Escrow Estimated Withdrawls

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This document provides technical guidance on managing Escrow Estimated Withdrawals within the FLEX system. This functionality allows for the management of escrow estimates independent of the main loan processing workflow.

Accessing Escrow Estimated Withdrawals

To access the Escrow Estimated Withdrawals feature:

  • Navigate to the FLEX Main Menu.
  • Expand the Loans section.
  • Expand the Real Estate Loans subsection.
  • Expand the Escrow menu.
  • Select Escrow Estimated Withdrawals.

Managing Escrow Withdrawal Estimates

The “Escrow Withdrawal Estimates” section allows you to view, add, edit, and delete escrow estimates for a specific account.

Searching for an Account

  1. Enter the Account number.
  2. Enter the Suffix.
  3. The system will display the associated account holder (e.g., “ANNA JOHNSON”).

Actions

  • Add New Estimate:
    • Enter the Account number and Suffix.
    • Click the Add button.
    • Proceed to the “Estimate Details” section to input the new estimate’s information.
  • Edit Existing Estimate:
    • Highlight an existing estimate in the “Estimates” table.
    • The “Estimate Details” section will populate with the selected estimate’s information, allowing for modifications.
  • Delete Existing Estimate:
    • Highlight the estimate you wish to delete in the “Estimates” table.
    • Click the Delete button.

Estimate Details

The “Estimate Details” section is used to input or modify the specifics of an escrow estimated withdrawal.

  • Month: Select the month the item is due.
  • Year: Enter the four-digit year the item is due.
  • Escrow Code:
    • Select the appropriate Escrow Code for the item.
    • Note: Escrow codes are defined and configured in the Escrow Configuration section of the FLEX system.
  • Estimated Amount: Enter the estimated amount due for the item.
  • Description: Enter a descriptive text for the item (e.g., “Salt Lake County Taxes”).
  • Escrow Usage: Select the appropriate Usage Code for the item. The available usage codes are:
    • A – Add:
      • Adds the specified amount to the history for escrow calculations.
      • Primarily used for new loans that do not currently have any existing escrow history.
    • R – Replace:
      • Replaces an existing amount if the withdrawal amount increases.
      • If multiple records exist with the same escrow code, the system will replace only the first matching record.
    • S – Short:
      • Used for amounts that have already been paid out.
      • Includes these paid amounts in the escrow statement’s projections, especially when the loan has been open for less than one year and escrow statements are being run.