NOTE: What is a lockbox file? This is a service provided by most commercial banks to companies for the receipt of payment from borrowers. Under the service, the borrower payments are directed to a special post office box, rather than going to the company. The bank will then go to the box, retrieve the payments, process them and deposit the funds directly into the company bank account. The bank will then provide you with a file containing the necessary information for you to automate the processing of the payments.
Use the Automated Payments (LOCKBOX) Assistant to process payments for borrowers who have elected to make their loan payment electronically. You are able to process borrower LOCKBOX payments through the Loans Grid, or through Tasks & Reports.
To process borrower LOCKBOX payments through the Loans Grid:
- Click on
Loan Servicing in the left panel of The Mortgage Office®. - Click the Loans drop-down.
- Click the specific loan type (Conventional, Commercial, Construction, Lines of Credit, or Other) to open that grid or click All Loans to open a grid containing all the loan types.
TIP: If the record you want to edit is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or click 
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 the
Actions drop-down and select 
Automated Payments (LOCKBOX). - The following options are available:
- Import Profile. This file contains a previously created field mapping between available fields and your import file. Enter the full path and file name or use the
Browse button to navigate to the location where the import profile resides and select it.
- Import profiles can be great time savers if your import file's format does not change.
TIPS:
- You may leave this field blank if you are creating a new mapping for the first time using this assistant. Once you've created a field mapping you will have a chance to save it.
- You may create any number of import profiles.
- The import profile is always verified and will be rejected if found to be different from the import file.
- File to Import. Enter the full path and file name or use the Browse button to navigate to the location where the file resides and select it. To learn more, read How to create the import file.
- Import File Type. From the drop-down menu select the file type that matches the format used in Microsoft Excel to create the file. The choices are:
- CSV - Comma Delimited. A CSV file consists of a header record containing a description for each field, followed by one or more records consisting of fields separated by a literal comma. All records must have an identical sequence of fields and each record must be terminated by a line break.
- Text - Tab Delimited. A TXT file consists of a header record containing a description for each field, followed by one or more records consisting of fields separated by a tab-character. All records must have an identical sequence of fields and each record must be terminated by a line break.
- Date Format. From the drop-down menu select the import file date format.
- Windows Default - The import assistant will parse the DATE RECEIVED using Windows Regional Settings.
- yyyyMMdd - The import assistant will parse the DATE RECEIVED using the selected format.
- Click
Next. - Field Mapping. Use the drop-down list to map each one of your fields to the corresponding field of the first column. Below is a detail explanation of the available fields and their respective acceptable values:
|
Field Name: |
Description: |
| Account | Loan Account. Enter a unique account number. (Maximum of 10 alpha-numeric characters including "-" and ".") |
|
Payer Name |
Payer's Name. Enter the name of the person that made the payment. Most commonly this is the borrower's name. |
| Reference | Payment's Reference or Check Number. Enter the reference number of the payment; in most cases, this is the borrowers check number. (Maximum 10 characters) |
| Date Received |
Payment's Received Date. (Maximum of 10 characters) TIP: The received date of the payment is used to calculate accrued late charges. TIP: For loans with Periodic Interest Accrual Method set to Actual Days (Received Date to Received Date), accrued interest is calculated on the actual number of days between the loan's paid-to date and payment received date entered here. TIP: This date is used to calculate interest due on interest-bearing charges being paid. |
| Amount Paid | Amount Paid. Enter the amount received from borrower. |
| Notes |
Payment Notes. Enter additional notes. TIP: These notes are attached to the payment record and can be viewed and edited in the loan history window. |
TIP: Click the Print Mapping button to print a paper-copy of your selections.
TIP: Click the Save Profile button to save the profile to disk so that it can be reused at a later time.
- Click Next.
- The Select Borrowers window allows you to further refine the list of payments to process. The list is populated with the payments from your import file.
- The following options are available:
- Check or uncheck the checkboxes
to select a payment for processing. - Click the Export to Excel hyperlink to export the contents of the grid to Microsoft Excel.
- Click Select All to select all payments for processing.
- Click Clear All to de-select all payments for processing.
- If you were advised that errors were found in your import file, click the Print Exemptions Report link at the bottom of the window and review the errors before continuing.
- Check or uncheck the checkboxes
TIP: You must select one or more payments to process before you can continue.
NOTES:
- Why are some of the check boxes selected and other not?
- The system doesn't select payments that need your attention. You should print the Exemptions Report to determine why they were not automatically selected, and then decide whether you want to go ahead and manually select some or all for processing.
- Why are some of the check boxes (
) grayed?
- These are payments that can't be processed due to one or more of the following reasons:
- Loan is not active (missing the Active category).
- Loan is in foreclosure (assigned the Foreclosure category).
- Loan is in bankruptcy (assigned the Bankruptcy category).
- Loan has a paid off date.
- Loan has been placed on hold.
- Loan is missing a paid-to date.
- Loan is missing a next payment due date.
- The loan's next payment due date is past its revision date.
- The loan is not fully funded, or the funding is in error.
- The loan is a line of credit, commercial, or construction and is missing a closing date.
- This is an ARM loan, and it has overdue rate and/or payment calculations.
- This loan has pending modifications.
- These are payments that can't be processed due to one or more of the following reasons:
-
- These exempted payments are listed along with a detail explanation of why they are excluded. To print the report click Print Exemptions Report link at the bottom of the window.
