NoteImpound feature is an optional module to NLS. Please contact your Nortridge representative for information on purchasing this module.
To configure impound codes, select the Impounds sub-category under Loan Setup.
Click to add an impound code. In the Add New Impound window, enter a name for the code and select a transaction code for the Assessment and Distribution to be used with this impound. Click OK when finished.
The Discretionary Payment and Enforce CoreLogic compatibility Enforce FARETS compatibility options are currently not in use.
Analysis Setup Tab
Select Store statement to Comments & Documents to save a copy of the impound analysis to Comments & Documents. Choose the comment category to use for storing the Initial Statement and Annual Statement.
Overage Handling Options
Enter the threshold amount of overage and the rules to apply to the overage amount.
Deficiency Handling Options
Select the action to take for when the deficiency is less than one month payment amount.