The Escrow Administration module of The Mortgage Office fully automates the tasks associated with maintaining escrow accounts on behalf of borrowers and meets or exceeds the accounting and reporting requirements set forth by the Real Estate Settlement Act (RESPA).
The seller releases the property title to the agent to hold until the final exchange is made. After all agreements are met and all pending requirements are handled, the agent transfers the property title to the purchaser. At the same time, he or she transfers the purchase amount to the seller. An escrow agent, real estate professional or real estate office that handles these types of transactions is paid for services rendered when the legal transfer is done. Escrow administration software makes it possible to keep track of multiple accounts with all the subsequent items involved.
It works in concert with the Loan Servicing, Trust Accounting and ACH Express modules of The Mortgage Office suite of products, allowing delegation of unrelated functions to the appropriate department and providing an affordable in-house software solution.
2. Benefits:
- check printing and electronics transfer of funds can be done at any time
- to ensure that you receive maximum benefit from your system, The Mortgage Office™ is designed to be completely compatible with the entire Microsoft Office Suite.
- an easy-to-use assistant guides you through the necessary steps to conduct an aggregate escrow account analysis and compute the sufficiency of funds. The assistant provides you with many options, including the ability to select the number of payments reserved as a cushion to cover unanticipated disbursements, the disposition of shortages, surplus and deficiencies.
- the system provides an easy-to-use, yet powerful voucher system to manage and schedule disbursements to be made from the escrow account.
3. Source(s):
- http://www.themortgageoffice.com
- http://www.christianet.com/christianbusinesses/christiansoftware/index.htm
No comments:
Post a Comment