- Click Next.
- The following actions are available in the Print Register and Apply Payments window:
|
Button: |
Description: |
|
|
Click to open a Print Preview window with the Payment Register. Learn more about Print Preview windows here. TIPS:
|
 |
Click to Apply the payments. |
- Once the payments are applied, you will be asked if you want to print a final Payment Register. Click
Yes to print the register or click 
No or 
Cancel to close the window.
To process borrower LOCKBOX payments through Tasks & Reports:
- Click on Loan Servicing in the left panel of The Mortgage Office®.
- Click Tasks & Reports.
- In the Loan Transactions section, click Automated Payments (LOCKBOX).
- The following options are available:
- Import Profile. This file contains a previously created field mapping between available fields and your import file. Enter the full path and file name or use the Browse button to navigate to the location where the import profile resides and select it.
- Import profiles can be great time savers if your import file's format does not change.
TIPS:
- You may leave this field blank if you are creating a new mapping for the first time using this assistant. Once you've created a field mapping you will have a chance to save it.
- You may create any number of import profiles.
- The import profile is always verified and will be rejected if found to be different from the import file.
- File to Import. Enter the full path and file name or use the Browse button to navigate to the location where the file resides and select it. To learn more, read How to create the import file.
- Import File Type. From the drop-down menu select the file type that matches the format used in Microsoft Excel to create the file. The choices are:
- CSV - Comma Delimited. A CSV file consists of a header record containing a description for each field, followed by one or more records consisting of fields separated by a literal comma. All records must have an identical sequence of fields and each record must be terminated by a line break.
- Text - Tab Delimited. A TXT file consists of a header record containing a description for each field, followed by one or more records consisting of fields separated by a tab-character. All records must have an identical sequence of fields and each record must be terminated by a line break.
- Date Format. From the drop-down menu select the import file date format.
- Windows Default - The import assistant will parse the DATE RECEIVED using Windows Regional Settings.
- yyyyMMdd - The import assistant will parse the DATE RECEIVED using the selected format.
- Click Next.
- Field Mapping. Use the drop-down list to map each one of your fields to the corresponding field of the first column. Below is a detail explanation of the available fields and their respective acceptable values:
|
Field Name: |
Description: |
| Account | Loan Account. Enter a unique account number. (Maximum of 10 alpha-numeric characters including "-" and ".") |
|
Payer Name |
Payer's Name. Enter the name of the person that made the payment. Most commonly this is the borrower's name. |
| Reference | Payment's Reference or Check Number. Enter the reference number of the payment; in most cases, this is the borrowers check number. (Maximum 10 characters) |
| Date Received |
Payment's Received Date. (Maximum of 10 characters) TIP: The received date of the payment is used to calculate accrued late charges. TIP: For loans with Periodic Interest Accrual Method set to Actual Days (Received Date to Received Date), accrued interest is calculated on the actual number of days between the loan's paid-to date and payment received date entered here. TIP: This date is used to calculate interest due on interest-bearing charges being paid. |
| Amount Paid | Amount Paid. Enter the amount received from borrower. |
| Notes |
Payment Notes. Enter additional notes. TIP: These notes are attached to the payment record and can be viewed and edited in the loan history window. |
TIP: Click the Print Mapping button to print a paper-copy of your selections.
TIP: Click the Save Profile button to save the profile to disk so that it can be reused at a later time.
- Click Next.
- The Select Borrowers window allows you to further refine the list of payments to process. The list is populated with the payments from your import file.
- The following options are available:
- Check or uncheck the checkboxes to select a payment for processing.
- Click the Export to Excel hyperlink to export the contents of the grid to Microsoft Excel.
- Click Select All to select all payments for processing.
- Click Clear All to de-select all payments for processing.
- If you were advised that errors were found in your import file, click the Print Exemptions Report link at the bottom of the window and review the errors before continuing.
- Check or uncheck the checkboxes
TIP: You must select one or more payments to process before you can continue.
NOTES:
- Why are some of the check boxes selected and other not?
- The system doesn't select payments that need your attention. You should print the Exemptions Report to determine why they were not automatically selected, and then decide whether you want to go ahead and manually select some or all for processing.
- Why are some of the check boxes () grayed?
- These are payments that can't be processed due to one or more of the following reasons:
- Loan is not active (missing the Active category).
- Loan is in foreclosure (assigned the Foreclosure category).
- Loan is in bankruptcy (assigned the Bankruptcy category).
- Loan has a paid off date.
- Loan has been placed on hold.
- Loan is missing a paid-to date.
- Loan is missing a next payment due date.
- The loan's next payment due date is past its revision date.
- The loan is not fully funded, or the funding is in error.
- The loan is a line of credit, commercial, or construction and is missing a closing date.
- This is an ARM loan, and it has overdue rate and/or payment calculations.
- This loan has pending modifications.
- These are payments that can't be processed due to one or more of the following reasons:
-
- These exempted payments are listed along with a detail explanation of why they are excluded. To print the report click Print Exemptions Report link at the bottom of the window.
- Click Next.
- The following actions are available in the Print Register and Apply Payments window:
|
Button: |
Description: |
|
|
Click to open a Print Preview window with the Payment Register. Learn more about Print Preview windows here. TIPS:
|
|
Click to Apply the payments. |
- Once the payments are applied, you will be asked if you want to print a final Payment Register. Click Yes to print the register or click No or Cancel to close the window.
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