Setting Up Impound on a Loan

Four things must be in place before impounds may be configured on a loan:

  1. Transaction Codes for Impounds.
  2. Impound Codes.
  3. Contact Records for the entities to be paid by escrow.
  4. Vendor Accounts must be configured of those contacts.

To configure impounds on a loan, first query that loan. Select View > Impounds menu.Select Impounds from Loan >  Impounds. Here you will have three choices:

  1. Impounds
  2. Analyze Impounds
  3. FARETSCoreLogic Interface (formerly FARETS Interface)

Select the first option (Impounds)

Click Add Add to add a new impound.

Select an impound type (from the list of impound codes that you had previously configured) and type a description for the impound.

The impound setup will then be configured on the following four tabs:

Analysis Setup

See the section on Impound Codes for information on the options available.

The Next analysis date is the date on which the next impound analysis is to run. This date is updated automatically when an impound analysis is run. However, a date may be entered manually as needed.