SAP ABAP IMG Activity DEFINE_ESCROW_REASON (Define Reasons for Opening and Closing Escrow Account)
Hierarchy
☛ EA-FINSERV (Software Component) SAP Enterprise Extension Financial Services
   ⤷ FS-CML-BD-MD (Application Component) Master Data
     ⤷ FVVD_ESCROW (Package) Escrow
IMG Activity
ID DEFINE_ESCROW_REASON Define Reasons for Opening and Closing Escrow Account  
Transaction Code S_PLN_62000622   Reasons for Escrow Account 
Created on 20040504    
Customizing Attributes DEFINE_ESCROW_REASON   Define Reasons for Opening and Closing Escrow Account 
Customizing Activity DEFINE_ESCROW_REASON   Define Reasons for Opening and Closing Escrow Account 
Document
Document Class SIMG   Hypertext: Object Class - Class to which a document belongs.
Document Name DEFINE_ESCROW_REASON    

Use

In this IMG activity you specify the reasons why a new escrow account is opened for a mortgage loan or why an existing escrow account is to be closed.

Depending on the default status of the escrow account, different scenarios can lead to the opening and or closing of an escrow account:

  • Voluntary opening of an escrow account

    The borrower opens an escrow account with the lender voluntarily for the opening reasons defined in this IMG activity.

    The borrower has the right to close the escrow account if he or she has opened the escrow account voluntarily.

  • Compulsory opening of an escrow account

    The lender opens an escrow account for the borrower, without having to consult with the borrower beforehand. This is possible in cases where the borrower has made insufficient payments to cover outstanding payables for his or her mortgage loan, for example.

    If the lender has decided to make the opening of an escrow account compulsory, the borrower does not have the right to close this escrow account for any of the closure reasons defined in the Closure Reasons.

Requirements

To specify the opening and closing reasons for your escrow accounts, you need to have activated the Escrow function for the loan product type as follows.

In the IMG activity Define Product Types choose New Entries and set the indicator to activate the Additional Function Escrow for your mortgage loan.

Standard settings

Activities

To define the opening and closing reasons for your escrow account, proceed as follows:

  1. In the initial screen of the IMG activity Define Opening and Closing Reasons for Escrow Account, in change mode choose New Entries to define account opening reasons and account closing reasons for each company code and product type.
  2. Select the company code to which your mortgage loan belongs using the selection help.
    1. Select the product type of your mortgage loan using the selection help.
      2. Note: In the USA escrow accounts are only used for mortgage loans of product type 30A. So you will usually select product type 30A.
    2. Enter a 3 figure numerical key to identify the Reason for the opening of an escrow account.
    3. Use the selection help to assign an event category to the opening reason.
    4. Enter a description of the reason for opening or closing the account.
    5. Enter a short description for the opening or closing reason you have defined.
    6. Repeat steps a to f until you have assigned the reasons for opening or closing an escrow account to the required company codes and product types.
      7. The system stores these assignments in a table that you can display by choosing the Position pushbutton.
  3. If you want to change the defined assignments of the company codes and product types to opening or closing reasons, complete the following steps in the Change Opening and Closing Reasons for Escrow Account: Overview screen:
    1. Choose Position
    2. In the next screen, enter the company code, product type and the reason you want to process.
      3. The system automatically highlights the assignments you have selected and makes them available for processing.
    3. If necessary, change the event category.
    4. If necessary, enter a new description for the opening or closing reason.
    5. If necessary, enter a short description for the opening or closing reason.
    6. Repeat steps a to f for all assignments for which you want to change the event categories and /or descriptions.
  4. Save your entries.

Example

Business Attributes
ASAP Roadmap ID 204   Establish Functions and Processes 
Mandatory / Optional 1   Mandatory activity 
Critical / Non-Critical 1   Critical 
Country-Dependency A   Valid for all countries 
Assigned Application Components
Documentation Object Class Documentation Object Name Current line number Application Component Application Component Name
SIMG DEFINE_ESCROW_REASON 0 HLA0100074 Loans Management 
Maintenance Objects
Maintenance object type C   Customizing Object 
Assigned objects
Customizing Object Object Type Transaction Code Sub-object Do not Summarize Skip Subset Dialog Box Description for multiple selections
V_TDESC_REASON V - View SM30  
History
Last changed by/on SAP  20041020 
SAP Release Created in 500