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How to refund an excess reserve or impound balance?

This article explains how to refund excess reserve or impound balances due to an overpayment from a borrower.

Follow the steps below to refund excess reserve or impound balances: 

  • Go to All Loans.
    • Highlight and click edit to edit your Loan File.
    • From the Navigation Panel go to the Trust Ledger.
    • Click the action Actions drop-down. Click money-check-dollar-solid Enter Check.
      • The Date will be the date of the refund.
      •  The Amount will be the amount of the refund.
    • Under the Pay to the Order of box, press the Pay Client hyperlink.

TIP: A memo may be entered to reference the purpose of the refund.

  • The Split information will be listed below (a single entry is auto created when the check amount was entered).
    • Click the action Actions drop-down, click edit Edit, and in the Category drop-down, select the account (Impound or Reserve) from which the amount will be issued from.
  • If the amount is coming from both Reserve and Impound, you will need to create a second split. 
    • Click the action Actions drop-down, click Add new PLUS sign w border_r-PNG New, and select the same borrower client account. 
    • In the Category drop-down, select the account (Impound or Reserve) that you did not choose in the previous split.

TIP: If this transaction was already performed or will be issued using another method, select Written to manually fill in the reference No. for the method used (Handwritten Check, Wire Transfer, etc.).

  • Press OK OK.
  • The Check will be in queue ready to print, as long as you did not select the "Written" option. 
  • Still in the Trust Ledger, click on the print printer icon, and click Select & Print Checks.
  • Then click on the print printer icon once more to Print Checks.

 

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