Yes. Run Balance Sheet by Payment Location and open the line Held by MORTGAGE COMPANY. It lists each project with its PO number, name, type of payment and amount, and gives the total and its share of all invoices in the period.
Loss draft tracking for contractors: know which lender is holding the claim money
When a house has a mortgage, the carrier pays and the lender decides when you see it. CRM For Claims records where each invoice’s money is sitting, which lender and loan it belongs to, and how that lender handled the last check, so the office stops asking around.
Eight places the claim money can be
Every invoice on a claim has a required field called Income Invoice Location. These are its eight values, in the order the list shows them.
- Held by INSURANCE COMPANY
- Held by Insurance Company UNTIL/ IF all Repairs are Completed
- In-Transit To Our Company
- Held by CUSTOMER
- Held by MORTGAGE COMPANYThe loss draft stop. Pick it the day the check goes to the lender.
- Held by Bank
- In Our Office (Not Deposited)
- Payment cleared on our bank account
You choose the location when you raise the invoice and change it as the check moves. The last value is greyed out in that list, so nobody can mark an invoice as cleared from the invoice form alone. Because the location sits on the invoice and not on the claim, an ACV invoice can be with the lender while the deductible invoice on the same job is still with the customer. The invoice types themselves are described under estimates and invoicing.
How much are lenders holding across all your jobs?
One report answers it: Balance Sheet by Payment Location. Choose a period, an invoice status and one or more locations, and it breaks the total down by where the money is. Held by MORTGAGE COMPANY is a line of its own with a dollar amount and its percentage of the whole.
Open that line and it lists the jobs behind the figure. Each row shows the PO number, the project name, the type of payment and the amount. That list is the one to read before a morning of calls to loss draft desks, and it prints. Who is allowed to open the report is a permission granted per person, covered with the other reports on reporting and KPIs.
What to write down after the first call to the loss draft desk
A lender is entered once in Mortgage Companies and picked on every later job it holds. The left column is what you learn on the phone; the right is the field that keeps it.
You learned
It is kept in
The direct phone, fax and email of the loss draft desk
Phone, Fax and E-Mail on the lender record
Who a package must be addressed to
Recipient and Attn, kept apart from the company name
Where ordinary mail goes and where a courier goes
Regular Mailing Address and Overnight Mailing Address, two separate addresses
Whether they sign and return the check or deposit it and pay in draws, and whether they inspect first
Insurance Check Endorsement Process, a free-text field
The forms and proofs they ask a contractor for
Documents, a second free-text field, with the blank forms uploaded to the record
The name of the person who answered
A contact attached to the lender, picked from your contacts
What was said on this call about this house
Mortgage Notes on the claim, next to the loan it concerns
Only the company name is required, so a lender can be added with a name alone and filled in after the call. Why the lender is on the check in the first place, and how draws and inspections usually run, is explained in our article on the mortgage company on the insurance check.
Two loans on one house, and why their order matters
Each claim has a Mortgage screen that holds as many loans as the property has. A loan needs a mortgage company and a loan number. A borrower and co-borrowers are optional and come from your contacts. Loans can be dragged into a new order or moved with the Move up and Move down buttons.
The loan at the top
Document templates in the Documents Hub have a mortgage company field and a loan number field. Both print the first loan on the screen.
Any loan below it
It is recorded with its own lender, number and borrowers, and it shows on the claim. It does not print through those two template fields.
So put the lender that will sign the check at the top before you generate paperwork. The screen also has a Files tab, and every claim starts with a Mortgage Documents folder, described under claim document management.
The check itself, and a dated history of the loan
When a payment is recorded, the field “Who is the check payable to” offers your own company names, the contacts on the project and the mortgage companies on its loans. A check written to the homeowner and the lender together can be recorded that way instead of as a plain deposit.
Adding a loan to a claim writes a row to that claim’s Records screen, naming the mortgage company and the loan number. A later change to the loan number or the borrowers writes another. Each row carries the time and the person, which settles the argument about who entered the wrong loan number and when. Records is covered in more detail on the spreadsheet comparison.
What it will not do about a slow lender
- It has no connection to any mortgage servicer. Nothing here knows that a check was endorsed, deposited or released until one of your people changes the location.
- The report shows how much is with lenders, not for how long. There is no alert for money that has sat with a lender past a number of days.
- A draw schedule is not a record of its own. Each draw you expect is tracked as an invoice or a payment, with a note.
- The endorsement process is your own wording from your last call. A lender can change its rules without telling you.
- Invoices and payments are on the Professional plan at $99 a month. Essentials at $59 covers pipelines, tasks, records, document storage and team permissions. Each additional user is $39 a month on either, as listed on the pricing page.
For the wider picture of a water or fire job, with the loss, the invoices and the paperwork, see the CRM for restoration companies.
FAQ
Frequently asked questions
Straight answers about who we serve, what we automate, and how to get started.
On the Mortgage screen of the claim. Each loan there has a mortgage company picked from your directory and a loan number, both required, plus optional borrowers.
Yes. Every mortgage company record has a free-text Insurance Check Endorsement Process field and a Documents field, with separate regular and overnight mailing addresses, a recipient and an Attn line.
No. It is not connected to any servicer. Someone in your office changes the invoice location when the check moves, and the report reads those locations.
Add both loans on the Mortgage screen. Put the one that should print on your documents first, because the mortgage company and loan number fields in document templates use the first loan in the order.
Professional, at $99 a month with the company account and first admin user included, because the location is a field on invoices. Each additional user is $39 a month.