Escrow Administration Module
The Escrow Administration module of The Mortgage Office fully automates the tasks associated with maintaining escrow accounts on behalf of borrowers and meets or exceeds the accounting and reporting requirements set forth by the Real Estate Settlement Act (RESPA). It works in concert with the Loan Servicing, Trust Accounting and ACH Express modules, allowing delegation of unrelated functions to the appropriate department and providing an affordable in-house software solution. The following provides a brief description of some of the features available in this new powerful tool.

Annual Escrow Account Disclosure Statement. The statements can be generated at any time for an individual or selected group of borrowers. The two-part statement fully complies with RESPA requirements and includes a projection of the account's activity for the coming year as well as a side-by-side presentation of old projection and account history.

You may also issue a "short-year" annual escrow account statement to a borrower at any time. Most commonly, short-year statements are used when a transfer of servicing occurs, or to change a borrower's escrow account computation year to another.

To learn more about this optional module click here