Unlike more conventional loans, with construction type loans you must assess interest charges at regular intervals. The frequency and method of calculation is determined by the parameters entered in each loan’s Billing.
NOTE: If you don't want to compound interest charges (the default setting), you must select the 
Exclude Finance Charges option located in the Billing section of construction loan terms.
To assess interest charges and print Borrower Billing Statements:
- Click on
Loan Servicing in the left panel of The Mortgage Office®. - Click Tasks & Reports from the menu located on the left of the window.
- Click Assess Interest Charges & Print Billing Statements under the Construction Loans section.
- Select All Loans or Selected Loans by Account from the drop-down list.
TIP: When you choose Select Loans by Account you must enter starting and ending account numbers in the From and To input fields. You can enter the same starting and ending account number to select a single loan, or you can enter a logical range to select multiple loans. For example, if you enter HBT as the starting and ending accounts, all loans with account numbers starting with HBT will be included.
TIP: 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.
- Statement Style. The only style supported at this time is Standard.
- Envelope Size. This selection aligns the location of the borrower's address on the statement with several commonly available window envelops. The options 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 to exclude all borrowers that have been placed on hold; otherwise, uncheck this box.
- 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
Next.
TIP: You may, as many times as needed, use the Next and 
Back navigation buttons to retrace your steps and make changes.
- The Select Borrowers screen presents 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 borrowers on the list.
- The Export to Excel hyperlink will download all checked borrowers to your computer's Downloads folder.
NOTE: You won't be able to proceed to the next and final step unless one or more loans are selected.
- Click Next.
- Override delivery options and print notices for all selected records. Select this option if you want to ignore the recipient's delivery preference and print a notice.
TIPS:
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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.
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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.
- Create Attachments. Select this option to attach a copy of this notice to the borrower's file. To learn more, see Attachments.
TIP: You can use the Tabs drop-down menu to specify which attachment tab to store the document under. To learn more, see Attachments.
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Field: |
Description: |
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Click to Print the statement. |
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Click to Preview and optionally print the statement. TIP: To know more about how to use the print preview window, click here. |
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Click to Email the statements. You can edit the email templates and tailor them to your specific needs in the Email templates section of the TIP: You can use the User Defined Labels options to customize the some of the statement labels. |
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Click to Send Text Messages to the borrower. |
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Click to Edit the message that is sent to the borrower. NOTE: The default message is: "Please advise us immediately of any discrepancies in the transactions or investment activity on your billing statement or if you contemplate changing your address. When making inquiries by telephone or in writing please give your account number. We urge you to keep this statement with your investment records." |
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Click to apply the interest 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 interest charges. Once the interest charges are applied you won't be able to easily reprint the billing statements for this period. |
Options.- Click
or the grey X in the corner of the assistant to exit.
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