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Home > Training > Payments > Payments Loan Menu > Payments > Billing menu explained
Payments > Billing menu explained
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  1. Contact Method - Select which method the borrower would like to receive their billing statement by:
  • Mail - Select this option if the borrower would like to receive their billing statement by mail. When generating billing statements in Payments > Actions > Generate Statements, the borrower's statement will download into a word document for the user to print.
  • Email - Select this option if the borrower would like to receive their billing statement by email. When generating billing statements in Payments > Actions > Generate Statements, the borrower's statement will be emailed to the email address listed in Payments > Billing > Email (#2). The billing statement and email sent will also be recorded in the NOTES section of that loan. If you generate a statement within the loan (Payments > Transactions > Click Generate Statements) it WILL NOT email the borrower. 

 

  2. Billing Name/Address The address and name will pre-populate with information from General Menu > General TabServicing Mailing Contact/Address. NOTE: You can use a different mailing address for billing statements other than the servicing contact address by using Web Templates.

 

  3. Email Put the email address where the billing statement will be emailed to IF Email is selected as Contact Method. The field will autopopulate with the Servicing Contact's email address listed in the General Menu > General TabServicing Mailing Contact/Address > Primary Contact VCard. The email address listed in this field can be different than the Servicing Contact's email address.

 

  4. Borrower Bank Account information Enter borrower's ACH information in these fields. The information will:

  • Pre-populate with what is set up in the Financing menu > Financing Tab > Click on hyperlink of Primary Loan Record > ACH tab
  • If a user changes ACH information in the Billing menu it will automatically update the ACH tab in Financing; and
  • If a user updates the ACH tab information in Financing, it will update the Billing menu's ACH fields. 

 

   5. ACH Active? Check this box if borrower elected to make payments via ACH. This designation is used with the System Billing Statement (clients will read a message that they are or are not on ACH) and you can customize the designation/message within Web Templates (Merge Field = ACH Message). This designation is reportable (Report Field = Payment Account: ACH Active). NOTE: For loans to appear by default in Payments > Actions > Apply Payments grid, they need to have the ACH Active box checked. 

 

   6. ACH Start Date - Enter the date of the first ACH payment. If the loan is newly funded and the borrower will be on ACH autodraft, then the first ACH payment date would be the first payment date. 

 

   7. Click to Track ACH Changes. - If you click on this hyperlink, it will redirect your Ventures page to Tracking > ACH Changes. Here, you can track dates and make comments regarding ACH changes. 

 

   8. ACH Batch -  Select a Batch you want to assign your borrower's ACH pull, if applicable. This will be helpful (or necessary) when filtering payment accounts if you plan on using the NACHA import or export feature, and/or if you plan on applying payments in bulk via Payments > Actions > Apply Payments. Please read the following KB article for instructions on how to customize the options in your ACH Batch drop-down menu: Payments Administration FAQs

 

   9. ACH Billing MethodUser can select Total Amount Due or Regular Payment. Total Amount Due will refer to the outstanding amount due from the borrower (what has been billed and fees assessed, but not yet paid) and Regular Payment refers to the amount listed in Loan Details > Payment Details > Payment Amount.  This designation will determine the posting amount for the loan if using Payments > Actions > Apply Payments  for each loan.

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