Servicing
This feature is not available in Encompass Broker Edition.
The funder of a loan may need to temporarily assume mortgage servicing responsibilities until the loan has been transferred for purchase. This includes the collection of loan payments and distribution of escrow payments.
Use the Servicing screen to define the:
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Mortgage statement printing/mailing date.
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Forms to use for printing mortgage statements.
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State-regulated fees for late payments.
To Configure Interim Servicing Terms:
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On the menu bar, click Encompass, and then click Settings.
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On the left panel, clickSecondary Setup, and then click Servicing.
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Select the number of days prior to the payment due date that the mortgage statement should be printed and mailed.
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Select one or more forms to use for printing the mortgage statements.
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To add a form to the list, click the New icon, select a form, and then click Select.
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To remove a form from the list, select the form, and then click the Delete icon.
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To enter a range for permissible late fees, select a state, and then enter the Minimum and Maximum amount that can be charged for a late payment in that state.
If a loan is being serviced after closing and the late fee calculation on the REGZ-TIL results in an amount below the Minimum or above the Maximum, the late fee on the Interim Servicing Worksheet will be adjusted to match the Minimum or Maximum amount configured in this setting.
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Click the Save icon to save your changes.