Navigating the Mortgages Screen (MB)
New mortgages are added to a file under Details > Mortgage section To open a new mortgage follow the below steps.
- Click the + next to the Mortgage section. A number of choices will appear.
- To open a new mortgage, click on New Standard and the lender database will appear.
- Select the relevant lender.
- Enter the Type of Mortgage, enter the Ref. No, Principal $, and all other relevant information.
After selecting a mortgage type, the Standard Charge Terms No. and Name auto-populate. Note that all boxes with the * must be entered in order for the Teranet Mortgage to generate.
Note: For information about generating an eMortgage, check out this article.
Mortgage Advance
To set the mortgage advance, click the button next to Advance $. Enter the fee name in the first column (or use the selector button to pick a name). You can right-click in the field to add any fee to the database and save (using Save to favourites). Enter the fee amount in the second column and select ‘Debited’ or ‘Credited’. Once the Mortgage Advance balances with what is indicated in the mortgage instructions to be released to the solicitor click on the the Set Advance button.
Mortgage Holdback by Lender
When you enter the word ‘Holdback’ in the Mortgage Advance pop-up, the holdback will show in the Holdbacks section of the screen. You will have the ability to edit the holdback and insert the condition. Click the pencil icon to enter the condition for the release of the holdback.
Mortgage Holdback by Lawyer
Mortgage holdbacks held by the lawyer can be entered under the Mortgage tab along with the condition for the release of funds. Both the Holdback held by the Lender and the Holdback held by the Lawyer will display on the Mortgage screen.
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