Interim Servicing Worksheet

View the "Interim Servicing and Purchase Advice" Quick Reference Guide

Use the Interim Servicing Worksheet to view and manage interim loan payments and escrow disbursements. Information on this worksheet is included on the printed statements sent to customers when loan payments are due.

To Complete the Interim Servicing Worksheet:

Click the Tools tab, and then click Interim Servicing Worksheet.
To populate the worksheet and begin servicing the loan, click Start Servicing.
- Values are added to the fields based on data in the loan file. If there are changes to the loan after servicing has started, click Start Servicing again to replace the current values with updated values. (All of the worksheet's current data, including the Account Transaction list, will be lost.)
If the Interim Servicing Worksheet Statement Due alert displays at the top of the form, you must print the form specified in the Servicing tool on the Encompass Settings screen to clear it. By default, the form is the Mortgage Loan Statement, which can be accessed on the Custom Forms tab of the Print window. After printing the statement, click the Save icon to save your changes and then exit the loan. When you re-open the loan, the alert will be cleared.

Servicing Summary

Account Info

Current Status

Servicing Information

Purchase Advice Information

Next Payment

The Statement Due Date is determined by the Servicing settings on the Encompass Settings screen.
The Payment Due Date field is populated from the 1st Payment Date value on the Aggregate Escrow Account or RegZ forms.
The Late Payment Date field is populated from the Late Charge section of the RegZ form.
The Index Rate and Interest Rate fields apply only to adjustable rate mortgages (ARMs).
The Escrow related fields are populated from the Aggregate Escrow Account form.
The Buydown Subsidy Amt field shows the amount of the buydown subsidy that will be applied during the next payment.
The remaining fields (except for Misc. Fee) are auto-populated based on the values in the first five fields in the Next Payment section.

The late fee is calculated based on information entered the Late Charge section of the REGZ-LE. If this calculation results in an amount below the Minimum or above the Maximum amount configure by your administrator for the subject property state in the Servicing setting, the Late Fee amount will be adjusted to match the Minimum or Maximum amount configured in the Servicing setting.
Click the Current payment missed, calculate next payment button to update the Next Payment fields with new values that include the missed payment and any late fees.

Last Payment

Payment Summary

This section summarizes the total and year-to-date payment transactions.
When the Purchase Advice Date, First Payment to Investor, and Actual Principal values are entered on the Purchase Advice Form, the Principal Balance is reduced by the amount entered in the Purchased Principal field.
For Encompass 17.3 and later, the Beginning Balance field will be used as the basis for the Principal Balance calculation.
When servicing is started:
If the Loan Channel is blank, Retail, or Wholesale, the Beginning Balance is populated from the Total Loan Amount.
If the Loan Channel is Correspondent, the Beginning Balance is populated from the Purchased Principal on the Correspondent Purchase Advice Form.
The Unpaid Principle Balance on the Correspondent Loan Status tool is now populated from the Purchased Principal.
When servicing is active:
When the Purchased Principal changes and the Purchase Date on the Correspondent Purchase Advice Form is populated, then the Purchased Principal re-populates the Beginning Balance and triggers the Principal Balance calculation.
Beginning Balance – Principal = Principal Balance

Next Escrow Disbursement

Escrow Disbursement Summary

Account Transaction

Use this section to record and track payment and escrow transactions related to the loan.

A Loan Purchase transaction type automatically populates when values are entered and saved in the Purchase Advice Date, First Payment to Investor, and the Actual Principal fields on the Purchase Advice Form. If any of these values are deleted, the Loan Purchase transaction will be deleted.

Users cannot delete Loan Purchase transactions

Click the New icon.
Select a transaction type and click OK.
- The following transaction types are available:
- Payment
- Payment Reversal
- Principal Disbursement
- Escrow Disbursement
- Escrow Disbursement Reversal
- Escrow Interest
- Other
Complete the required transaction information and click Save. The required information will vary based on the transaction type.

Comments

Use this section to add comments. The comments can only be viewed by users with persona access to the Interim Servicing Worksheet.

Interim Servicing Worksheet

Servicing Summary

Account Transaction

Comments

Work With Account Transactions