The NLS Escrow Module is an add-on to the basic NLS package that fully automates the tasks associated with maintaining escrow accounts on behalf of the borrowers. It allows organizations to receive payments from their clients for property taxes, insurance, and special assessments. The organization can automatically disburse these sums to the appropriate vendors as they become due. It allows servicers to specify unlimited types of escrow accounts as well as vendors.
In meeting the accounting and reporting requirements set forth by the Real Estate Settlement Act (RESPA), NLS Escrow performs all of the traditional functions that escrow officers typically encounter: including the billing, collection, organization, and analysis of all of the data relating to escrow transactions; the generation of documents involved in each transaction; the logging of the receipt of funds and the generation of disbursements; the generation of reports about the work completed through the system; and the generation of necessary tax forms.
NLS Escrow incorporates the complete accounting audit trail from receipt to eventual generation of checks through the disbursements feature of NLS.
The Escrow Module is divided into the following sections: