Setting up Loss Draft Tracking

Setting up Loss Draft Tracking

To enter information about a loss draft claim , including an insurance claim and a miscellaneous information
  1. System Administration select Table Setup select Loss Draft Tracking Template
  2. As part of the investor and loan type requirements regarding loss draft, a Loss Tracking Template will be created in order to identify various investor requirements. As part of the install a default template is delivered. The template will allow the user to select specific investor and/or loan types and the % that can be disbursed without investor approval based on the claim amount and the principal balance of the loan.
  3. Tracking Select Options select Loss Draft Tracking.
  4. Basic information concerning each loan is added for the claim.  Claim Detail information includes the claim #, check #, amount of check (multiple checks can be issued by insurance company for one claim).
  5. Payment Posting Select Rapid Entry or Exception Entry select Transaction code 270 - Loss Draft Payment.
  6. After the Claim Detail Information has been setup in the Tracking module the check is deposited which updates the Total Claim Amount Received field on the Loss Draft Claim Tracking screen.
  7. Disbursement Select Miscellaneous Disb Select Transaction code DisbDetailMis.TransactionCode = 670
  8. The appropriate Loss Draft Claim ID is selected and the record on the loan is updated with the disbursements.

ArticleNumber:

000048451

    • Related Articles

    • Setting up Security Permissions for User Groups

      Follow these steps to add and modify a new user group. The attached worksheet is provided as a tool to use when setting up new groups. Groups are set up with permissions for access and update capabilities throughout Servicing Director. Users assigned ...

    • Setting up Loss Mitigation Tables

      Using the Loss Mitigation feature in Collections, you can record information that helps your company track activity for loans in loss mitigation. This information includes the following: The status of the loss mitigation effort The reason the loan is ...

    • Overview of Task Tracking

      Task Tracking uses task, task rules, projects, and statuses to help users manage workflow in Servicing Director: Tasks: A task is a single unit of work at the loan level, such as Contact borrower or Send letter. A task can be independent (a ...

    • Adding Interest on Escrow and Interest on Loss Draft Transactions to Batches

      You can automatically create a batch of interest on escrow or interest on loss draft payments, add these transactions to batches and credit borrower accounts. It is important to remember the following If you are building a batch as part of your ...

    • Setting up the Loss Mitigation Checklist Table

      Using the Loss Mitigation feature in Collections, you can record information that helps your companytrack activity for loans in loss mitigation. This information includes the following: The status of the loss mitigation effort, the reason the loan is ...