Use this information to tailor general elements of the Loan Servicing module to your specific needs.
To edit the general options:
- Click
Options located on the right top of the window. - Select General from the drop-down list located below Loan Servicing on left side of the panel.
- The following options are available:
| Field: | Description: |
 Report Net Interest (Less Servicing Fee) to Lenders |
Select this option to report net interest to lender. The interest reported to the lender is minus the lender servicing fees. The servicing fee will be reported as zero. |
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Select this option to report net rate and payment to lender. The interest rate reported to lenders is the sold rate instead of the note, and the lender payments are adjusted by deducting any interest differential and servicing fees. |
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Select this option to accrue an additional day of interest on payoff calculations. |
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Select this option to accrue interest on charges through today. For example, selecting this option will count interest from 6/1 to 6/1 as 1 day; otherwise, it would be 0 days. |
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Loan Servicing Trust Account |
Use the drop-down menu and select a trust account from the list. The Loan Servicing module uses one trust account into which all borrower loan payments are deposited and from which all checks are written. No payment processing or check printing is allowed unless a loan servicing trust account is identified. |
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Canadian Goods and Services Tax (GST) |
Check this option to charge lenders goods and services tax on the amount of servicing fees. You must then enter in the text boxes below the tax rate and vendor account assigned to the Revenue Agency. TIP: This option is only available if you have selected Canada in the Regional User Preferences in the Options page. |
- Click
OK to save the changes made or click Cancel to exit without saving.