Processing for – Family Partner Payments and Mortgage Statements
- Payments are picked up at the Brenham Post Office no less than 3 times per week.
- A deposit slip is filled out for each payment received by individual Family Partner.
- Each payment document and deposit slip is copied for record keeping.
- Payments are deposited in Wells Fargo bank and the deposit receipt is stapled to the payment and deposit slip copy.
- Payments are entered into the mortgage processing system (Keystone) using the date of the payment document as the date of the payment. Copies of the payment document, deposit slip and receipt are filled by month and kept for historical reference.
- The amount allocated to principal and to escrow is normally what the closing documents had documented at the time of loan initiation. However, escrow is recalculated each year to take into account any change in property taxes and/or insurance. As a result, the amount of the payment allocated to escrow will increase over the original allocation.
- If the Family Partner escrow account is below the required amount additional funds will be allocated from each payment until the escrow account is properly funded and the amount applied to principal will be less. Note – this usually only occurs when the Family Partner is in arrears with their mortgage payments.
- Mortgage statements are run at the end of each month and mailed out the first week of the following month.