude dialog to include or exclude loans based on their categories.

NOTE: Categories are keywords or phrases that help you create logical loan groups. To learn more read How to Use the Categories Window.

  • Click to pull through the list of borrowers with the Statement Closing Date you entered above on the Select Borrowers screen.

  • You will see a list of loans based on the criteria and options you entered in the prior step. By default, all loans are selected, but you may individually uncheck loans you want to exclude.

TIPS:

  • You can use the Select All and Clear All hyperlinks near the bottom of the window to check or uncheck all loans on the list.
  • You may also choose to Export to Excel.

NOTE: You won't be able to proceed to the next and final step unless one or more loans are selected.

  • Click NEXT in blue boxto pull up the Print, Preview or Email Statements screen. Your options from here are:

Field:

Description:

Blue Check Box_r Override delivery options and print statements for all selected loans

Select this option if you want to ignore the borrower's delivery preference and print a statement.

TIP: Documents that are email-enabled, will use each recipient's delivery preference to determine whether the document is emailed, printed and mailed or both. You can override this preference by selecting the option above. For example: even if many borrowers have elected to receive their monthly statements via electronic mail, you may want to print and send the year-end statements via regular U.S. mail.

TIP: When you select to override the delivery options, the system will generate both, an email and a printed statement for any recipients that selected email as their delivery option.

Blue Check Box_r Create Attachments

Select this option if you want to automatically attach a copy of this statement to the borrower's file. 

TIP: You can use the Tabs drop-down menu to specify which attachment tab to store the document under.

INFO: When this option is selected, the Preview Statements button is disabled. If you'd like to preview the statements before printing, uncheck this option, preview the statements, then check this option again and print and attach the statements.

Window Envelope Alignment 

 The hyperlink brings up the following options under Select Envelope Style:
    • DFS-771 (4-1/8 x 9)
    • Size 9 (3-7/8 x 8-7/8)
    • Size 10 (4-1/8 x 9-1/2) 
Print Statements

Click to Print the statements.
Preview Statements

Click to Preview and optionally print the statements.
Email Statements.

Click to email the statements.

NOTE: You can edit the email templates and tailor them to your specific needs in the Email templates section of the image-png-Jun-21-2023-05-51-32-2405-PM Options.

Send Text Messages

Click to Text the information.

Edit Message

Click to Edit any messages.
Apply Finance Charges

Click to apply the Finance Charges. The button is disabled until the billing statements are printed or previewed.

CAUTION: You must make sure the statements printed correctly before applying the finance charges. Once the finance charges are applied you won't be able to easily reprint the billing statements for this period. 

  • Click APPLY Apply Finance Charges once you've made sure all statement information is correct.

  • Click YES button to apply the Finance Charges.

     

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