Contract Window
Select the first item on the CONTRACT MENU, CONTRACT WINDOW.
This window is where you enter, edit and view data for each contract. Past,
present and future contracts can be tracked simultaneously — a useful feature for
pre-leasing.
- Press F2 to open the CONTRACT FIND WINDOW and type BARDFERD in the NAME field.
- Click on the LIKE radio button, then click on the OK button. This will show a pop-up with two
records, both of Jeffrey Bradford, for the same contract. Simply press ENTER to
display the record for Jeffrey Bradford.
Contract Collector's powerful FIND WINDOW allows you to search for records according to multiple criteria. Name
searches can be restricted to exact matches, or you can widen a search to include
names with similar spellings (as in this example) and even common nicknames.
As you can see, the CONTRACT WINDOW displays all the essential basic information about the contract, such as the
lender, borrower, balances and type of contract, which in this case is a real
estate mortgage.
• Press the ADDR/PHONE button with the mouse to bring up the ADDRESS/PHONE sub-window.
• Click on the third phone number line with the mouse.
• Enter the phone number 555-2323 in the field and press TAB.
• In the next field, the description field, enter the word "Cellular" and press
ENTER.
• Press EXIT to close the window, and then press YES to discard the changes.
Since this contract is a real estate mortgage, it will have escrow information.
• Press the ESCROW button with the mouse to bring up the ESCROW sub-window.
As you can see, this mortgage uses one escrow account and has no escrows past
due. Please note that as this is an active contract, these fields are protected
from being edited.
• Press EXIT to leave the window.
You can enter notes for a contract using the NOTES sub-window.
• Press the NOTES button with the mouse to bring up the NOTES sub-window.
• As you can see, this is a third mortgage for Jeffrey and Kate Bradford. Press EXIT when you have finished viewing with this window. You can enter any amount of
notes in this window, beyond what is already entered.
Each time you contact a borrower, whether in person or on the phone, you
should record the contact using the CONTACT LOG sub-window.
• Press the CONTACT LOG button with the mouse to bring up the CONTACT LOG sub-window.
There is one contact entry for this contract, a reminder to send payment
coupons for the new year. There has also been a NEXT CONTACT DATE entered, which will cause this contract to appear in the WORK LIST.
• Press ESCAPE when you have finished viewing the CONTACT LOG.
Each contract must have certain maintenance information set up for it, such as
late fees, invoicing methods and credit bureau reporting. This information is
set up and maintained in the SETUP sub-window.
• Press the SETUP button to bring up the SETUP sub-window.
This window contains information for late fees, collection fees,
invoices/coupons, credit bureau reporting and tax information.
• Position the mouse pointer over the REPORT TO CREDIT BUREAU checkbox.
• Click the left mouse button once to uncheck the field. Note how the fields
below change from green (editable) to white (protected).
• Click the left mouse button again to check the box. This will change the
fields back to green.
• Press EXIT when you have finished viewing the window.
The core sub-window of the CONTRACT WINDOW is the PAYMENT/INTEREST SETUP sub-window. This is where all the information concerning payment schedule and
interest calculation is entered.
• Press the PMT/INT button to bring up the PAYMENT/INTEREST SETUP sub-window.
As you can see by viewing these details, the Bradfords have a 260 month
contract with monthly payments. The interest is a fixed rate, compounded based on a
360 day year. The interest rate is not based on a table and can be changed
manually.
• Press EXIT when you are finished viewing this window.
If a borrower decides to pay off a contract earlier than the scheduled term,
you can use the PAYOFF QUOTE sub-window to precisely calculate the amount due according to the borrower's
chosen payoff date.
• Press the PAYOFF QUOTE button to bring up the PAYOFF QUOTE sub-window.
• Enter the date of 01/01/2001 and press ENTER.
• Based on this date, the system will calculate the necessary payoff amount. In
the middle of the window, check the INCLUDE ESCROWS checkbox to include the amount of money held in escrow in the payoff. When
you check this box, the system will recalculate accordingly.
• Press EXIT when you have finished with this window and answer YES to the "Discard Changes?" prompt.
You can also use the contract window to view and edit ledger entries for a
contract, using the LEDGER sub-window.
• Press the LEDGER button to bring up the LEDGER OPTIONS pop-up.
• Press ENTER to accept the first option of VIEW LEDGER.
• In the DISPLAY LEDGER pop-up, press the down arrow key three times and press ENTER. This will
select the option DETAIL OF ALL ENTRIES BY DATE.
• Browse through this list to view all the ledger entries for this contract.
When you have finished, press the ESCAPE key.
When you have finished viewing the CONTRACT WINDOW, press the EXIT button with the mouse. Do not save any changes.