Navigation:  Loans > Loan Screens > Account Information Screen Group > Reserves Screen Group > Account Reserve Detail Screen > Reserve Disbursements tab >

Disbursement Information field group

Navigation:  Loans > Loan Screens > Account Information Screen Group > Reserves Screen Group > Account Reserve Detail Screen > Reserve Disbursements tab >

Disbursement Information field group

Previous pageReturn to chapter overviewNext page  Print this Topic

Show/Hide Hidden Text

The fields in the Disbursement Information field group on the Reserve Disbursements tab of the Account Reserve Detail screen are used to create new reserve information or change already created reserve information.

 

lairard_disbursementinfo

 

The fields in this field group are as follows:

 

Field

Description

Type

 

Mnemonic: RDATYP

Use this field to select the type of reserve disbursement for the current setup. See Reserve Disbursement Types for more information.

Policy Number

 

Mnemonic: RDPLCY

In this field you can enter the insurance policy number if this disbursement is for insurance. You may also enter the company/agent's account number for this policy. The policy number is reported to the company or agent on the remittance advice forms sent with the check. See the Loans > Check Printing > Reserve Checks screen help for more information. If you are manually disbursing taxes, you may want to enter the tax parcel or identification number in this field.

Policy Coverage

 

Mnemonic: RDPCVR

This field is used as a reference only to indicate the amount of the policy or the coverage on the property. Negative amounts are not allowed. The system does not use this field for any processing.

Premium Amount

 

Mnemonic: RDAMNT

This is the amount of the insurance premium if this disbursement is for insurance policies such as fire, flood, or even private mortgage insurance. This field will be the total amount of the premium for the term specified in the Term field below. Therefore, this may be a monthly premium, six-month premium, yearly premium, etc.

Expiration Date

 

Mnemonic: RDSEXP

This field should contain the date the insurance policy expires, taxes are due, etc. Enter the date using MMDDYYYY format, or use the drop-down calendar to select the date.

 

paperclipnote

Note: When using a date near the end of a month, the date may change when it rolls to the next pay date. For example, rolling the pay date one month from 10/31/2018, it will become 11/30/2018, and from that point on will always be on the 30th. If it rolls into February, it will change to 02/29/2018 and the rolling date will thereafter be the 29th.

Pay Date

 

Mnemonic: RDDUDT

In this field enter the date on which the system should automatically make the disbursement from the appropriate reserve. If the Advance Pay Date field below has a checkmark, the system will maintain this date for you based on the Term field below.

 

paperclipnote

Note: When using a date near the end of a month, the date may change when it rolls to the next pay date. For example, rolling the pay date one month from 10/31/2018, it will become 11/30/2018, and from that point on will always be on the 30th. If it rolls into February, it will change to 02/29/2018 and the rolling date will thereafter be the 29th.

Renewal Date

 

Mnemonic: RDRNEW

This field is the reserve disbursement renewal date. Enter the date using MMDDYYYY format, or use the drop-down calendar to select the date.

PMI Renewal Rate

 

Mnemonic: RDPMIR

This field stores the monthly or yearly rate the PMI premiums are calculated from. This is an informational field only; the system does nothing with it. It can display up to seven numbers with a decimal showing six decimal places. If a decimal is not entered, the system will automatically enter one. The final position allows for a plus or minus sign with only the minus sign (-) displaying. An example of an entry is 3.456789 or 3.456789-.

Miscellaneous

 

Mnemonic: RDCL24

This is a 24-character length field in which any alphanumeric data can be entered. This could be used to help you identify more details about the reserve item, such as the property that the policy covers, or more details on the type of policy, etc.

 

Institution option RDPO is used for tax purposes in conjunction with the tax services and reserve disbursement types 10, 12, 13, 16, 17, 19, 79, 80, 81, 82, 83, 94, 96, and 97. The institution enters the tax ID number on the Tax Information & Notes tab. If this option is set, the tax ID data stored in this field will appear in the policy number sections on the Reserve Disbursements list view; the Remittance Advice Form (printed from the Reserve Checks screen), the Reserve Disbursement Posting Journal (FPSRP033); and the Auto Reserve Disbursement Report (FPSRP306).

