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Moneylender Professional

Loan Servicing Software

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Moneylender Professional 2.5

MLP2.0 Enhancements Copied into MLP2.5 (3/29/13)

Last week several modest enhancements were added to MLP 2.0. Today those enhancements were added to MLP 2.5.

Work on MLP 2.5 continues with the newly improved escrow system going into place. MLP 2.5 will separate escrow into its own account with additions and subtractions as payments fill the account and disbursements to tax, insurance and other parties deplete the account.

An automatic RESPA-compliant calculator built into the new escrow system will look at the current balance of the escrow account and perform the necessary calculations to set the escrow amount for any 12 month period to the maximum allowed amount - the amount that ensures a minimum two month reserve in the account. Embedded in the escrow adjustment dialog is the option to print an escrow analysis and adjustment letter to send to the borrower, simplifying the process of setting the escrow and notifying the borrower.

Also, embedded in the escrow disbursement dialog is the option to print a check payable to the third party. Moneylender 2.5 tracks whether disbursements are estimates, confirmed amounts, or have been paid, so you can easily tell if an account has a bill paid. In the main list of loans, a notice appears if an escrow account has an unpaid disbursement that occurs any time less than 30 days in the future, or is overdue. It also displays a message if the escrow amount hasn’t been updated for at least 11 months, reminding you to reassess the escrow amount to subtract from each payment.

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