Billing & Commission Tab

What is the Billing & Commission tab?

The Billing & Commission tab is where you record all payments made by the borrower and payables owed to third parties for a loan file. Data entered here feeds directly into Loan Origination > Reports > Billing / Payables.

Where is the Billing & Commission tab?

Open the loan file and, in the menu on the left under POST-CLOSE, click Billing & Com.

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 information, which is typically the borrower.
4. Stores banking or credit card information used for billing purposes or to auto-populate document templates via the Doc Wizard.

How do you choose which fee types appear in the Add Fee list?

To choose which fee types appear in the Add Fee list, go to Settings > Platform Settings > Company Info and use Select the billing fee(s).

How do you add a contact to the payables section?

You must add the contact to the loan file before they can appear in the payables section. Follow these steps:

1. Open the loan file and go to the Contacts tab.
2. Click the green Plus icon to add the contact.
3. Once the contact is saved, return to the Billing & Com tab and select the newly added contact in the payables section.