Difference between revisions of "Withdrawing Loan Reserves"
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| '''Amount''' || Enter the amount that is being withdrawn. The current balance available for withdrawal is displayed to the left of the Amount field. You will not be allowed to withdraw more than what is currently available | | '''Amount''' || Enter the amount that is being withdrawn. The current balance available for withdrawal is displayed to the left of the Amount field. You will not be allowed to withdraw more than what is currently available | ||
|- | |- | ||
| − | | '''Payee''' || | + | | '''Payee''' || The system will default to Borrower in this field. Click the drop down arrow to select the payee that will receive the withdrawn funds |
|- | |- | ||
| − | | '''Method''' || | + | | '''Method''' || Click the drop down arrow to select the payment method for the funds. |
|} | |} | ||
| + | |||
| + | |||
| + | If you wish to view the loan prior to making any changes, click the View button on the toolbar. This will launch the Detailed Loan Inquiry screen for the loan: | ||
| + | |||
| + | |||
| + | [[File:Loan Reserve Withdrawal 3.png]] | ||
| + | |||
| + | |||
| + | When you have finished | ||
Revision as of 13:19, 30 April 2012
Overview of IL421
Loan reserves – also called loan escrow – are the portion of the loan payment set aside for taxes and insurance on behalf of the borrower. The Reserve Payment Due field in the loan record contains the amount DDI-Connect expects to receive when a loan payment is made. If a portion of the collected reserves is not needed for its intended purpose, this amount needs to be withdrawn and refunded to the borrower. To perform a Loan Reserve withdrawal:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Loans
- Double-click Transactions
- Double-click 421 Loan Reserve Withdrawal. You will see this screen:
Enter the loan number that you wish to work with. You can also click the list icon to display a list of all loans in the system or the binoculars to search for the loan you wish to work with.
Once you have entered the loan number, you can click Find or press Enter to display the loan information:
The following fields are available to you:
| Field | Description |
|---|---|
| Amount | Enter the amount that is being withdrawn. The current balance available for withdrawal is displayed to the left of the Amount field. You will not be allowed to withdraw more than what is currently available |
| Payee | The system will default to Borrower in this field. Click the drop down arrow to select the payee that will receive the withdrawn funds |
| Method | Click the drop down arrow to select the payment method for the funds. |
If you wish to view the loan prior to making any changes, click the View button on the toolbar. This will launch the Detailed Loan Inquiry screen for the loan:
When you have finished
