Escrow Admin Tab

Use the Escrow Admin tab to define the payees that constitute the homeowner's escrow payment responsibilities and the schedule for making these payments. The Escrow Admin tab is located on the Mortgage/Payment Information screen.

You must set up all escrow categories for a selected homeowner before you can assign escrow recurrent payees to them. Clicking the Expected Escrow Categories button displays the Expected Categories Screen where you can set the categories for the selected homeowner. The defaults you entered in Affiliate Setup will automatically be added to each new mortgage. You can delete the categories that do not apply to a particular homeowner and add others that do.

All recurrent escrow payees must be set up in Keystone as Escrow Recurrent Payees before you can use them on this tab. For more information, refer to the Entering Recurring Escrow Payees section. Do not include non-recurrent escrow payees on this tab.

The information on this tab is used for both Escrow Analysis and the Escrow Grouping function.

Generally, you only have to set up the fields on this tab once at the time you define the homeowner’s mortgage. Thereafter, Keystone will calculate the Next Payment Due Date based on when escrow disbursement payments are made. The Escrow Categories Due report can be used to generate lists of homeowners who have a particular escrow category coming due, for example, as in the case of insurance due.

Field Name	Type	Description
Escrow Recurrent Payee	Entry, drop-down	You can select any of the Escrow Recurrent Payees that have already been set up in Keystone. If the payee you want to add to this homeowner is not in the list, you will need to define that payee as a new Escrow Recurrent Payee. For more information, refer to the Entering Recurring Escrow Payees section. Double-clicking the Escrow Recurrent Payee field takes you to the Escrow Recurrent Payees screen where you can review how the payee has been defined. Click the Return button on the Escrow Recurrent Payees screen to return to the Escrow Admin tab.
Category	Read-only	Since the Category is part of the Escrow Recurrent Payee definition, when you select a payee, this field is automatically filled in based on how the payee was set up in Keystone. If this is not one of the expected categories you will get a warning.
Reference	Entry	This is a reference number used to identify the escrow payments being made. For example, a tax identification number or an insurance policy number.
Due Date (Next Payment)	Entry	The next payment due date for the escrow disbursement. If this is a new homeowner, you may have to estimate this. It is better to estimate these values than to leave them blank.
Amount (Next Payment)	Entry	The amount due for the next disbursement payment. If this is a new homeowner, you may have to estimate this. Since these payments will be disbursements, you must enter them as negative values.
Annual Liability	Entry	When the Next Payment Due Date and Amount are entered, Keystone will attempt to estimate the Annual Liability by using the payment schedule of the escrow recurrent payee. If this is a new homeowner, you may have to enter an estimated value. It is better to enter an estimated value than to leave this field blank. The annual liability should be a positive number.
Renewal Date	Entry	This is used by escrow obligations that have contractual renewal dates, as in insurance and pest control. Renewal dates on escrow obligations are generally later than due dates to ensure that the homeowner payments are within the contractual period. You can use the Escrow Categories Renewal Dates report to generate lists of homeowners who have contracts that need to be renewed. Although it is not technically a renewal, this may also be used for tax bills to ensure that your affiliate has received tax bills for all homes.