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Home Equity Lines of Credit / HELOC
The Lines of Credit / HELOC module of The Mortgage Office™ fully automates the servicing and reporting requirements commonly associated with servicing and managing Home Equity Lines of Credits (HELOCs), constructions loans and revolving credit lines.
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It works in concert with the Loan Origination, Loan Servicing, ACH Express and Trust Accounting modules of The Mortgage Office™ suite of products.
The following list is just a brief description of some of the features available in this new module:
- Assess finance charges and generate billing statements in a single step
- Calculate finance charges using daily balance, average balance, highest or lowest balance
- Supports variable and fixed rate loans, interest-only and graduated terms
- Billing statements can be generated at any time with detailed account activity, summarized information and detail finance charge calculation
- Setup and monitor draw and repayment periods
- Automatically recast payments during repayment period at regular intervals
- Enforces minimum and maximum draw amount limits
- Process cash advances effortlessly at any time
- Automatically generate a check to borrower or third-party from a cash advance
- Unlimited number of trust accounts can be maintained for cash advances
- Accurately distribute mid-month cash advances to more than a single funding source or lender
- Automated transaction and cash advance fees
- Periodic account maintenance fees can be automatically assessed
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| Generate Timely Billing Statements.
Provide better service to your borrowers and avoid unnecessary billing questions by generating accurate and easy-to-understand statements. These multi-section statements can be generated at any time showing the account's activity for the period and complete finance charge computation detail.
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Process Cash Advances with Ease. The cash advance assistant will guide you through the necessary steps of processing borrower requests for cash advances including the ability to issue a check payable to the borrower or a third-party of his choosing.
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For those of you with the added complexity of multiple funding sources, the assistant will accurately distribute mid-month cash advances to more than a single funding source or lender and prorate disbursements accordingly. |
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Management Reports. To service Home Equity Lines of Credit (HELOCs) and Revolving Credit you need accurate and timely information. The Lines of Credit / HELOC module of The Mortgage Office™ allows you to generate informative management reports at any time.
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Graduated Terms Mortgages (GTM / GPARM / GPM). This module is designed to fully automate the servicing and reporting requirements of loans with predetermined rate and payment changes such as Graduated Payment Mortgages (GPM), Step Rate Loans, or Graduated Payment Adjustable Rate Mortgages (GPARM). Its flexibility in scheduling loan term changes enables you service many new types of loans without much additional work on your part.
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Borrower Modification Notices. State and Federal regulations dictate that servicers provide borrowers with timely notices of interest rate, payment and loan term changes.
The Graduated Terms Mortgages module automatically generates all required notices.
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Reports. In addition to the require borrower notices, the Graduated Terms Mortgages module also includes a comprehensive set of management reports to aid in the day-to-day servicing of these type of loans.
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