Published: 31 March 2021
Applicable to: Select banks and panel members
Overview
Enable auto calculation in Workspaces to automatically calculate and adjust the vendor surplus amount.
The Mortgagee on Title is responsible for enabling auto calculation in Workspaces.
To set up auto calculation:
- Enable auto calculation in the settings.
- Assign vendor surplus handling responsibility.
- Enable auto calculation in the Workspace.
Once set up is complete, the auto calculation status is set to ‘Pending’ and the Vendors Funds will remain at $0.00 until a Loan Payout figure and Balance due to Vendor amount is entered.
Enabling auto calculation in the settings
Turn on auto calculation at Subscriber level.
- As Subscriber Manager, navigate to Administrator Tools > Maintain Auto Calculation.
- For Enable auto calculation of vendor surplus, select Yes to turn on auto calculation. By default, auto calculation is set to disabled but the option to enable it will be available on all Workspaces.
- For Default auto calculation of vendor surplus to enabled when you are handling surplus?, select one option:
- Yes The default status of auto calculation of vendor surplus on all Workspaces where you are handling surplus is enabled.
- No The default status of auto calculation of vendor surplus is disabled.
- Save the changes.
Assigning vendor surplus responsibility
Next specify who is responsible for handling vendor surplus.
- As Subscriber Manager, navigate to Administrator Tools > Manage Subscriber Details.
- Scroll down to the Surplus Handling section and select one option:
- Allow me to handle surplus using the “Assign to me”
The Mortgagee on Title selects this when they want to the option to assign surplus responsibilities to themselves in any Workspace. To assign themselves surplus responsibility, click Assign to me on the Transfer Indicators panel.
- Display a message to other subscribers that I do not normally handle surplus, but retain the option to “Assign to me”
The Mortgagee on Title selects this when they do not normally handle surplus but want the option to override this in the Workspace.
When this option is selected, a message is displayed to advise the other subscriber that the Mortgagee on Title does not normally handle surplus. However, the Mortgagee on Title can still choose to assign surplus responsibility to themselves by clicking Assign to me.
- I do not wish to handle surplus. Display a message to other subscribers , and remove the option to “Assign to me”
The Mortgagee on Title selects this when they do not wish to handle surplus in any Workspace.
- Save the changes.
Enabling auto calculation in the Workspace
Once auto calculation is enabled in the settings, the Mortgagee on Title can choose to enable or disable this feature in any Workspace:
- On the Enhanced Settlement Summary screen, go to the Transfer Indicators panel.
- For Discharge Authority received by, they select Yes when the Mortgagee on Title has received the Discharge Authority,
- For Vendor surplus to be directed by, select Assign to me.
This indicates that the Financial Institution is willing to direct surplus funds.
- For Auto calculate vendor surplus for this workspace, select Enable to enable auto calculation of vendor surplus in this Workspace.
Note: This option is available only if you are directing vendor surplus.
- For Vendor surplus account(s) for auto calculation (status), select Add Account to add account details for where the vendor surplus funds will be deposited.
Note: This option is available only if auto calculation is enabled.
NOTES:
- For Subscribers who only disburse to a nominated suspense account, select the correct account from the ‘Destination account’ drop down list.
- For Subscribers who disburse funds directly to the Customer’s nominated account from the Discharge Authority, select ‘Customer Account’ from the ‘Destination account’ drop down list.
- The Amount field is not required to be entered by the Mortgagee on Title.
Related topics
Auto calculation of vendor surplus
