Create a New Escrow Transaction

Introduction

For many types of loans, you will collect an escrow portion in addition to the principal and interest portions of each payment. Usually, the escrow portion is collected in order to pay an expense that is not a direct part of the loan repayment (e.g. taxes, insurance) but may be legally or otherwise required. These payments may be remitted only infrequently, such as sales tax payments. Escrow transactions let you record, deposit, and withdrawal transactions for your escrow buckets inside of LoanPro.

Logging a Escrow Transaction

To log a new escrow transaction in LoanPro, navigate within a specific loan and then go to Loan Settings > Escrow > Transaction History. Click 'Add' to add a new transaction.

Then enter the following information:

  • Amount Type – Choose whether the transaction is a deposit or a withdrawal from the drop-down.
  • Amount – Enter an amount for the transaction into the field.
  • Description – Enter a description for the transaction into the field. The description should help you remember what the transaction was.
  • Category – Select a category from the drop-down. This list can be customized in Settings > Loan > Escrow > Transaction Categories
  • Date – Enter a transaction date into the field. This field defaults to today’s date.

Click 'Save' to save the transaction.


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