Configuring Escrow Types (1)

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UESCCO-01 Configure Escrow Type Codes 6067

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Access this screen by selecting Tool #250: Configure Escrow Type Codes.

For information about configuring escrow type codes, refer to the booklet, Escrow Processing with CU*BASE.

Escrow Type codes let you group different types of payments together so that they can be processed in a batch.  For example, you might have separate escrow type codes for property taxes, homeowner’s insurance, flood insurance, association dues, and private mortgage insurance (PMI). 

When processing payments to a payee, such as a city government for property taxes, you can choose which escrow type should be paid for a particular payee.  This allows you, for example, to keep summer and winter property tax bills separate for easier handling and analysis.

Select a code and use Edit to access an existing code or use Add (F6) to add a new code.

• Use the Loan to Value Report to determine if PMI should be taken off a loan.