Impound/Escrow Module
Features of the Impound/Escrow Module include:
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The ability to add an unlimited number of impound accounts. In addition to property taxes and insurance premiums, the impound feature can be used to collect any obligation that the lender is paying on behalf of the borrower.
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Each impound account can be set up for a specific amount over a specific time period. Impound amounts can be modified throughout the life of the loan to reflect changes in the impound payment obligation.
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By default, impound amounts are prioritized in the payment process, meaning impound is collected before any other items are paid (including principal and interest). Users have the option of changing this when they accept the payment.
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Impound amounts are included on the schedule, payment request, and any other documentation that is sent to the borrower.
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When impound payments are made to the vendor and recorded in Bryt, they are associated with a contact in the Bryt contact database. You will have a running history of vendor payments over the life of the loan.
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Bryt uses double-entry accounting for impound accounts providing accurate loan accounting for impound accounts. The Bryt “register” includes all entries associated with impound accounts.