Difference between revisions of "Loan Insurance Maintenance"

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| '''Loan #''' || Displays the loan number
 
| '''Loan #''' || Displays the loan number
 
|-
 
|-
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| '''Policy #''' || Example
+
| '''Policy #''' || Alphanumeric code identifying the insurance policy. Multiple loans may be linked to the same policy number
 
|-
 
|-
−
| '''Expiration dt''' || Example
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| '''Expiration dt''' || Expiration date of the insurance policy
 
|-
 
|-
−
| '''Policy limit''' || Example
+
| '''Policy limit''' || Maximum coverage applicable under the policy identified above
 
|-
 
|-
−
| '''Num payments''' || Example
+
| '''Num payments''' || The number of insurance payments made by your organization on behalf of the loan borrower. This amount is not linked to any of the existing transactions. Make payments via the [[Loan Reserve/Escrow Payments|Loan Reserve/Escrow]] screen then come to this screen to manually update this field
 
|-
 
|-
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| '''Total pmt''' || Example
+
| '''Total pmt''' || Dollar amount of the insurance payments made by your organization on behalf of the loan borrower. This amount is not linked to any of the existing transactions. Make payments via the Loan Reserve/Escrow screen then come to this screen to manually update this field
 
|-
 
|-
 
| '''Company PIN''' || Account number and name & address of the insurer identified in the Company PIN field. Display only
 
| '''Company PIN''' || Account number and name & address of the insurer identified in the Company PIN field. Display only
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| '''Agent PIN''' || Account number and name & address of the agent identified in the Agent PIN field. Display only
 
| '''Agent PIN''' || Account number and name & address of the agent identified in the Agent PIN field. Display only
 
|-
 
|-
−
| '''Number of loans linked''' || Example
+
| '''Number of loans linked''' || Number of loans covered by the policy identified in the Policy # field. This number increments automatically whenever the same policy number is associated with an additional loan. Display only
 
|-
 
|-
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| '''Total current principal balance''' || Example
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| '''Total current principal balance''' || Sum of the current principal balances of all loans linked to this policy. Display only
 
|-
 
|-
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| '''Policy value (Current principal)''' || Example
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| '''Policy value (Current principal)''' || Percentage that the policy limit represents of the total principal balance of all loans linked to this policy. Maximum 999.9%. Display only
 
|}
 
|}
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 +
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To edit the information on this screen, click the Edit button on the toolbar. This will activate the fields that you are able to edit:
 +
 +
 +
[[File:Loan Insurance Maintenance 2.png]]
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 +
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When you have made your modifications, click Save.
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 +
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You can also click the History button to view the [[Viewing Edit History|edit history]] for the insurance.
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When you have finished viewing/editing the information, click Exit to return to the Detailed Loan Inquiry screen.
  
  
 
[[Category:Loans]]
 
[[Category:Loans]]

Latest revision as of 11:02, 7 May 2012

Overview of IL408

Mortgage loans usually require property and casualty insurance coverage of the borrower’s facility. Loan Insurance Maintenance allows your organization to monitor whether such coverage is sufficient. By using reports available in DDI-Connect Investments/Loans, you can determine which policies have expiration dates approaching as well as those policies with inadequate coverage. This application enables you to link an insurance policy to a single loan or to multiple loans for the same borrower. To view/maintain loan insurance information:


  • From the DDI Connect main menu, double-click Financial Services
  • Double-click Financial Inquiry
  • In the loan field, enter the loan number that you wish to work with. You can also click the list icon to view a list of all loans in the system
  • From the Detailed Loan Inquiry screen, click View and select Loan Insurance Maintenance. You will see a screen similar to this one:


Loan Insurance Maintenance 1.png


The following information is visible on this screen:


Field Description
Loan # Displays the loan number
Policy # Alphanumeric code identifying the insurance policy. Multiple loans may be linked to the same policy number
Expiration dt Expiration date of the insurance policy
Policy limit Maximum coverage applicable under the policy identified above
Num payments The number of insurance payments made by your organization on behalf of the loan borrower. This amount is not linked to any of the existing transactions. Make payments via the Loan Reserve/Escrow screen then come to this screen to manually update this field
Total pmt Dollar amount of the insurance payments made by your organization on behalf of the loan borrower. This amount is not linked to any of the existing transactions. Make payments via the Loan Reserve/Escrow screen then come to this screen to manually update this field
Company PIN Account number and name & address of the insurer identified in the Company PIN field. Display only
Agent PIN Account number and name & address of the agent identified in the Agent PIN field. Display only
Number of loans linked Number of loans covered by the policy identified in the Policy # field. This number increments automatically whenever the same policy number is associated with an additional loan. Display only
Total current principal balance Sum of the current principal balances of all loans linked to this policy. Display only
Policy value (Current principal) Percentage that the policy limit represents of the total principal balance of all loans linked to this policy. Maximum 999.9%. Display only


To edit the information on this screen, click the Edit button on the toolbar. This will activate the fields that you are able to edit:


Loan Insurance Maintenance 2.png


When you have made your modifications, click Save.


You can also click the History button to view the edit history for the insurance.


When you have finished viewing/editing the information, click Exit to return to the Detailed Loan Inquiry screen.

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