Payment Processing
Flexibility is critical for loan servicers when posting complex financial transactions. With that in mind, FICS has created the most comprehensive set of tools allowing easy posting no matter what the situation calls for. Commercial Servicer has made payment processing fast, easy and accurate.
Real-Time Payment Processing
When posting payments to loans, payment processors can choose a variety of payment application methods. Real-time transaction processing features handle:
- Payment and transaction reversals
- Interest only payments
- Late charges
- Escrow payments and disbursements
- Default interest
- Returned check charges
- Prepayment penalties
- Principal curtailments and disbursements
- Partial payments
- Construction payments
- Adjustments
- Unapplied or suspense funds
- Unlimited user-defined fees
- Daily interest payments
- Reserves
- Non cash payments
- Final payments
- Charge offs
- Advances
- Deferred interest
- Balloon payments
- Bond fees
Exception handling is a breeze. The system validates each transaction amount and identifies discrepancies for quick resolution.
Batch Payments
The option to process multiple payments in a single batch job makes payment posting extremely quick and easy. Just enter each loan number, the amount on the check and when you are finished, click on “OK.” Your payments will be posted right away so there is no waiting for any nightly processing.
Lockbox
The lockbox feature provides automatic payment posting from the file created by your lockbox vendor, following pre-established policies for exception handling.
ACH Electronic Payments
Commercial Servicer initiates automatic payment withdrawal for borrowers by creating a draft file in the NACHA format. This file may be submitted directly to the Federal Reserve or through a correspondent bank.
History
Store all transactions permanently in the Commercial Servicer database as life of loan history. Finding past history transactions is simple with several convenient views available.
Cash Management Reports
Up to 25 daily cash accounting reports provide users and management with multiple cross views of activity posted each day and are used for easy transaction balancing.
Amortization of Deferred Items
Your accounting department will love this convenient tool which allows amortizing certain deferred items (i.e., discounts, premiums, fees, etc.) over the life of the loan or over a specified term. Track deferred income or loss using several different formulas including FASB 91.
