Billing & Commission Tab

Where to find it: open the loan file and, in the menu on the left under POST-CLOSE, click Billing & Com. What you enter here feeds Loan Origination > Reports > Billing / Payables.

Billing & Commission tab stores the following:

1. Payments made and to be made by the client or borrower, like application, appraisal, mortgage payment, late fees, etc...
2. Payables to 3rd parties like brokers, investors and inspectors. Whom to Pay records who gets paid; there are no commission amount fields.
3. Stores the"payor" info, which in many cases will always be the borrower.
4. Stores the banking or credit card info that will be used for billing purposes or auto-populate document templates using the doc wizard tool.

Tip 1: To choose which fee types show in the tab's Add Fee list, go to Settings > Platform Settings > Company Info and use "Select the billing fee(s)".

Tip 2: In order to add a contact to the payables section, you must first add the contact to the loan file. Go to the contacts tab of the loan file to do that first. Click the green Plus icon to add a contact