The cashiering area is an essential part of mortgage processing. This is where processors apply different types of payments and fees for a loan and then balance group payment information. It is also where payment reversals occur if necessary, unapplied funds are disbursed, and loan payoffs are processed, so you can see that the functions in this area are an integral part of the mortgage servicing process.
This web-based, self-study course provides an overview of the cashiering processes and functions within the mortgage banking industry. The focus of this course will be on the servicing side of mortgage banking. This course will prove very useful to loan administration employees or anyone seeking to better understand the place of cashiering functions in loan servicing.
Some of the topics that will be covered are:
- application of loan payments and fees for a loan.
- reversal of payments that were misapplied or returned for a variety of reasons, such as for non-sufficient funds.
- the movement of cash payments and the use of clearing accounts.
Course Outline:
Lesson 1 - Cash Flow
- Payment Elements
- Payment Methods
- Corporate Funds
- Custodial Funds
Lesson 2 - Exceptions Processing
- Unapplied Funds
- Reversals
- Miscellaneous Fees
- Refunds
- Additional and Short Escrow
- Curtailments
- Payoffs
Lesson 3 - Electronic Payments
- How Payment Drafting Works
- Benefits for Borrowers
- Benefits for Lenders
- Regulating and Securing the ACH System
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or
Certified Mortgage Technologist (CMT) designations. This course also earns five points towards
MBA's Mortgage Servicer, Financial Controls and Investor Administration Achievement Certificate (CMS Level I). |