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What are the lender checks options?

Use the options below to tailor the lender checks to your company's needs.

To edit the lender checks options:

  • Click white cog blue background Options located on right top of the window. 
  • Select Checks from the drop-down list located below Loan Servicing on left side of the panel.
  • Under the square-check-solid Print Lender Checks section, the following options are available:

NOTE: Unless you check the box next to Blue Check Box_r Print Lender Checks, the options below will be inaccessible and read-only. 

    • square-check-solid Print Charge Notes on Check. Select this option to print charge notes (for charges being paid) on the lender checks.
    • square-check-solid Print Charge Description on Check. Select this option to print charge descriptions (for charges being paid) on the lender checks.
    • square-check-solid Print Detail on Company Check. Select this option to print detail on broker checks. This will list detail about each payment from which you received a servicing fee. If you service many loans, this could result in many voided checks since there is a limit to the number of transactions that fit on a check stub. If you choose not to print the detail, only one check will be printed with the total servicing fees.

TIP: The check detail is never lost even if you elect to summarize the broker check. It can be viewed at any in the broker's transaction history window or printed for any date range using the Payment Register report found in the Loan Transactions section on the Tasks & Reports page of Loan Servicing. 

    • square-check-solid Print Portfolio Yield on Check. Select this option to print the portfolio yield on the lender checks.
    • square-check-solid Print YTD Interest on Check. Select this option to print the year-to-date interest on the lender checks.
    • Hold distribution checks for ____ days after receipt of payment. Enter the number of days after receipt of the borrower payment that you want to hold lender and vendor checks. When a borrower check is received, checks to funding lenders, broker (servicer) and participating vendors are created and scheduled for printing. To ensure the borrower check clears the bank, it is a good idea to place a hold on issuing distribution checks for a few days.
    • Hold distribution checks for ____ days after receipt of ACH payment. Enter the number of days after receipt of the borrower payment that you want to hold ACH transactions.
  • Check Style. The Loan Servicing module supports two types of checks, one specifically designed for the Loan Servicing module, and a universal check that can be used with all modules. Use the drop-down menu to select the check style you want to use. The available styles are:
    • ABS Multipurpose Laser Check
    • ABS Loan Servicing Laser Check

NOTE: To place a check order call ABS at (800) 833-3343

  • Click image-png-Jul-20-2023-04-31-03-9041-PM OK to save the changes made or click image-png-Jul-26-2023-04-29-08-2466-PM Cancel to exit without saving.

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