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How does ACH Express work?

This article discusses how ACH Express works within The Mortgage Office®.

ACH Express is a fully integrated and very easy to use solution for automating the process of electronic debiting and crediting of funds to your customer's bank accounts. It looks-like, works-like and collaborates fully with the rest of the modules in The Mortgage Office® suite of products.

Below is a simplified outline of setting up and processing borrower payments:

  • First complete the one-time step of collecting and entering all the necessary bank and payment information for each participating borrower. Most of this information can be obtained from a borrower's canceled check.
    • Bank's Routing (ABA) Number.
    • Account Number.
    • Account Type: Checking or Savings.
    • Next Debit Date (most commonly the next payment due date).
    • Debit Amount (most commonly the regular payment amount).
  • Run the ACH Borrower Payments Assistant at least one day before loan payments are due.
    • Depending on the number of borrower payment billing cycles you have, you may need to run the wizard one or more times per month. For example: if all of your loans are due on the 1st and the 15th, you should run the Automated Payment Wizard on or before the 30th to bill for the payments due on the first of the following month; and on or before the 14th to bill for the payments due on the 15th.
    • Borrower payments are automatically applied and all related files updated without any user intervention. Each automated payment is assigned a unique tracking number and denoted as an electronic payment in the borrower's history.
    • The file generated is automatically transmitted. All ACH Express transactions are then processed through the Federal Reserve's ACH banking network to which 95% of the nation's banks belong - including the Federal Reserve.

In order to maximize the income generated by your loan-servicing portfolio, you must become increasingly efficient. The Mortgage Office® has already automated each step of the loan servicing process and dramatically cut labor costs. Now ACH Express takes that automation one more step by further reducing your manual work, while at the same time eliminating the paper chase of manually making deposits and writing checks.

 

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