Outline – Training – Adding Impound(s) to a Loan 

1. Impound Module - https://bryt-product-guide.document360.io/docs/impoundescrow 
   1. Starting with an In Service loan – navigate to the loan’s Impound tab
   2. Add an Impound Fee
      1. Name and Description
      2. Amount for the Fee to collect per period – Fixed Fee amount per pay period
         1. Dynamic Impound Fee – option for ‘Collect Impound On’ where you can collect an Impound based on an entered rate for a percentage of categories: Principal, Interest, Late Fees, and Due Lender Fees (not accruable lender fees)
      3. Collect fee starting with period 
         1. Note: Impound cannot be added for a prorate period, two alternative options would be to make an unscheduled payment going to the Impound account or using the Add Initial Balances Module to add a starting Impound Balance. Note that neither of these alternative options will appear on a 1098 form. 
      4. Collection options – Until end of loan or for a specific number of pay periods
          For Escrow and Taxes - Most people would set their fixed amount thru the calendar year and adjust for the following calendar year. 
      5. Tax Option – Choose if you’d like for this Impound fee to be summed and included on a borrower’s 1098 form under box 5 for Mortgage Insurance Premiums (MIP) 
   3. Record a Payment with Impound being paid into
      1. Show Impound Payout Process – Impound Fee’s ‘Pay’ button 
         1. Payout date, Amount, Check Number (if any), and select a contact in the system (payee)
      2. Show how to delete an Impound Payout – Expand the carrot for the impound fee, click the ‘Payouts’ tab, then click the ‘Del’ button to delete 
2. Notes:
    1) If a period with Impound dues is under-collected (Recording a $0 or partial payment), the due amount is foregone, it won’t be set to something like ‘Outstanding Impound Fees’. To make up for that, you’d want to enter an additional one-period Impound fee for a period to make up for it by Adding that as a one-time Impound Fee.
    2) If you set the fee to be collected for more periods than you’d like, you’ll want to go to that fee, Click the Modify button and set the Amount to Collect per period to $0 until the end of the loan. This will essentially undo the Impound dues on the schedule.