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How to use prepaid payments handling?

This article discusses how to handle prepaid payments during the transfer from Loan Origination to Loan Servicing.

To navigate to the Prepaid Payments Handling assistant: 

  • Click on loan origination folders icon Loan Origination from the menu on the left panel of The Mortgage Office®.
  • Click the Loans drop-down.
  • Click on All Loans.

TIP: You can also click the Loans by Status drop-down and click the Closed status. 

  • In either the All Loans grid or the Closed grid select the loan to transfer. 
  • Click the action Actions drop-down. 
  • Click export Export Loan to Servicing. 
  • In the Loan Account Number screen, you are able to change the loan account number that shows in Loan Servicing.
  • Click NEXT blue button without border Next when you are satisfied with the loan number.
  • In the Prepaid Payments Handling assistant, you have two options: 
Option:  Description: 
Empty Radio button circle, no border I will transfer the funds manually at a later time. This option leaves any and all funds in the Origination Trust Ledger. You are responsible for manually adding those funds to Loan Servicing at a later time. 
Empty Radio button circle, no border Transfer the amount of prepaid payments from the origination trust account to the servicing trust account. This option copies the records and amounts in the Trust Ledger from the Origination file to the Trust Ledger in the Servicing file. 
  • Once you've made a selection on how to handle prepaid payments, click NEXT blue button without border Next. 
  • Click Finish Finish to process the transfer from Loan Origination to Loan Servicing. 
  • Once the transfer is successful, you will land on a "Congratulations!" page. Click OK OK or black X Exit to Exit the assistant. 

NOTE: You must review the new loan in Loan Servicing loan carefully and make any necessary changes before you enter any transactions.