Term

 

Mnemonic: RDXTRM

Reserve analysis is done on a term basis (monthly). For example, a six-month term would have reserve analysis done on a 1/6 basis. That is, the monthly reserve requirement is calculated by dividing the disbursement amount by the term of the disbursement. The following reserve types are not included for analysis: 01, 11, 15, 19, 21, 23, 25, 26, 28, 41, 43, 60-78, 86-93, 95, 97-99.

 

For example, a term of “12” automatically advances the next Pay Date (see above) one year ahead, providing the Advance Pay Date (automatic advance) field below displays a checkmark.

Analysis Cushion

 

Mnemonic: RDHCSH

Two fields appear here. The first is a checkbox that indicates whether your institution wants to use a specific number of months for the cushion for a specific disbursement type when performing the analysis. The default is unchecked. The second field works only if there is a checkmark in the first field. The second field indicates the number of months to be used as the cushion. See below for more information.

 

Premium Paid in Arrears

 

Mnemonic: RDAREA

Check this field if the policy is paid in arrears. Example: You pay the premium in June which is actually for the May coverage. (This is used by some PMI companies.)

Auto Disbursement

 

Mnemonic: RDAPAY

This field determines whether you want the system to make automatic disbursements on this reserve type or not. The default is unchecked. See below for more information.

 

Advance Expiration Date

 

Mnemonic: RDAEXP

Check this field if you want the Expiration Date field above to be automatically advanced by the Term field below. The default value is unchecked, which will clear the expiration date to zero.

 

paperclipnote

Note: This Advance Expiration Date field causes the Expiration Date field to be automatically advanced only when the Auto Disbursement field above is checked for this disbursement type. When disbursing manually, you must advance the Expiration Date.

Advance Pay Date

 

Mnemonic: RDAADV

Check this field if you want the Pay Date field to be automatically advanced by the Term field below. If the Auto Disbursement field above has a checkmark and the Advance Pay Date does not have a checkmark, then the Auto Disbursement field will automatically have the checkmark removed after disbursing the amount. If the Advance Pay Date field has a checkmark, then both the Auto Disbursement and the Advance Pay Date fields will remain checked.

Continuous Renewal

 

Mnemonic: RDCONT

Check this field if the policy is a continuous renewal policy. The default for this field is unchecked.

Payable to Both

 

Mnemonic: RDPTOB

Marking this field will cause checks to be made payable to the IRS owner and the first name on the payee line when an automatic reserve disbursement is processed for disbursement codes 10, 12, 13, 16, 17, 19, 79, 80, 81, 82, 83, 94, 96, and 97. The mailing address will be that of the IRS owners.

 

Example: The IRS owner is John Doe with a mailing address of 1515 N. 500 W., Provo Utah. The payee is Utah County Treasurer. The check will be made payable as follows:

 

John Doe and

Utah County Treasurer

1515 N. 500 W.

Provo, Utah 84601

Tax Sequence

 

Mnemonic: RDCODE

This field is used in conjunction with the Info Pro tax services and reserve disbursement types 10, 12, 13, 16, 17, 19, 79, 80, 81, 82, 83, 94, 96, and 97. When GOLDPoint Systems receives a tax update file from Info Pro, the program will match the data in the Miscellaneous field above (tax ID number) and the Tax Sequence field to determine which reserve disbursement record to update. 0 = the annual payment, 1 = the first installment, 2 = the second installment, etc.

Remit Payment To field group

Use these radio button fields to indicate who receives the check from the selected disbursement. Possible selections are Agent and Company. Once you select the appropriate radio button, the payment will be sent to either the agent displayed in the Agent Information field group or the company displayed in the Company Information field group.

Pay From field group

Use these radio button fields to indicate which reserve balance (1 or 2) should be used for the selected disbursement.

Premium Amount Per Loan Payment field group

These fields display the calculation of the portion of the reserves collected with each loan payment for the current disbursement item.

 

This field group displays the Premium Amount (which can also be the annual amount of taxes if setting up a tax-type reserve, see above), which is divided by the loan frequency and multiplied by the disbursement frequency. Example: If the loan payment frequency is monthly (12) and the annual premium for this reserve is $1,200, the monthly payment about of the reserve would be $100.00. You would enter this amount in one of the applicable Reserve Constant fields on the Reserve Payment tab of this screen.

©2020 GOLDPoint Systems. All rights reserved.