Use the Escrow History screen to record the monthly amount due to be paid into the homeowner's escrow account, and the dates on which these monthly payments go into effect. Click the button on the Mortgage/Payment Information screen - or enter a new amount in the Escrow field in the Monthly Payment Schedule pane - to open the Escrow History window.
The Escrow History represents the homeowner’s escrow payment plan, whereas the payments entered on the Payments screen represent the homeowner’s actual payments. Any difference between actual and plan is the homeowner’s escrow payment status, shown under Payment Due on the Payment Due/Schedule tab of the Mortgage/Payments Information screen.
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Field Name |
Type |
Description |
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Date |
Entry |
The date when the specified monthly escrow payment comes into effect. Always set as the 1st day of the month. If this is set to a future date and coupons are printed for this homeowner, when the coupons cross this date, the value of the escrow on the coupons will change. Also, when this date is reached, the Escrow Monthly Payment Schedule on the Payment Due/Schedule tab of the Mortgage/Payments Information screen will automatically be changed to the new value. |
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Value |
Entry |
The amount of the monthly payment for escrow, beginning with the month specified in the Date field. The monthly payment remains at this level until changed by another entry on the Escrow History screen. Homeowners' escrow balances and payments should be reviewed periodically and adjusted when necessary to ensure adequate funding for escrow disbursements while avoiding the accumulation of excessive balances. Keystone provides Escrow Analysis functionality to help determine what the appropriate monthly escrow payment should be and what adjustments need to be made to reach this level. For more information, refer to the Introduction to Escrow Analysis section. |
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Notes |
Memo Entry |
For notes explaining why monthly payments for escrow were changed. |