Payments: The system allows the user to process full, partial, short, and unapplied payments. The Payment Application Screen displays a complete payment breakdown and allows for additional payments to Principal, Escrow, and Replacement Reserve. Payment Reversal Processing provides the ability to automatically reverse the last posted payment on a loan. Additionally, the system provides the ability to process an NSF Reversal which will automatically assess an NSF fee once the payment is reversed.
Fees: Here the user has the ability to specify various loan fees, including late fee, insufficient funds fee, service fee, trustee fee, and prepayment penalty. All applicable fees are automatically assessed by the system. One-time Fees functionality allows for non-recurring fees, such as legal fees, to be automatically assessed to loans. The system has the ability to automatically reverse any assessed fee.
Draws and Disbursements: The Draws/Disbursements functionality makes it easy to manage your construction-style loans. The system allows users to track both expected and approved disbursements, and as disbursements are approved, loan principal balances are automatically updated. The system will reflect all disbursements in accrued interest calculations, ensuring accurate payment processing.
Adjustments: This functionality allows users to change any loan balance by a specified amount.
Transfer Processing: The Transfer functionality allows funds to be transferred from the Escrow, Replacement Reserve, and Unapplied accounts to any other account.
Payoff Processing: The System provides users with a utility for processing payoffs. The utility calculates a payoff through a selected date with the option to net out Escrow and Replacement Reserve balances. Users can also print a payoff letter containing all payoff details.
Within the Loan Servicing System, users will also have ability to perform Insurance Tracking, Escrow Management, Delinquency Tracking, and Record all instances of communication via communication logs.
Add On Modules available to the Loan Servicing System include Bankruptcy Management, Foreclosure Management, and IRS Reporting.
Designed to reconcile servicer-managed loans with agency expectations, Master servicing works closely with the HDS Single Family Management System Suite, providing an integrated solution from origination to servicing. The system works both as a daily loan processing and reconciliation tool, and as a month-end portfolio reconciliation tool. The Master Servicing System allows the Agency to maintain a full portfolio of loans and loan activity while validating the accuracy of the custodian servicer collections.
Amortizing and Non-Amortizing loans
The system manages traditional amortizing and non-amortizing loans and allows agencies to track important loan data including borrow, co-borrowers, property, and funding source information. The loan screen has been designed for ease-of-use with all original loan information and current status information displayed on the screen.
Servicer File Import– allows important of daily servicer transaction files containing all payment activity. The MS System validates that the receipts collected by the external servicer are accurately applied, by calculating the due amounts based on the data in the record. Transaction processing validates imported transactions against Agency expected values and generates warning and exceptions according to Agency-defined tolerances. This allows the Master Servicer Agency to rectify any differences on the daily basis. All transactions received and posted by source allowing the Agency the ability to reconcile cash deposits daily. Transaction posting writes all applied transactions to loan history, generates General Ledger Entries, and automatically updates borrower information. Cash Reconciliation assists in the reconciliation of servicer deposits by displaying totals by Batch and Funding Source.
Servicer File Import allows users to import month-end servicer files that contain status information for all loans being serviced. Processing validates important loan status records against the Agency database and generates exceptions for all loans not matching. In addition, the system generates a listing of any loans missing from the servicer portfolio. The process ensures that your Agency and Servicer will always be in sync at month-end. Month-End Close generates General Ledger entries for delinquent, current, and prepaid interest, and closed the current reporting period.
Multifunctional Grids: Within the Master Servicing System you will find multifunctional grids that allow users to sort by any column, filter based on all columns and group by any of the columns. All system grids provide the ability to print or export data to HTML, XML, Excel, or Text File.
Manual Batches / Transactions — Allows users to create manual batches and transactions in order to process transactions not received from the servicer. The feature may also be used for any necessary adjustments to a loan.
Entities/Contracts – Allows agencies to maintain a database of all entities and contacts associated with Agency.
Reporting – The system includes several reports including Amortization schedule, Loan History, and Series Trial Balance.
Security – Allows system administrators to control access to all functionalities in the system.
General Ledger Interface – Allows General Ledger entries to be easily exported to a specific format. The system allows the Agency to setup account and assign the transactions that will be reported to the accounts. Additionally, the system allow the user to create a breakdown of transactions to the general ledger by creating and assigning transaction to vouchers.
Loan Correction Management – System Wizard that allows the agency to make post-purchase corrections to loans originated within the Single Family System.
Loan Reinvestment Management – System wizard that allows the agency to manage its funds by providing the ability to move loans to reinvestment sources.