Introduction
The Discharge section centralizes all configuration options for closing out a loan. From interest calculations and legal scenarios to fee automation and required documents, this area ensures your discharge process is consistent, compliant, and efficient.
Navigating to This Section
Click the Gear icon in the top-right corner to open Settings.
Select Company Settings.
Expand Loan Servicing.
Click Discharge.
Tip: If you don’t see this section, check user permissions or consult your administrator.
Configure how daily per-diem interest is calculated at discharge, including rounding preferences, exclusions, and whether to use future interest or additional charges. These options help ensure discharge payouts are accurate and aligned with your policies.
Enable discharge scenarios like Power of Sale and Foreclosure, and display a dropdown to track borrower discharge reasons. These settings support legal clarity and enhance discharge reporting.
Set default fees for Discharge, Statement Preparation, Power of Sale, and Foreclosure. Configure how early termination penalties are calculated based on timing and loan metrics such as initial, renewal, or discharge values.
Enable automatic generation of Discharge Instructions and Investor Payout Statements. These templates streamline the discharge workflow and ensure all required documentation is created when needed.
FAQs
Can I enable both Power of Sale and Foreclosure options?
Yes. Both can be enabled and selected individually per loan file.
Can I override default discharge fees?
Yes. Defaults auto-fill but can be adjusted per loan.
Are discharge document templates customizable?
Yes. Use the system’s template editor to update formatting and content.
Need Further Assistance?
For additional support, contact us:
📧 Email: support@mortgageautomator.com
💬 Live Chat: Click the question icon at the top-right corner of your screen.