How to add other payments to the loan terms?

Other Payments are scheduled distributions made to a third party each time a borrower regular payment is received.

To add Other Payments:

Click on the Loan Servicing drop-down menu in the left panel of The Mortgage Office®.
Click the Loans drop-down menu.
Click All Loans from the list that drops down.
From the All Loans grid, select the loan 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 item.
Click Terms from the list located on the left of the window, and select the General Tab.
In the Regular Payment section, click next to Other Payments to open Other Payments window.
Enter or edit the following information:

TIP: If it says: "No other payments found.", you can add one by clicking the drop-down and clicking New.

TIP: You can also edit or delete an Other Payment by clicking the drop-down and clicking Edit or Delete.

Field:	Description:
Vendor	Click to open a lookup window that allows you to select a vendor or lender from a list of existing records. For more details see How to use lookup windows.
Pay Amount	Enter the amount of the payment.
Paid by	Select whether the payment is to be made from lender or borrower funds. TIP: The aggregate of all payments designated to be paid by the borrower is displayed in the Other Payments field of the Terms > General tab. TIP: The amount deducted from each lender's distribution is calculated based on their current ownership.
Description	Enter a payment description. (Maximum of 255 characters)
Active	Select to make this payment active, otherwise this payment will be ignored, and no distributions will be made.

Click OK to save or Cancel to abort.

How to add other payments to the loan terms?

This article discusses how to add other payments to a loan.

To add Other Payments: