Surplus Funds to Mortgagee

[Yvette]

Just wondering, is it still possible (to be ahead of the game) and enter balance of sale funds to your discharging mortgagee (that includes excess funds) ?

[Karolidis_and_Co]

Hi Yvette

I believe this is only possible if the discharge authority has included an account for excess funds.

Regards

Nick

[Yvette]

Hi, 

Excess funds account is noted on discharge, but would love to set up the destination funds paying all to the bank without waiting for them to confirm a payout figure first, then allocating the balance.  Doesn't seem doable?

[Karolidis_and_Co · Accepted solution]

I don't think so - they have to action both...

[TheDoctor · Accepted solution]

Hi @Yvette,

As a Mortgagee on Title, we need the funds split between the clearing loan and the surplus funds account.

If we were to group all funds together it would delay the closing of the loan account while the amounts were reconciled.

Suggestion:

Once you are aware of the total amount that the Mortgagee on Title is to receive, advise them, via a conversation, of the total.

In theory, they should then be able to load their surplus account Destination line item, at the same time as their payout figure.

That should be fairly simple for them to manage.
Not saying that you may not need to prompt  them on the day of settlement but, in theory, it should be simple.