Escrow Analysis Enhancements

A series of projects are in the works to enhance Escrow Analysis processing in CU*BASE.   The Escrow Analysis provides an annual review of a member’s escrow account to ensure that enough funds are collected to pay upcoming installments of insurance premiums and/or property taxes.

Archive the Escrow Analysis Disclosure to CU*Spy

When an Escrow Analysis Statement is created via Tool #297 “Create Escrow Analysis”, the output will now archive as a report to CU*Spy.

Status: PS#52677 was implemented on 6/4/20

Escrow Analysis Format Enhancements

This project addresses enhancements to the format of the Escrow Analysis Disclosure Statement produced in CU*BASE to make it easier to read and understand.   The layout of the Escrow Analysis will be much more user friendly and we are adding some details as required by RESPA (Real Estate Settlement Procedures Act).

Enhancements include:

  • Expand the credit union comments area that displays at the end of the Analysis
  • Store the projected amount to be disbursed from the escrow account and display both projected and actual paid on the Analysis
  • Improved layout – no more skipped pages, fit in window envelope, etc.
  • Break out the “Anticipated Annual Disbursements” by collateral definition type
  • Add coupon page to the Analysis for shortage payment

Click here to see sample Escrow Analysis statement

Status: Specifications submitted PS#54127

Preview Dashboard for Escrow Analysis

Today, if you want to preview the Escrow Analysis prior to printing, you must print all the pages for review.  This can produce a lot of output, therefore wasting paper.  With this project, you will be able to preview the list of accounts for which Escrow Analysis statements will be created via a new dashboard.  From this dashboard, you can review both the projections and the history for the account and research the account via Account Inquiry.  Adjustments can be made prior to running the final Escrow Analysis.

Status: Specifications in process

Create Flat File for Statement Vendors

This project creates a flat file that gathers Escrow Analysis data similar to how data is gathered into a flat file for regular and credit card member statements.  The Escrow Analysis flat file can then be provided to a statement vendor for formatting and printing.

Status: Specifications in process

Chefs for this recipe are Karen Sorensen and Connie Plas

Updated
June 23, 2020

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