How to generate an account closing statement for a commercial loan?

You may at any time, and as often as needed, calculate and print an account closing statement for a commercial loan. Unlike the billing statement, the closing statement can be printed for a closing date of your choosing and finance charges and fees will be calculated accordingly.

TIP: Provide a more professional looking statement by incorporating your company's logo. To learn how click here.

NOTE: This assistant calculates and prints a final account closing statement for a commercial loan and applies the calculated interest charge and additional fees to the account.

The statement of account can be generated from the Commercial Loans Grid or from Tasks & Reports.

To print the Account Closing Statement from the grid:

Click on the Loan Servicing drop-down menu in the left panel of The Mortgage Office®.

Click the Loans drop-down menu.
Click Commercial from the list that drops down.
From the Commercial grid, select the loan you want to modify.

TIP: If the record you want to delete is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or use 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 Print and from the drop-down, choose Print Account Closing Statement.
Enter the Payoff Date.

TIP: Finance charges will accrue to this date. Enter the date you expect to receive the borrower’s payment on. The statement will calculate and instruct the borrower to pay an additional per-diem finance charge for each day past the payoff date (up to the notice expiration date).

TIP: The statement Closing Date is calculated to be one day before the Payoff Date unless you selected the option to accrue interest through the payoff date, in which case the Payoff and the statement's Closing dates are equal. For additional information see Loan Servicing Options.

TIP: The system will prevent you from printing or applying the Account Closing Statement if the loan has transactions dated past the statement's Closing Date.

Enter the Notice Expires date.

TIP: The Notice Expiration date initially defaults to the closing date plus the number of days entered in Notice Expire After field found in the Payoff tab of the Notices page in the Loan Servicing Options. This date moves in unison with changes made to the closing date; therefore, if you want a notice expiration date which differs from the preset values, you must first enter the closing date, and then enter the desired notice expiration date.

TIP: The notice expiration date must be a date after the closing date; otherwise, the system will prevent you from printing or applying the statement.

Other Fees. To enter additional fees (or credits) click the Add hyperlink. A dialog window will open allowing you to enter a description and an amount. You may also use the Edit or Delete hyperlinks to make changes. All changes made here are immediately applied to the Calculation Details section and reflected in the Total Amount Due.
Click Next.
Create Attachments. Check this box if you want to attach the Closing Statement to the loan file 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.

Click Print Statement to open a print preview window. To learn more about how to use the print preview window, click here.
Click to E-mail the statements. You can edit the e-mail templates and tailor them to your specific needs in the Email templates section of the Options.

You can use the User Defined Labels options to customize the some of the statement labels.

Click Edit Message to edit the message that is sent to the borrower.
Click Apply Statement to post finance charges, other fees, and charges to the loan file, or click Cancel to exit.

TIP: The system will prevent you from applying the Account Closing Statement is one already exists for this loan. The prior closing statement must be deleted before you can apply a new closing statement.

To print the Account Closing Statement from Tasks & Reports:

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 Account Closing Statement under the Commercial Loans section.
Enter the loan Account number.

TIP: Click to open a lookup window that allows you to select a borrower from a list of existing records. For more details see How to Use Lookup Windows.

Enter the Payoff Date.