How to add loan charges?

There are a few ways to add a new charge to a loan: from the All Loans Grid, from the loan file window, and from Tasks & Reports. See how to complete each option below:

All Loans Grid:

Click on the Loan Servicing drop-down in the left panel of The Mortgage Office®.
From the Loan Servicing drop-down, click the Loans drop-down.
Click All Loans from the Loans drop-down.
From All Loans the grid, select the loan 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 the Actions drop-down then click Add Charges and fill in the following information:
- The selected loan's Account number will be prefilled and is a read-only field. The primary borrower's name will also be prefilled in the box below the Account field.
- Date of Charge. Enter the date of the charge.

NOTE: For Line of Credit loans, this date cannot be for a prior billing cycle. The charge must be dated on or after the starting date of the current billing cycle.

- Reference. You may enter up to 10 alpha-numeric characters in this field for identification.
- Enter the Original Amount of the charge.

TIP: The Original Amount is primarily a reference field and may differ from the current balance due of the charge.

- Charge Type. Select the type of charge.

TIP: To edit, add, or delete charge types, click the blue hyperlink that says Charge Type and the use the New, Delete, or Rename buttons to complete the action.

- Enter the Interest Rate. Enter zero if you do not want to accrue interest for this charge.
- Enter the Interest From date. The charge will start accruing interest as of this date.

NOTE: The Interest Rate and Interest From fields do not apply to billable loans (Line of Credit, Commercial, or Construction loans).

- Enter a Description. You may enter up to 255 characters.
- Notes. You may enter up to 255 characters. The notes entered are not disclosed to the borrower.
- Deferred. Check this option if payment for this charge is to be deferred.

NOTE: Unpaid deferred charges are never listed as past due in billing statements and are only due at payoff.

- Assess Finance Charges. Check this option if you want finance charges to be assessed for this charge during billing.

NOTE: This option is only available for Lines of Credit, Commercial, and Construction loans. If left unchecked the charge will be itemized in the billing statement but it will not accrue any finance charges.

- Advanced By. Enter the account number of the broker, lender or vendor advancing the funds for this charge. Once a valid account is entered, you'll be able to enter the amount due.
- On Behalf of. If the funds were advanced on behalf of another lender, then enter his account number here. Once a valid account is entered, you'll be able to enter the amount due.

NOTE: The amount owed by the borrower is the sum of the Advanced By and On Behalf of amounts. See more considerations for using the Advanced By and On Behalf of amounts here.

- Distribute Between All Lenders. Click to distribute the amount of the charge equally between all funding lenders according to their percentage ownership.

TIP: This feature only becomes available when the On Behalf of field is left blank. The amount entered in the Advanced By field is divided base on each lender's ownership and a separate charge created for each lender.

Click OK to enter the charge; otherwise click Cancel to abort.

Loan file window:

Click on the Loan Servicing drop-down in the left panel of The Mortgage Office®.
From the Loan Servicing drop-down, click the Loans drop-down.
Click All Loans from the Loans drop-down.
From All Loans the grid, double-click the loan record you want to modify.
- You can also select the record and click Edit.

With the loan file window open, click Charges on the navigation panel on the left.
Click New and fill in the following information:

- The selected loan's Account number will be prefilled and is a read-only field. The primary borrower's name will be prefilled in the box below the Account field.

- Date of Charge. Enter the date of the charge.

NOTE: For Line of Credit loans, this date cannot be for a prior billing cycle. The charge must be dated on or after the starting date of the current billing cycle.

- Reference. You may enter up to 10 alpha-numeric characters in this field for identification.
- Enter the Original Amount of the charge.

TIP: The Original Amount is primarily a reference field and may differ from the current balance due of the charge.

- Charge Type. Select the type of charge.

TIP: To edit, add, or delete charge types, click the blue hyperlink that says Charge Type and the use the New, Delete, or Rename buttons to complete the action.

- Enter the Interest Rate. Enter zero if you do not want to accrue interest for this charge.
- Enter the Interest From date. The charge will start accruing interest as of this date.

NOTE: The Interest Rate and Interest From fields do not apply to billable loans (Line of Credit, Commercial, or Construction loans).

- Enter a Description. You may enter up to 255 characters.
- Notes. You may enter up to 255 characters. The notes entered are not disclosed to the borrower.
- Deferred. Check this option if payment for this charge is to be deferred.

NOTE: Unpaid deferred charges are never listed as past due in billing statements and are only due at payoff.

- Assess Finance Charges. Check this option if you want finance charges to be assessed for this charge during billing.

- Advanced By. Enter the account number of the broker, lender or vendor advancing the funds for this charge. Once a valid account is entered, you'll be able to enter the amount due.
- On Behalf of. If the funds were advanced on behalf of another lender, then enter his account number here. Once a valid account is entered, you'll be able to enter the amount due.

NOTE: The amount owed by the borrower is the sum of the Advanced By and On Behalf of amounts. See more considerations for using the Advanced By and On Behalf of amounts here.

- Distribute Between All Lenders. Click to distribute the amount of the charge equally between all funding lenders according to their percentage ownership. See more information here.

Click OK to enter the charge; otherwise click Cancel to abort.

Tasks & Reports:

Click on the Loan Servicing drop-down in the left panel of The Mortgage Office®.
From the Loan Servicing drop-down, click Tasks & Reports.
In the Loan Transactions section, click Add Charges.
Click to open a lookup window that allows you to select a record from a list of existing records. For more details see How to Use Lookup Windows.

Once the account is selected, fill in the following information:
- The primary borrower's name will be prefilled in the box below the Account field.
- Date of Charge. Enter the date of the charge.

NOTE: For Line of Credit loans, this date cannot be for a prior billing cycle. The charge must be dated on or after the starting date of the current billing cycle.

- Reference. You may enter up to 10 alpha-numeric characters in this field for identification.
- Enter the Original Amount of the charge.

TIP: The Original Amount is primarily a reference field and may differ from the current balance due of the charge.

- Charge Type. Select the type of charge.

TIP: To edit, add, or delete charge types, click the blue hyperlink that says Charge Type and the use the New, Delete, or Rename buttons to complete the action.

- Enter the Interest Rate. Enter zero if you do not want to accrue interest for this charge.
- Enter the Interest From date. The charge will start accruing interest as of this date.

NOTE: The Interest Rate and Interest From fields do not apply to billable loans (Line of Credit, Commercial, or Construction loans).

- Enter a Description. You may enter up to 255 characters.
- Notes. You may enter up to 255 characters. The notes entered are not disclosed to the borrower.
- Deferred. Check this option if payment for this charge is to be deferred.

NOTE: Unpaid deferred charges are never listed as past due in billing statements and are only due at payoff.

- Assess Finance Charges. Check this option if you want finance charges to be assessed for this charge during billing.

- Advanced By. Enter the account number of the broker, lender or vendor advancing the funds for this charge. Once a valid account is entered, you'll be able to enter the amount due.

- On Behalf of. If the funds were advanced on behalf of another lender, then enter his account number here. Once a valid account is entered, you'll be able to enter the amount due.

NOTE: The amount owed by the borrower is the sum of the Advanced By and On Behalf of amounts. See more considerations for using the Advanced By and On Behalf of amounts here.

- Distribute Between All Lenders. Click to distribute the amount of the charge equally between all funding lenders according to their percentage ownership. See more information here.

Click OK to enter the charge; otherwise click Cancel to abort.

How to add loan charges?

This part of the documentation explains how to add new charges to a loan.

All Loans Grid:

Loan file window:

Tasks & Reports: