Escrow Payments Maintenance

Introduction

Escrow Payments Maintenance in the FLEX system enables credit unions to manage escrow payments efficiently. This module facilitates the creation of escrow payment invoices and the processing of escrow payments through integration with Accounts Payable Imaging.

Note: Accounts Payable Imaging is a purchasable module. If this module is not acquired, refer to “Escrow Payments – Transaction Entry” for alternative methods of making escrow payments.

Prerequisites

Before creating an escrow payment in Escrow Payments Maintenance, the following must be configured:

• Vendor Setup in Accounts Payable Imaging:
  • Vendors must be established within Accounts Payable Imaging.
  • Ensure the “Escrow Vendor” checkbox is selected for the relevant vendors during their setup.
  • For detailed instructions on vendor creation, refer to the “Accounts Payable Imaging” documentation in FLEX Academy.
• Accounts Payable Configuration Review:
  • Review the “Print Individual Checks on Same Vendor” setting in Accounts Payable Configuration.
    • If checked: Individual checks will be generated for each escrow payment made to a specific vendor.
    • If unchecked: A single check will be issued for all escrow payments directed to that vendor.

Accessing Escrow Payments Maintenance

To access the Escrow Payments Maintenance module:

1. Navigate to the FLEX Main Menu.
2. Select Loans.
3. Expand the Real Estate Loans section.
4. Expand the Escrow section.
5. Click on Escrow Payments Maintenance.

Filtering Escrow Payments

Upon opening Escrow Payments Maintenance, no payments are listed by default. To display payments, apply filters:

• Filter Options:
  • Account Number
  • Suffix
  • Escrow Code
  • Vendor
  • Due Date (From/To)
  • Invoice Status (Invoiced)
  • Approved Status
• Functionality:
  • Entering a filter creates a working queue.
  • No reports or worksheets are generated from this filter view.

Adding a New Escrow Payment

To add a new escrow payment record:

1. Click the Add button in the Escrow Payments Maintenance screen.
2. The “Add Escrow Payment” window will appear.
3. Complete the following fields:
   • Account Section:
     • Account: Enter the account number associated with the escrow payment.
     • Suffix: Enter the escrow suffix.
     • Policy/Tax ID: (Optional) Enter the policy number or Tax ID.
     • Escrow Code: Select the appropriate escrow code from the dropdown. If the required code is not available, refer to “Escrow Configuration” for instructions on adding new codes.
   • Payment Section:
     • Vendor Key: Select the vendor from the dropdown list. If the vendor is not listed, ensure they are set up in Accounts Payable Imaging with “Escrow Vendor” checked.
     • Amount: Enter the amount to be paid.
     • Due Date: Enter the date the escrow payment is due.
     • Payment Date: Enter the date the escrow payment should be processed.
     • Frequency: Select the frequency of the escrow payment (e.g., Yearly).
   • Status Section:
     • Approved:
       • Checked: Indicates the escrow payment is approved, and an invoice will be created for payment.
       • Unchecked: An invoice will not be created.
     • Stopped:
       • Checked: Indicates the escrow payment has been stopped, and no invoice will be created.
     • Active: (Informational) Indicates if the escrow payment is currently active.
     • Continuous:
       • Checked: FLEX will automatically re-create an Escrow Payment record based on the defined frequency after the first invoice is created and paid.
     • Received: (Informational) Indicates if the escrow payment has been received.
     • Member Pay:
       • Checked: Indicates the escrow is being paid by the member. An invoice will be created with a “Vendor Key” of MEMBR*PAY.
       • Note: Accounts Payable will not process these invoices; they are for tracking and informational purposes only.
   • Insurance Company/Insurance Agent Section:
     • (Informational) Select relevant information regarding the insurance company and agent.
     • To add an insurance company, refer to “Collateral Insurance Code Maintenance” in FLEX Academy.
   • Notes:
     • (Optional) Enter any applicable notes for the escrow payment record.

Managing Existing Escrow Payments

Once an Escrow Payment record has been created and displayed in the main grid (after applying filters), various actions can be performed:

• Create Invoice(s):
  • Select the escrow payment record(s).
  • Click Create Invoice(s).
  • An invoice will be generated in Accounts Payable Imaging, scheduled for payment on the due date specified in the escrow payment record during normal Accounts Payable posting.
• Add:
  • Used to add a new escrow payment record (as detailed in “Adding a New Escrow Payment” above).
• Edit:
  • Select an existing escrow payment record.
  • Click Edit to modify its details.
• Delete:
  • Select an existing escrow payment record.
  • Click Delete to remove the record.
• Print Letter:
  • Select an escrow payment record.
  • Click Print Letter to flag a letter associated with that record for printing.
  • Note: Letters must be configured beforehand. Refer to “Collection Code Maintenance” in FLEX Academy for setup instructions.
• Print All Letters:
  • Click Print All Letters to print all letters that have been flagged for printing.
• Audit:
  • Click Audit to view a history of all changes made to escrow payment maintenance records.