If a payoff was by wire or ACH, start the release process in one week.  If paid by check, start in two weeks.  Put it on your schedule when to start the process. 

Impound refund needs to be sent on time and with a copy of the Deed of Release, whether recorded or not (instructions below, #3) 

Follow the Deed of Release Checklist found under: "\\sbs\loans\Mortgage Servicing\Deed of Release" (there is a separate one for Maricopa) which, basically, goes by the following steps (**see bottom for Maricopa instructions): 

If a partial payoff, print the Partial Deed of Release Checklist – it is helpful to follow previous releases of the same loan (e.g. 112918) 

Pull file from vault and print out Deed of Release Checklist. 

Verify address with Borrower.   

To refund impound (and/or reserve) balances after a payoff in The Mortgage Office, follow these steps: 

1.Select the loan receiving the refund. 

2. Choose Trust Ledger. 

3. Click the Actions drop-down, select Enter Check. 

4. Enter the Date for the refund. 

5. Enter the Amount for the refund. 

6. Under Pay to the Order of, use the Pay Client link (add a memo if needed). 

7. In the split information, select Edit, and choose Impound (or Reserve) as the category. 

8. If refunding from both Reserve and Impound at the same time:

    A)  Open the Trust Ledger

    B)  Write down the amount that is in Reserves, and also what is in Impounds

    C)  Select Actions > Enter Check.

    D)  Enter the refund Date and TOTAL Amount.

    E)  Under Pay to the Order of, use the Pay Client link.

    F)  In the split information (at the bottom), your first split is auto-created. 

    G)  Edit it and set Category to either Impound or Reserve and enter the appropriate amount.  

    H)  To add the second refund category, click Actions > Add New. 

     I)  In the second split, select the borrower client again, choose the other Category (Reserve or Impound), and enter the amount.

     J)  Confirm total split amounts match your intended refund. 

    K)  Complete as usual — issue by check or select Written for other refund methods such as ACH

9.  If issuing by check, the check will be queued for printing. If using another method (e.g., ACH), select Written and enter your reference number (you can just give it a number for Melanie to be able to identify it), then confirm.  Send screen shot (like 1st one above) to Melanie so she can ACH the amount.

10. To print checks, still in Trust Ledger, use the printer icon > Select & Print Checks > Print Checks. 

11.  Create the Deed of Release by going to \\sbs\Loans\Mortgage Servicing\Deed of Release\County Recorder and see if there is already one in there for the same county.  

    A)  Look at the loan's Deed of Trust and Promissory Note to help you complete this document.  It must include "married or unmarried" - or whatever description is on these documents.   It must also have the same attorney as shows on their recorded Deed of Trust.  You need to also look at that county website to see what their requirements and fees are.

**If the county is Maricopa, see below instructions. 

    B)  Print on 24lb. Paper (ink cannot show through or they may charge for a 2^nd page).  Have Paul sign (as "E. Paul Whetten, Exec. Vice President), and get it notarized.  Send copy to Borrower with impounds or add it to Synology and send a secured link via email.  

    C)  Create Release of Chattel Security if applicable.  Have Paul sign (as "E. Paul Whetten, Exec. Vice President), and get it notarized (the notary area should have his name showing the same as his signature line).  This should go with the Deed of Release to be recorded.

    D)  Create UCC Termination, if applicable.  To terminate UCC's they must be filed by the state, NOT the county. 

         - you will need to do a check request to Melanie with a copy of the state website's filing fees

         - the below is a UCC termination and how the form should appear…

    E)  Create cover letter to Borrower and send copy of Deed of Release (recorded or not) with impounds (or notification that impounds were ACH'd) 

    F)  Request proper check amount and information (vendor#, etc.) from Melanie for county fees.  Attach a screenshot or copy of the fees from the county's website. 

    G)  Create cover letter for county (and send with check and all notarized docs, and include a stamped envelope. 

    H)  When received back from county, scan everything into ASL Home, put in file, and put file back in vault.