Reversing a Payoff when there are Insufficient Funds or Other Reasons

Reversing a Payoff when there are Insufficient Funds or Other Reasons

When funds for a payoff need to be reversed for insufficient funds or a misapplied payment and the loan needs to be reactivated, use the following steps to reverse the payoff.
Use the Payment Processing application Reversals screen to reverse a Payoff using the reversing transactions procedures. For detailed steps, see the Servicing Director application Help topic: Reversing Transactions.

ArticleNumber:

000048555

    • Related Articles

    • How to Set Up Payoff Reasons in Servicing Director

      You can set up reason codes to use when calculating and posting a payoff. Payoff reasons allow you to track and measure refinance rates and other business indicators. To set up a Payoff reason: Open System Administration. Click Table Setup. Select ...

    • Payoff processing with Ultradata real time interface

      The purpose of this procedure is to provide the steps required to process a payoff in Servicing Director for customers using the Ultradata real time interface. The following steps should be followed in order to process payoffs in Servicing Director ...

    • Deleting Other Funds

      This procedure deletes other funds records when necessary. Follow the steps below to delete Other Funds Records: Select the Tracking Application. Select Options. Select Other Funds. Select the record. Select Delete. A confirmation message opens. ...

    • Setting Up Other Funds Records

      You can set up records for items paid from the other funds balance such as optional insurance policy payments. These types of items can be paid with a loan's other funds balance. To Set up and other funds record Access the tracking application. ...

    • Mortgage Insurance at Payoff

      Servicing Director functions as follows regarding collection of Mortgage Insurance (MI) premiums at payoff: If the MI due date is more than a month after the payoff date, it collects no MI premiums. If the MI premiums are paid annually, it collects ...