Application Process Enhancements

Escrow Calculator for Home Equity Loans

The calculation of Escrow Payments is now available for additional housing expenses associated with home equity loans. By selecting the "Is Included In Escrow" field, the Framework performs escrow calculations each time a Collateral Housing Expense is saved.

When each collateral housing expense is saved, the Framework calculates the following collateral housing expense fields:

Cushion Amount
Months Collected
Due at Closing
Annual Disbursement Amount

When an application is calculated, the following escrow values are calculated:

Start Date
Total Monthly Payment Amount to Escrow
Total Cushion Amount
Escrow Low Point
Initial Deposit
Total Due At Closing
Aggregate Adjustment
Total Annual Disbursement
Payment Amount Including Escrow

When processing loan applications that require escrow, users must create the customer/member record, base share and escrow account on the core prior to disbursing. Once an Escrow Account Number is determined, enter the account number in the Escrow Account Number field. The dates and calculations are disbursed to the account number indicated when the application is disbursed.

To facilitate this functionality, the following enhancement were added:

A read-only panel titled Escrow Summary was added, at the Application level, to display Housing Expenses where IsIncludedInEscrow = true.
28 Aggregate rules have been updated to consider escrow data in calculations.
Core field mappings were modified to include the disbursement of escrow data.
Document tags were added and modified in the IMM connector in order to populate data in the appropriate escrow forms.

For information on the escrow fields and calculations refer to the Real Estate Collateral > Additional Housing Expense section within the Application Collateral topic.

Exclude Fees from Indirect

The Framework allows institutions to identify whether a fee should be included in the Final Loan Amount that is disbursed to the Dealertrack and RouteOne connectors. If a Fee Code is identified as Exclude From Third Party within the FEE_CODE field lookup, the corresponding amount is excluded from the Final Loan Amount.

This functionality enables institutions to ensure internal fees, such as New Account Vouchers, are not transmitted to indirect vendors.