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Auto calculation of vendor surplus (Mortgagee on Title) | Help Centre

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Auto calculation of vendor surplus (Mortgagee on Title) | Help Centre
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Saysa
Saysa
Former PEXArian
‎31-03-2021 11:16 AM
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Published: 31 March 2021

 

Overview


If you're a bank or panel firm, you can now set your vendor surplus amount to be automatically calculated and adjusted. Turn this on and remove the rework on settlement day. No more final adjustments to vendor surplus amounts and re-signings. It will be done automatically for you.

Members can benefit from the following:

  • Enhanced experience through reduced re-work and re-signing.
  • Improved on-time settlements for Workspaces.
  • Reduced in-platform conversations between the Mortgagee on Title and Proprietor on Title.
  • Automatic calculation of the vendor surplus amount (driven by the Proprietor on Title).

 

 

 

Activating auto calculation

After auto calculation is enabled, a Balance due to Vendor and Loan Payout amount must be entered into the Workspace to activate auto calculation.

Once the above two items have been entered, the auto calculation status changes from Pending to Active status. An Active state means auto calculation is activated and the Vendor’s Funds amount will be pre-populated on the Destinations tab and automatically adjusted as line items are added or updated.

You can identify the status of auto calculation based on the colour of the shading.

 

Auto calculation statuses

Pending

Auto calculation is enabled but Balance due to Vendor and Loan Payout amounts have not been entered.

image001.png

image001.pngdestination.png

 

Note: if the balance due to vendor and loan payout have been entered but the vendor funds is calculated as $0.00 the status stays in pending. Dont worry you can still go ahead and sign and the Workspace will settle as normal. 

 

Active

Both the Balance Due to Vendor and Loan Payout amounts have been entered.

A Vendor Funds line item is created and pre-populated with the auto calculated vendor surplus amount.

image004.png

 

image005.png

 

What auto calculation means for Mortgagees on Title

If you are a bank who is responsible for directing vendor surplus, you’ll be responsible for the following tasks in the Workspace:

Enabling auto calculation

For the Mortgagee on Title, enabling auto calculation is a two-step process:

  1. Enabling auto calculation in the settings.
  2. Enabling auto calculation in the Workspace.

Ensuring the correct vendor Account Details is entered

If you’re responsible for directing surplus, you’ll also be responsible for verifying and populating the vendor’s account details. This is the account the vendor funds will be deposited to.

 

image019.jpg

 

image021.jpg

Entering and finalising the loan payout figure

You must enter a loan payout amount (indicative or final) to activate auto calculation. You’ll also have the ability to sign off on their Settlement Schedule once the loan payout figure is finalised.

 

As vendor-related Destination Line Items are created in the Workspace, the Amount for the Vendor’s Funds Destination Line Item is automatically adjusted based on:

  • The Balance Due to Vendor amount, as entered or agreed to by the Proprietor on Title, AND
  • All destination line items that have been allocated to the Vendor’s Destination Line Items.

image006.png

 

Note: if the balance due to vendor and loan payout have been entered but the vendor funds is calculated as $0.00 the status stays in pending. Dont worry you can still go ahead and sign and the Workspace will settle as normal. 

What auto calculation means for Proprietors on Title

What this means if you represent the Proprietor on Title

When the Mortgagee on title has enabled the auto calculation functionality within your Workspace but they have not yet entered their loan payout then the auto calculation is set in 'pending' status. A 'pending' status is indicated by yellow shading on the Financial Settlement Summary and destination line item.

image001.png

destination.png

 

When the Mortgagee on Title has entered a loan payout, auto calculation becomes 'active', you see the following areas of the Financial Settlement Summary and destination line item are shaded green. See example below

image (3).png

Note: if the balance due to vendor and loan payout have been entered but the vendor funds is calculated as $0.00 the status stays in pending. Dont worry you can still go ahead and sign and the Workspace will settle as normal. 

 

Ensuring the vendor surplus amount is correct

As Proprietor on Title, you’re responsible for ensuring that the vendor surplus amount is correct. You may create or update vendor line items as necessary; any vendor-related destination line item changes that impact the Vendor’s Funds amount is automatically adjusted based on the total funds available for disbursement for the Vendor.

 

One benefit of auto calculation is if changes are made to the Vendor's Funds amount after the Settlement Schedule has been signed off, it won’t unsign the Mortgagee on Title’s Settlement Schedule. This essentially removes the need for the bank to return to the Workspace to do additional re-work.

 

 

 

 

Related topics


Setting up auto calculation

 

 

 

Vendor Surplus Auto Calculation POT Help Card v1.pdf ‏764 KB
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