RC_LA_CM_200.6 Cash Processing
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
Every month the servicer receives mortgage payments that are calculated based on the terms in the mortgage note. The payments may be tendered electronically or in the form of paper checks. The funds provided by a mortgagor's payment are then posted to the proper accounts on the servicer's loan servicing system automatically or by the cashiering department. It is absolutely crucial that the cashier be aware of, and in compliance with, both internal and external rules and guidelines. Regulations dictate specific protocols for how cash must be handled for posting mortgage loan payoffs, exception payments, and escrow-related funds.
The servicer, the loan insurer/guarantor (such as FHA/VA), the investor (such as Fannie Mae, Freddie Mac, and Ginnie Mae), and federal regulators (such as CFPB) impose strict requirements as to how payments are posted and received.
Cash Processing will describe some of the primary requirements affecting cash processing. It begins with a look at requirements related to payment posting. Next, it describes how exception payments are posted. Toward the end of the course, the processing of escrow-related funds are described.
Seat time approximately one (1) hour.