Commercial Servicer® Escrow Administration
Commercial Servicer® users experience the highest level of escrow administration automation found in any servicing system. Whether you fully escrow your loans paying all bills and premiums or simply track to make sure tax and insurance is properly paid on time, you’ll find a wealth of tools to assist you in all areas of escrow administration.
ESCROW BUCKETS
Commercial Servicer® allows you to set up unlimited tax and insurance, reserves, and other user-defined escrow buckets. Each bucket has a detailed running history of funds moved into and out of it with a corresponding running balance.
INSURANCE
Commercial Servicer® keeps detailed information about your insurance policies. Users track and pay hazard, flood, key man, liability, earthquake, title, and environmental insurance policies, among others. In addition to the usual escrow information (payees, frequency, amount due, due dates), our system also stores detailed policy information (coverage requirements and amounts, deductibles, NAIC carrier, insurance company ratings, and much more). Task-tracking tools provide evidence of insurance, investor approval, and lender certifications. Forced place insurance and waivers are also tracked to make sure nothing is overlooked.
TAXES
Commercial Servicer® allows you to track and pay unlimited tax bills and keep detailed information on each bill. Odd due dates and unequal frequency due dates are easily accommodated. A hyperlink to your taxing authorities’ websites enables easy and convenient tax bill lookup.
RESERVES
With Commercial Servicer®, you can create and track unlimited reserve buckets such as interest, sinking funds, operating reserves, leasing holdback, replacement, repair, and more.
OTHER FEES & EXPENSES
In addition to the traditional tax and insurance and reserve types of escrows, Commercial Servicer® users create buckets for legal fees, unpaid items, REO expenses, and more.
DISBURSEMENTS
Escrow disbursements may be performed individually or in batches for scheduled tax and insurance payments. Day-end disbursement checks and check registers, along with multiple daily disbursement reports, make for easy disbursement account reconciliation.
ESCROW ANALYSIS
Let Commercial Servicer® simplify the confusing process of analyzing escrowed tax and insurance accounts. Our software has an easy to understand analysis for your borrowers. Analyze loans individually, on demand, or analyze them all very quickly with the batch analysis tool.
INTEREST ON ESCROW
Each individual escrow has its own parameters for calculating interest, giving you the option to pay interest only on the buckets you choose.
ESCROW REPORTS
Tracking escrow is easy with a wide variety of flexible tax and insurance expiration reports, notices, detailed escrow activity and other tracking reports.