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How to set up your company bank account?

This article helps how to set up your company bank account.

The first step in enabling The Mortgage Office® to process electronic payments is to enter the pertinent ACH/CPA information for each bank account from which ACH/CPA transactions will originate. The information entered here will be used to create a file specially formatted to be interpreted by banks, credit unions and other financial institutions.

Some financial institutions require that you include additional information at the beginning of each ACH/CPA file, such as a password or account number. To learn how to do this, read Creating ACH File Headers.
 

To setup your Bank Account ACH information:

  • Go to users Trust Accounts in the left panel of The Mortgage Office®.
  • Select Trust Accounts (All) just below the Trust Accounts on the left panel to display the trust accounts grid.
  • From the grid, highlight the bank account to edit.
  • Click edit from the options available on the top panel, or double-click on the trust account, once the Edit Account window is displayed, click the ACH tab.

Tip: If you are required to create Balanced NACHA files you must also enter the bank’s ABA Number, Account Number and Account Type in the General tab of the Edit Account window. 

  • Enter information about your company and the financial institution in the available fields. This information will be provided by the financial institution receiving your ACH File. See the table below:
Fields: Description:
Immediate Destination Enter the routing number of the financial institution receiving the ACH file. (Maximum of 10 numeric characters)

Immediate Destination Name

 Enter the name of the financial institution receiving the ACH file. This is an optional field used in the file header record. (Maximum of 23 characters)
Immediate Origin Enter the routing number of the financial institution sending the ACH file. (Maximum of 10 numeric characters)
Immediate Origin Name Enter the name of the financial institution sending the ACH file. This is an optional field used in the file header record. (Maximum of 23 characters)
Originating DFI Identification Enter the routing number of the originating financial institution. (Maximum of 8 numeric characters)
Company Name Enter the name of your company. This field is commonly used to further identify the source of the entry and for descriptive purposes for the receiver. (Maximum of 36 characters)
Company Identification Enter up to ten digits to identify your company. This field is included in on all pre-notifications. (Maximum of 10 characters)
    • Click OK OK to save your changes and close the window or Cancel to exit without saving the changes.
  • Check Electronic Payment Provider square-check-solid to fully automate the processing of ACH transactions and enable the processing of Credit Cards and Electronic Funds Transfers (EFT) during payment processing. 

NOTE: To use this feature, you must first establish an account with a payment processor. For the most current list of strategic partners providing ACH services, please visit our web site at http://www.themortgageoffice.com or call your ABS sales representative at 800-833-3343.

  • Once the account has been established, the payment provider will provide you with the information to enter below:
Field: Description:
Provider Select the provider name from the drop-down. 
Merchant Name (Credit) This field is provided by the electronic payment provider.
User Name (Credit) This field is provided by the electronic payment provider.
Password (Credit) This field is provided by the electronic payment provider.
Merchant Name (Debit) This field is provided by the electronic payment provider.
User Name (Debit) This field is provided by the electronic payment provider.
Password (Debit) This field is provided by the electronic payment provider.
Active Services

Check the services you have subscribed to. The options are:

square-check-solid ACH

square-check-solid EFT

square-check-solid Credit Cards

square-check-solid Debit Cards
Processing Fees

Enter any Processing fees, if any, you want to charge during payment processing for each service type. 

NOTE: Note: The processing fees entered here are in addition to the online payment convenience fees charged by the payment provider.
Proc. Fees Payee Account

If you selected to charge Processing fees, choose which account you'd like the fees to be credited to. 

 

To setup your Bank Account CPA information:

  • Go to Trust Accounts in the left panel of The Mortgage Office®.
  • Select Trust Accounts (All) just below the Trust Accounts on the left panel to display the trust accounts grid.
  • From the grid, Select the bank account to edit.
  • Click edit from the options available on the top panel, or double-click on the trust account, once the Edit Account window is displayed, click the ACH tab.

Tips: All CPA files must be balanced. An offsetting credit or debit transaction will be added to the CPA file. The institution ID number must be entered in the ABA Number field and the bank account in the Account Number in the General tab.

  • Click the drop-down at the top of the ACH tab and select the correct CPA option from the list. 
  • Enter information about your company and the financial institution in the available fields. This information will be provided by the financial institution receiving your ACH File. See the table below:
Field: Description:
Originator's Identification This item is used to identify the originator of the file. (Maximum of 10 alphanumeric characters)
Originator's Data Center ID Enter the unique number identifying the originator's Data Center. Valid exchange points can be found in Rule F2, Appendix I of the CPA Rules Manual. This value is a required piece of the "Item Trace Number" of record types "C" and "D" of the CPA file. (Must be 5 numbers)
Originator's Short Name Enter the name of the originator of the transaction abbreviated to field size where necessary.  The processing Direct Clearer has the option of printing this field in place of the Originator's Long Name when identifying the originator of the transaction to the payee/payor. (Maximum of 15 alphanumeric characters)
Originator's Long Name Enter the name of the originator of the transaction abbreviated to field size where necessary.  The Processing Direct Clearer has the option of printing this field in place of the Originator's Short Name when identifying the originator of the transaction to the payee/payor.  (Maximum of 30 characters)
Originating Direct Clearer's User's ID Enter the identification code assigned to you by your Direct Clearer. (Maximum of 10 characters)
Destination Data Center ID Enter the unique number identifying the Data Centre to which the CPA file is being delivered.  For valid exchange points, see Rule F2, Appendix I of the CPA Rules Manual. (Must be 5 numbers)
  • Click OK to save your changes and close the window or Cancel to exit without saving the changes.

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