Pay Escrow Billing

These steps explain how to disburse funds to escrow payees.

  1. Launch Tool #342 Disburse Funds to Escrow Payee.

  2. In the Payee code field on the first Process Disbursements to Escrow Payee screen, enter the code of the company to which the bill is being paid.

  3. In the Escrow code field, enter the code that corresponds to the type of escrow being paid, such as insurance or taxes.

  4. Click the forward arrow.

  5. On the second Process Disbursements to Escrow Payee screen, enter the invoice number in the Invoice # field.

    • For the invoice number, you could use the policy #, tax ID, etc.

  6. In the Invoice amount field, enter the bill amount.

  7. In the Member account field, enter the member's base account number.

    • Leave this field blank when only paying PMI, taxes, and/or multiple members because when left blank, it will bring up all members tied to that payee code. However, do fill in this field if you are only paying one member.

  8. Click the forward arrow.

  9. On the third Process Disbursements to Escrow Payee screen, update the Disburse Amount field if it differs from the invoice amount.

    • The system will default to the scheduled amount. Make sure that the amount in the Net difference field is at a $0.00 balance. It will not let you post if it is not in balance.

  10. Once the net difference is at $0.00, click Post.  

  11. In the Report Options window, select the printer to which you'd like to send the reports associated with the check process.

  12. Click the forward arrow.

  13. On the next screen, enter your check printer ID.

  14. In the Remitter field, enter the remitter's name.

  15. Click Print All Checks to print the check and reports associated with the payment.

  16. The following three reports will print for each check processed. Save them to DAILYXX (XX being your credit union ID) to be archived for your credit union.

    • PESCPY: This report is used for internal use only because account information is attached to the report.

    • PESCPY-1: This report shows accounts that may have been suspended during the disbursement.

    • PESCPY-2: It's recommended to send this report with the payment because it shows the member’s information that the company could use.

Learn More

Learn more about escrow processing.