Administration Tab

Use the Administration tab to define the terms of a mortgage and how it is to be managed by Keystone. The Administration tab is located on the Mortgage/Payment Information screen.

Mortgage Payment pane

Use this pane to define additional information about the homeowner's mortgage payment.

Field Name	Type	Description
Grace Period (Days)	Entry	When you create a new family partner record, the family partner's Grace Period value is set to the default defined in the Mortgages tab of Affiliate Setup. You may override this value for an individual family partner by making changes to the value here. The information on the Delinquency Letter Data screen is updated one day after the default Grace Period ends. If your affiliate has different grace periods for different family partners, you will need to manually update the delinquency information for homeowners by clicking the Update button on the Delinquency Letter Data screen at suitable times (typically the day after the Grace Period ends) to ensure the data used for the default letters is appropriate.
Late Fee	Entry	When you create a new family partner record, the family partner's Late Fee value is set to the default defined in the Mortgages tab of Affiliate Setup. You may override this value for an individual family partner by making changes to the value here.
Electronic Funds Transfer	Check box	If the homeowner is making their mortgage payment via electronic funds transfers, check the Electronic Fund Transfer check box. For more information, refer to the Managing Electronic Funds Transfer Payments section.

Silent Second Mortgage

Silent Second Mortgages are generally written by affiliates for the difference between the sale price and market value of a house. Part of this then is forgiven each year for a specified number of years until the silent second mortgage is completely forgiven. This is done to keep buyers from purchasing a house and then immediately selling it for the profit between the sales price and the market price; and to discourage predatory lenders. The information in this pane is for informational purposes only. Keystone performs no calculations based on this data.

Field Name

Type

Description

Initial Lien

Entry

You should set the Initial Lien field to the initial value of the Silent Second Mortgage. Keystone performs no calculations that use this information. It is for your information only.

Since a Silent Second Mortgage is a contingent asset with a low probability of collection, it should not be recorded in your affiliate’s accounting system unless and until it is exercised.

If this field is not blank or zero, the following message will appear on the Annual Mortgage Summary report: "Habitat for Humanity also holds a second lien on this property which may be forgiven based on the terms and conditions of the lien. If you need a payoff amount, please contact our office."

Notes

Entry

May include the terms under which the Silent Second Mortgage will be forgiven or any other notes you find useful.

Other fields

Other fields on the Administration tab include the following.

Field Name	Type	Description
First Full Payment Date	Entry	The date on which Keystone begins tracking the mortgage. For example, this could be the date of the homeowner’s first payment after closing; or it could be the first payment you enter into Keystone for a mortgage that is several years old. The First Full Payment Date field should always be the first day of the month, and should correspond to the date of the first entries in the Principal History and Escrow History screens, as well as the Date Due of the first standard payment on the Payments screen. Depending on when your affiliate began using Keystone, the origination date may be many years prior to this date.
Do Not Include In Delinquency List	Check box	The Delinquency pane allows suppression of delinquency notices. If a homeowner is going through bankruptcy, the court may ask your affiliate not to have any contact with the homeowner until the bankruptcy is settled. If this is the case, you can check the Do Not Include In Delinquency List check box, then enter the date in the In Bankruptcy As Of field. This will keep the homeowner from appearing on any delinquency lists or reports, labels for delinquency letters, and delinquency letters.
In Bankruptcy As Of	Entry	The date on which the homeowner entered bankruptcy. When a homeowner is in bankruptcy, the message In Bankruptcy is displayed just below the Close button.
In Foreclosure As Of	Entry	The date on which the homeowner entered foreclosure. When a homeowner is in foreclosure, the message In Foreclosure is displayed just below the Close button.
Mortgage Payer(s)	Drop-Down lists	Allows you to set in what way each partner is responsible for the mortgage account for credit reporting purposes. Uses Equal Credit Opportunity Act (ECOA) definitions for both partners.
Special Payment Plan	Check box	The Special Payment Plan pane allows you to generate custom delinquency notices or other adjustments when the homeowner is making mortgage payments under a special payment plan. When you check the Special Payment Plan box, a field becomes visible where you can define the payment plan. Also, Special Payment Plan appears in red at the top of the screen as a reminder. When Keystone chooses the Letter Number for homeowners on the Delinquency Letter Data screen, Homeowners under a special payment plan receive a letter number of 99. You can then assign a special letter to these homeowners if they are not performing according to their special payment plan. Letter templates for homeowners under special payment plans should be defined in Affiliate Setup on the Mortgages tab. These should have a number above the standard delinquency letters and should have a Months Of Principal Due range of 0 to 0. Consider starting special payment plan letter templates with a number 50 or higher. This will ensure they do not interfere with the letter numbers for standard payment letters.