Use these directions to open new escrow account and connect it to an already-created loan. NOTE: Be sure you have opened the loan prior to following these directions.
Go to the Extended Loan Processing (MNEXLN) menu and select Open/Update Escrow Disb. Records.
Enter the account number and loan suffix to which you'd like to attach the escrow account.
Press Enter.
Select an appropriate Dividend application.
Select an appropriate reason code.
Press Enter. CU*BASE will assign the escrow account suffix. Enter again to proceed to the next screen.
You can now add the escrow disbursement records:
Use Add (F6) New to add a new escrow disbursement record to the escrow account on the Set Up Escrow Disbursement Record screen.
Enter an escrow code and an escrow payee code.
Press Enter.
Fill in the Escrow Disbursement Record fields. (Use a Disbursement Frequency of A (annual), except in the case of a PMI loan, which is usually monthly.)
Press Enter. The Monthly due field will be calculated for you.
Use Add/Update (F5) to complete the addition of the record.
Leave default box checked to update the loan payment immediately and press Enter.
Related Topics: Modify Existing Loan and Escrow
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