ACH Express is a fully integrated and very easy to use solution to the
process of automating the electronic debiting and crediting of your customer's bank accounts. It
looks-like, works-like and collaborates fully with the rest of the modules in The Mortgage Office
suite of products.
Below is a simplified outline of setting up and processing borrower payments.
1. First complete the one-time step of collecting and entering all the necessary bank and
payment information for each participating borrower. Most of this information can be obtained
from a borrower's canceled check.
- Bank's ABA Number.
- Account Number.
- Account Type: Checking or Savings.
- Next Debit Date (most commonly the next payment due date).
- Debit Amount (most commonly the regular payment amount)
2. Run the Automated Payments Wizard (ACH) at least one day before loan payments are due.
Depending on the number of borrower payment billing cycles you have, you may need to run the
wizard one or more times per month. For example, if all of your loans are due on the 1st and
the 15th, you should run the Automated Payment Wizard on the 30th or before to bill for the
payments due on the first of the following month and on the 14th or before to bill for the
payments due on the 15th.
Borrower payments are automatically applied and all related files updated without any user
intervention. Each automated payment is assigned a unique tracking number and denoted as an
electronic payment in the borrower's history.
The file generated is automatically transmitted. All ACH Express transactions are then
processed through the Federal Reserve's ACH banking network to which 95% of the nation's
banks belong - including the Federal Reserve.
3. In order to maximize the income generated by your loan-servicing portfolio, you must
become increasingly efficient. The Mortgage Office has already automated each step of the
loan servicing process and dramatically cut labor costs. Now ACH Express takes that
automation one more step by further reducing your manual work, while at the same time
eliminating the paper chase of manually making deposits and writing checks.
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