Custom Payment Application

General

While you can choose the way the waterfall application on a payment will work by creating a payment type, sometimes you want to enter specific amounts that will apply to the different pieces of a payment.  This can be done through a custom payment application.

How To

In order to enter a custom payment application, navigate to Servicing > Payments inside of a loan.

Click Log Payment to log the payment.

Choose Custom from the Type of Payment drop-down.  This will bring up some new fields underneath the amount field.

You can now enter an amount that you want to pay towards each of the payment portions.  You can even choose to apply amounts to individual fees or escrow buckets.  If there are outstanding fees or escrow balances, you will see a checkbox (e.g. Apply to individual fees) below the appropriate field.  Check the box and you will see a listing of fees or escrow buckets on the loan.

As you enter amounts into the fields provided, you will see totals for each section and the Amount field will be updated with the total for all the sections.  After you have entered the amounts that you want to apply, continue to log the payment.


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