Mortgage/Principal/Escrow/Other Debt Tab

Use the Mortgage/Principal/Escrow/Other Debt tab to record the initial values of the homeowner’s loan, summarize past amounts paid, and provide balance information on the various components of the homeowner's mortgage. The Mortgage/Principal/Escrow/Other Debt tab is located on the Mortgage/Payment Information screen.

Mortgage pane

Shows general information about the selected homeowner's mortgage.

Field Name	Type	Description
Origination Date	Entry	The origination date of the mortgage as entered on the closing documents. Sometimes legal work performed toward the closing of a house, especially if it is being done pro bono, is completed after the Mortgage Origination Date for the homeowner's mortgage. Therefore, there are separate fields for the closed date, which is located on the Property Addresses screen, and the Mortgage Origination Date. See the Property Addresses Tabs section for more information.
Maturity Date	Entry	Payoff date included in mortgage document.
Term	Entry	The mortgage term, expressed in months. This field is automatically set to the default term value on the Mortgage tab in Affiliate Setup. However, you can modify here if needed. If you are also using KeyCredit, note that the mortgage term in KeyCredit is expressed in years to comply with industry credit reporting standards, whereas in Keystone it is expressed in months.
Initial Value	Entry	The total amount of the original mortgage. This is the amount of principal that must be paid by the homeowner before the mortgage is released, typically the house price less any down payment.
Principal Paid	Read-only; calculation	Totals all standard and non-standard payments recorded in Keystone toward principal.
Balance	Read-only; calculation	Calculates the amount of principal remaining to be paid. This is simply the Initial Value less the Principal Paid. When the balance reaches zero, Keystone automatically resets the monthly principal payment to $0.When the escrow balance also reaches $0, Keystone automatically resets the monthly escrow payment to $0 and marks the mortgage as inactive.
Expected Payoff Date	Read-only; calculation	Computed from dividing the mortgage balance by the current principal payment.

Escrow pane

Shows general information about the homeowner's escrow account.

Field Name

Type

Description

Escrow Paid

Read-only; calculation

Totals all payments recorded in Keystone toward escrow.

Current Balance

Read-only; calculation

Displays the total of escrow payments received less the total of all recorded escrow disbursements.

The amount calculated here should coincide with the balance of the homeowner's escrow account, and the total of all homeowners' balances should coincide with the balance in the affiliate's aggregate escrow account.

For more information about escrow disbursements, refer to the Recording Escrow Disbursements section. When the principal is paid in full and a disbursement is made to or from the homeowner that makes this balance $0, Keystone automatically resets the monthly escrow to $0 and sets the mortgage to inactive.

Other pane

The amount of any minor or non-mortgage debt amounts owed by the homeowner to your affiliate may be recorded as "Other" debt and tracked using Keystone. An example of this might be repayment for the construction of a shed, which is not included in the mortgage.

Field Name	Type	Description
Initial Debt	Entry	The total Other debt incurred by the homeowner. If more than one debt is incurred, you should add the amounts of succeeding debts to the initial value recorded in this field.
Paid	Read-only; calculation	The net total of all payments recorded as Other in Keystone.
Balance	Read-only; calculation	The difference of the Initial Debt and the Paid amount. When the Balance value reaches zero, Keystone resets the Other monthly payment in the Monthly Payment Schedule to $0.