Introduction
Allocate submitted payments to the correct loan balances so they appear on the Loan Ledger. You’ll review payment details, distribute funds, and correct errors when needed. Allocation is a required step before payments are finalized in the system.
Navigating to this Section
Access the funded loan from the dashboard or search.
Scroll to the Payments, Adjustments & Charges section, or use the left-hand menu to select Payments, Adjustments & Charges.
Payment Notifications
Borrower submitted payments will not appear on the Loan Ledger until they’re manually allocated. When a borrower submits a payment, it appears in the Notifications section within Payments, Adjustments & Charges.
In Payments, Adjustments & Charges, locate the borrower payment under Notifications.
Click the Allocate button beside the payment entry.
Tip: Only allocate payments after confirming that funds have been received from USIO. This avoids errors in your accounting.
Allocating the Payment
The Add Payment screen opens with the following fields prepopulated:
Field | Description |
Date | Date the borrower submitted the payment. |
Method | Set to Debit for portal payments. |
Reference # | System-generated confirmation number from USIO. |
Payment Amount | Full payment amount submitted by the borrower. |
Memo | Portal payment details and timestamp for tracking. |
You can manually assign the amounts or use Auto Distribute to allocate based on system rules.
Undoing a Payment Allocation
If you process a payment in error:
Open the loan record.
Select Loan Change History from the right-hand panel.
Locate the specific payment.
Click the trashcan icon beside the entry to delete the payment.
Warning: If you need to undo an earlier payment and there are newer payments, you must first undo the newer transactions. Always reprocess payments carefully to maintain an accurate loan ledger.
FAQs
Can a borrower payment stay unallocated indefinitely?
No. Payments must be allocated to be reflected properly in the Loan Ledger and borrower balances.
What happens if I allocate a payment incorrectly?
You must undo the incorrect allocation using Change History and reprocess the payment correctly.
Is using Auto-Distribute required when allocating payments?
No. You may manually apply amounts to specific outstanding balances if preferred.
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.