The Initial Escrow Deposit Calculator DNAapp is designed so that whoever handles a loan’s initial deposit – such as Loan Operations staff, branch managers or other – can quickly calculate what the Initial Escrow Deposit is required to cover the Escrow account shortage.
The Initial Escrow Deposit Calculator application is designed for Financial Institutions to easily calculate the initial escrow deposit needed to cover the booking of a loan.
The Initial Escrow Deposit Calculator application provides the Financial Institution with the following enhancements when booking a new loan or working with lending prospects:
• Allows the User to quickly and easily calculate the initial deposit prior to booking a loan. • Allows the Loan Operations team member to provide modeling and “What-If” scenarios. • Ability to include Cushion Amount required by the Financial Institution. • User can enter multiple Tax and/or Insurance Records. • Displays both Payment and Disbursement projections. • Can calculate initial deposit required for multiple payment frequencies, including biweekly. • Integrated with DNA Export DNAapp to allow calculation results to be exported out of DNA and into CSV, Excel and PDF formats.
The Initial Escrow Deposit Calculator requires the User to have access to the Authorization Item CALC–Calculator.
The Initial Escrow Deposit Calculator will be located on the Calculators navigation menu in the relationship module, with the ability to calculate the amount of an initial escrow deposit based on user input values. The required values are Payment Frequency and Payment Start Date and Cushion Months.
After the payment information is entered, the User is required to enter at least one complete tax or insurance record. In the Tax Type dropdown, the User selects a specific tax they wish to use for their initial deposit calculation. Also the options of the payment amount and the frequency of the tax must be entered. The User has the capability to enter multiple tax or insurance records.
In the Insurance Payment section, the User selects the Insurance Type from the dropdown. The User then selects a specific insurance they wish to use for their initial deposit calculation. Also the options of the payment amount and the frequency of the insurance payment must be entered. Once an insurance type is entered, the Include in Cushion field will dynamically populate based on whether or not the insurance type selected is allowed to be used in the Cushion Amount.
Once the Tax and/or Insurance records are entered, the User selects “Query” button which will run the calculation and populate the Initial Escrow Deposit Calculator-Result screen. The Projection of Payment display grid will display the 12-month Escrow Analysis projection.
The grid will display in columns from left to right; Month, Paid In, Paid Out, Balance, Cushioned Balance, With Initial Deposit and Description. The Initial Deposit Required display grid will display the Projected Payment, Cushion Amount and the Initial Deposit Required based on the Tax and Insurance records input by the User.