Introduction
Standard Fees allow you to automate renewal fee application, reducing manual steps and ensuring consistent loan servicing. This feature supports customization by loan type and lender preferences, simplifying compliance and improving efficiency.
Navigating to This Section
Click the Gear icon in the top-right corner to open Settings.
Select Company Settings.
Expand Loan Servicing > Renewal in the left-hand menu.
Click Standard Fees.
Tip: If you cannot access this setting, check your user permissions or consult your system administrator.
Standard Fee Settings
Setting | Description |
Enable Renewal Fee | Activates the renewal fee for all applicable loans. Once enabled, the system will automatically apply the fee at loan renewal. |
Add Renewal Fee to PAD | Ensures the renewal fee is collected through Pre-Authorized Debit (PAD) payments when applicable. |
Additional Settings on Default Fees | Provides access to more customization options for default fees, including configuring variable fees based on loan type and lender-specific rules. |
Note: Configuring default fees ensures they are consistently applied across all renewals, reducing the risk of errors and manual adjustments while improving operational efficiency.
FAQs
Can I adjust the renewal fee for specific loans?
Yes, although the renewal fee is set as a default, you can modify it for individual loans as needed within the loan settings.
Does enabling the renewal fee affect all existing loans?
No, enabling the renewal fee only applies to future renewals. Previously renewed loans will not be affected unless manually updated.
What happens if I disable the renewal fee?
Disabling the renewal fee prevents it from being automatically applied, but existing loans with an active renewal fee will retain the setting unless manually modified.
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.