How to prepare for the Escrow Account Disclosure Statement?

Prior to Performing the Escrow Analysis and Printing the Annual Escrow Account Disclosure Statements you may wish to take some steps that will help in the accuracy of those statements.  This is especially important if you intend to process many loans at a time.

Prepare the Annual Escrow Account Analysis:

• To assist in evaluating loans that you intend to analyze, you may desire to create a Category that loans can be assigned to that will require Escrow Administration.
  • Once the loans are categorized, you can run reports on just those loans and also, create SmartViews to help you manage those loans.
• Review loan setup:
  • Make sure the loans have the correct scheduled Trust (Escrow) payment amount.
  • Make sure the loans have the correct Escrow Vouchers established.
  • Make sure the loans have the Escrow Analysis box checked.
  • Make sure the loans have the correct Next Computation Period date.
• Run audit reports to evaluate accuracy of data:
  • Unpaid Vouchers Report.
  • Loan Balances Journal by category.
  • Loan Trust Ledger Balance Report by category.
  • Borrower Late Report by category.
  • Negative Balances Report from the Trust Accounting module.
• Evaluate any unusual loan conditions and correct as necessary.
• Pay unpaid vouchers that are due prior to the month that will be the first month of the coming 12-month projection period in the statements.
• Change vouchers status as appropriate.
• Add/Edit/Delete vouchers as appropriate.
• De-select severely late loans from analysis.