This is a single-family/residential course.
In an ideal mortgage payment situation, funds from a payment are applied directly to the different payment elements such as the principal, interest, escrow, and insurance accounts, and the whole process is very routine. Often, however, there are additional funds (and sometimes short funds) that must be applied to various accounts for a number of reasons. These irregular payments are referred to as exceptions and they are the subject of this module.
In Exceptions Processing, the participant will learn about the various exceptions to regular mortgage payments and how they are processed. The module reviews the several instances where a mortgagor may either choose to, or be required to increase, the amount of a mortgage payment and the overall effect it has. It also discusses instances when a mortgagor, or a mortgagor's escrow account, may receive money back. Finally, the module discusses the steps involved in requesting, processing, and finalizing a mortgage payoff.
Additional and short escrow
Seat time approximately one (1) hour.