Lenders and Service Companies

Navigate: Closed Tax > Billing > Lender Administration > Lenders and Service Companies

Description

Lenders are the financial institutions, such as banks, that issue mortgages and are sometimes responsible for paying taxes (escrow account) on mortgaged properties. A service company is a management company that provides services for lenders. Service companies can serve one or more lenders by processing their loans and paying the taxes; however, a lender is not necessarily associated with a service company.

Steps

  1. On the Search for Lender or Service Company screen, make a selection from the Search Type drop-down list.

    • Optionally, specify a Code, Description, or Group Code to narrow the search results.

  2. In the Search Results panel, click to select an item in the grid.

  3. On the Maintain Lender or Service Company screen, enter the lender or service company information.
    • Click Change Party to open the Records Search for Legal Party screen and select a new legal party for this lender or service company.
    • Click Edit Party to open the Maintain Legal Party screen and modify the current Party Information.

  4. In the Contacts panel:

    • Click Add to open the Records Search for Legal Party screen.
    • Select the checkbox for one or more contacts in the grid and click Remove to delete them.
    • Select the checkbox for one or more contacts in the grid and click Edit Contact to open the Maintain Legal Party screen.

  5. Click Save in the Command Item bar.

    • Click Close to end the task.

Dependencies, Prerequisites, and Setup

  • You must set up lenders/service companies before you can associate them with revenue objects.

  • Lenders and/or service companies must exist before you can print lender bills or lender reports.

Billing

  • If you are associating lenders with service companies, you must first set up the lender record.

Configuration Menu

  • Functional Calendar – You must first set up the functional calendar for the appropriate tax year before you set up lenders and service companies for that year.

Records

  • Legal Party Information – You must set up the appropriate legal parties for lenders and service companies prior to setting up the lender and service company settings.