Escrow Tab Overview

General 

The “Escrow Tab” is designed to let you add additional amounts to regularly scheduled payments that are not comprised of any other component of the loan (e.g. interest, principal, discount, fees, etc.). An understanding of escrow tool functionality in AutoPal can help make it a very powerful tool that will allow you to customize the system to your needs.

The tab itself is designed simply and cleanly, allowing you to record individual transactions, as well as record custom schedules for the application of your escrow.

Features

Inside of AutoPal, escrow acts as a separate account on an individual loan account. Escrow is generally divided and applied as a set amount per payment. The escrow tab is separated into the following sections: adjustments, transactions, and settings.

Escrow - Overview

  • Settings: The settings give you the ability to alter how the system recognizes remaining escrow balances when paying off a loan, as well as when applying a payment.
  • Adjustments: The adjustments section allows you to create custom escrow schedules. Through these schedules, you can set custom payment amounts on a per period basis.
  • Escrow Transactions: This section is used to apply custom transactions to your escrow accounts. These allow you to record direct deposits that are separate from loan payments.

You will also have the ability to setup escrow schedules during loan creation under the “Initial Setup” tab of a loan, during the entry and calculation phase.

Escrow - Initial Setup Tab

The “Escrow Calculator” allows you to enter a total escrow amount that you expect to recover over the life of the loan, and when calculated, will automatically make the correct entries in the “Adjustments” section of the Escrow tab. As payments are then made on the loan, the appropriate amounts will begin to be posted in the “Transactions” section of the escrow tab. For further information on the Escrow Calculator and its functionality, please review the following article: Initial Setup – Escrow Calculator.

For more information on logging escrow transactions, and creating custom transaction lists, please see the following article: Loan Manager – Escrow

Hold Section

You will also notice a section at the bottom of the escrow tab labeled “Hold”. The hold section operates in the same manner as the Loan Manager – Escrow section, and does not have a section available on the Loan Manager tab.

To open the “Hold” section click anywhere in the Hold toolbar to expand your options:

loan-manager-escrow-hold

You will notice the options in this section are identical to the “Escrow” options giving you the ability to post a Hold Adjustment, or transactions. For further information on their functionality please review the following article: Loan Manager – Escrow

 

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