Escrow Module in Nortridge's Loan Servicing Software
The NLS Escrow Module is an add-on to the basic NLS package that fully automates the tasks associated with maintaining escrow accounts on behalf of borrowers. It allows organizations to receive payments from their clients for property taxes, insurance and special assessments. The organization can automatically disburse these sums as they become due to the appropriate vendors.
Escrow Disclosure Statement
Escrow statements can be generated at any time for an individual or selected group of borrowers. The three-part statement is fully compliant with RESPA requirements and includes a history of the account, a projection of the account's activity for the coming year, and analysis of historical and projected impounds, payouts, deficiencies and surpluses.
NLS Escrow provides an easy-to-use voucher system to manage and schedule disbursements to be made from the escrow account. Funds can be electronically transferred from the escrow account and directly deposited into a payee’s account.
RESPA regulations require servicers to pay all disbursements in a timely manner; that is, by the due date or an earlier date to take advantage of discounts, if available. To conform to this regulation and to ensure that disbursements are made in a timely manner, the NLS Escrow Module generates the Unpaid Vouchers Report.
Check Printing & Electronic Transfer of Funds
The process of calculating and disbursing funds from the escrow account is fully automated by the NLS Escrow Module. Checks or electronic transfers can be done at any time. Individual vouchers can be selected for payment or placed on hold. The system can be set to reject or suspend partial payments, and interfaces seamlessly with AP systems.
Complete accounting audit, from the receipt of escrowed funds to the eventual disbursement, via the check module.