Point User Guide
169
Mortgage insurance and escrow (impound) account details
The
Initial Escrow Account Setup
dialog box is used to document the monthly
escrow fees for the first year of the loan.
The company defaults that were specified in the utility function are prepopulated in the
screen.
6
To specify that the borrower must pay some fees in advance to provide a reserve in
the event a fee increases or a payment is missed, enter the number of months the
borrower must pay in the
Cushion
row.
7
To add additional escrow charges, enter the number of months that are being paid in
the field for the month that the payment is due.
For example, if property taxes are paid in April and December for a six month period,
enter
6
in the
April
and
December
rows in the
Tax
Disb
column. If the payments are
made annually, enter
12
in the field for the month that they are due.
8
To change a default setting, select the entry that you want to change and enter the
new value. To remove an entry, select the value and click the Delete key on your
keyboard.
9
To exclude a fee from the aggregate accounting, select the
Exclude
check box at the
bottom of the column.
10
To revert to the defaults that were specified in the escrow account utility, click
Company Defaults
.
11
Click
OK
.
The fees are calculated and the form is populated with the monthly payment amounts.
Tip
The
Initial Escrow Account Setup
dialog box is also accessible by
clicking the
Aggregate Adjustment
Table
button in the
Good Faith
Estimate
.