I reconciled my bank statement in Mortcare and my worksheet balances but my Borrower Outstanding Balance report is off, what should I do?
1. If the total balance is more than the Account Balance on the Uncleared /Year to date report, a. Check the balances of the borrowers that appear on the report and verify that the balance is correct. b. Run the Fees Collected report for the month that you are reconciling and verify that the Broker Check # total is the same as the Total Fees for each check. If there is a difference in totals, locate the Investor(s) account(s) that is missing the service fee information on their check detail and fill in the correct information, this can be found on the actual copy of the investor’s check. 2. If the total balance is less than the Account Balance on the Uncleared/Year to date report, a. This is typically caused by a borrower loan account that is overdrawn but does not appear on the statement with either a negative or a positive amount.
