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.

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 to add a new code.

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