Handling Mortgages that are not Standard or Institutional (AB)
In certain situations, you may encounter a new mortgage that is not a standard mortgage held by an institutional lender. Sometimes, the lender will provide a construction draw mortgage, or your client is assuming the existing mortgage. If you are handling a construction draw, vendor take back, or assumed mortgage, RealtiWeb has the capability to treat these mortgages differently.
On the Mortgages screen to identify the mortgage there are the following checkboxes above the Lender name.
Caption | Description |
| High Ratio | This identifies the mortgage as a high ratio mortgage. |
Vendor Take Back | This identifies the mortgage as a vendor take back mortgage. |
| Assumed | This will open a reminder to add the details of the mortgage into the Issues list. |
| Construction (Draw) | This identifies the mortgage as a construction draw mortgage. |
Vendor Take Back
When the Vendor Take Back is activated the Lender is automatically set to the vendors in the file. There are additional fields added to include the number of cheques forwarded and the dates they cover.
Construction Draw
When the Construction (Draw) is activated on the mortgage, the Mortgage Advance screen shows additional functionality. The added function enables you to enter the Draw Amount, Fee, and Fee Amount. RealtiWeb will calculate the Net Draw Received by subtracting the total fees from the Draw Amount. You'll be able to enter as many individual fees as needed per draw amount.
Underneath the calculations of the totals are shown, followed by a summary of the advance and the amount that has been advanced or not advanced depending on the draws.
Billing, Accounting Integrations, Admin Functions & Reports
File Creation, Document Creation, and other general topics
Province-specific information for AB clients
Province-specific information for BC clients
Province-specific information for MB clients
Province-specific information for ON clients
Province-specific information for NS clients
Province-specific information for SK clients
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