LMS360 – Payables

LMS Payables Payables.LMS360 is a comprehensive accounts payable system designed to efficiently administer the various disbursements that are required to complete a mortgage transaction.  Some examples are:

•    Broker/Sales commissions
•    Mortgage creditor life insurance premiums
•    Property management fees
•    Home repair payments
•    Mortgage insurance premiums

Key Features

Electronic Funds Deposit
Funds are remitted efficiently to business partners based on account transactions such as mortgage funding for broker commission, mortgage payments for creditor life insurance and bill approval for accounts in various collection stages.  Electronic funds deposit ensures timely remittance and keep the cost of producing cheques down.

Automated Remittance Calculations
Accurate and efficient remittance of payments to business partners are based on configurable business rules and calculations.  The system can simplify your payment process by sending consolidated payments to each of your service providers on a daily, weekly or monthly basis.

Consolidated Reporting
The system provides consolidated reporting of payable accounts.  This reporting can be sent to service providers along with their remittances and can also be used internally for reconciliation of your accounts payable accounts.

Integrated Workflow
Your proven processes are captured and utilized to complete day to day functions ensuring that specific individuals are performing specific tasks within specific time-frames ensuring timely payment of accounts.

Configurable Remittance Rules
Your business rules, as they pertain to regular remittances, can be captured and configured to ensure remittances are processed accurately and according to your third-party agreements.

Online Access for Payees
Provide your business partners with access  to view the status and financial details of their accounts as well as online reporting.