PAID Release Summary

July 15, 2024

PAID (Payments Automated Intelligent and Dynamic) is an expense reimbursement tool that allows Servicers (and their vendors) to submit, manage and view expense statuses clearly and efficiently.

This article will be updated periodically featuring newly released capabilities.

RECENT RELEASES

July 15, 2024

Enhancement to Expense Search Capability

  • When searching for expenses, the maximum number of results has been increased from 500 to 10,000 records.
  • This allows access to more expenses to complete business activities including researching expense status, reconciling reimbursements, obtaining the complete list of expense denials to appeal and seeking approval on bulk payment requests.
  • It also allows the user to download information that’s more relevant to their business needs.

Ability to Search by Payoff Reason

  • Users can now search expenses by payoff reason. These will be listed in the search results, which also include the “expense from” and “expense to” dates.
  • This allows the capability to find expenses associated with loans that have gone through a payoff, foreclosure sale, charge-off, etc.
  • It also allows the user to download information that’s more relevant to their business needs.

Updates to user interface (UI)

  • The UI has been enhanced with minor color updates and other changes for a more streamlined experience.

August 28, 2023

Approved RPA Report

  • A new daily report shows Servicers a holistic list of Requests for Prior Approval (RPAs) approved on the previous day. The report is divided into a Detail tab, which shows the data at the expense level, and a Summary tab, which consolidates expense level information at an email domain level; the latter is especially useful if Servicers have vendors submitting on their behalf.
  • By seeing what RPAs were approved on any given day, Servicers can better instruct their vendors to continue with requested work in a timely fashion.
  • Servicers can also see which organization or vendor is having RPAs approved and identify themes to share with other submitters without as high an approval percentage.

Denied RPA Report

  • A new daily report shows Servicers a holistic list of RPAs that were denied on the previous day. The report is divided into a Detail tab, which shows the data at the expense level, and a Summary tab, which consolidates expense level information at an email domain level; the latter is especially useful if Servicers have vendors submitting on their behalf.
  • By seeing what RPAs were approved on any given day, Servicers and their vendors can get a better understanding of work they don’t need to complete. If they feel approval is needed, they can easily identify which RPAs require resubmission or appeal.
  • Additionally, Servicers can see which organization or vendor is getting RPAs denied and identify themes to lead to better submission practices to share with other submitters.

Released RPA Report

  • A new daily report shows Servicers a holistic list of RPAs that were released on the previous day. The report is divided into a Detail tab, which shows the data at the expense level, and a Summary tab, which consolidates expense level information at an email domain level and is useful if you have vendors submitting on your behalf.
  • By seeing what RPAs were released on any given day, Servicers and their vendors can get a better understanding what RPAs in their released queue need their attention.
  • Additionally, they can see which organization or vendor is having RPAs released and identify themes to lead to better submission practices to share with other submitters.

June 12, 2023

Enhancements to Expense Status Report

  • A new column, Organization to Be Paid, indicates the Servicer that will receive payment for a specific expense.
  • In addition, the comment history and most recent reason type for each expense are displayed within the report.
  • These requested changes provide Servicers with useful historical comments so they can better understand the history behind decisions on expenses.

New Payment Status Report

  • A new report shows expenses that are in a Paid or Pending Payment status, with a detailed expense level and loan level breakdown for any given day.
  • This requested change ensures there is no discrepancy between PAID and eBill.

March 27, 2023

Increase in Allowable Amounts

  • To ensure that PAID reflects recent policy changes regarding allowable amounts, the limit for the 013005 deed-in-lieu borrower relocation assistance has been updated to $7,500.

Audit Denied Workflow Enhancements

  • When an expense is denied out of audit, it now receives a status of Audit Denied rather than just Denied. This assures that expenses are distinctly and accurately identified.
  • If a subsequent submitted expense duplicates one that was previously determined to be denied out of audit, the expense will be forwarded for additional review. The user will also see the following message: “This expense matches Expense ID ###### which was previously submitted and denied during an audit. This submission requires additional review.”

December 5, 2022

Changes to Legacy Servicer Access

  • After a servicing transfer, legacy Servicers can view loan expenses and documents created by them and by prior Servicers.

Future Dated Expenses and New Message Enhancements

  • To provide flexibility and allow for accurate data submissions in the future, Servicers can now enter expense dates up to a year in advance to account for work not yet performed.
  • A link to Loan Coverage Advisor® was added to the Credit Enhancement banner message. This allows users to quickly view the credit enhancement characteristics of a loan to understand why an expense submission can’t be processed.
  • A new message added to the Expense Bulk Upload-Review & Submit metro stop displays the total number of submitted expenses in the bulk file to be processed compared to the total number of records. This enhancement provides transparency and clarity when the number of expenses exceeds 300.

September 26, 2022

Expense Search and Data Entry Improvements 

  • Users can now search for and reconcile any expense in PAID using the Expense ID. Users can search in a variety of ways, i.e., through the Loan Management feature. This new data point will improve reconciliation of reimbursement payments between PAID and eBill.
  • A new tile called “Expense” on the dashboard in Released Expenses allows users to work on specific expenses without having to use the “All” tile to view all expenses, increasing efficiency.
  • Users are automatically prevented from submitting expenses with dates prior to 1900. This ensures that submitted expenses have accurate data and any date issues are identified and corrected before processing the expense.

July  25, 2022

New Data Point to Reconcile Payments

  • “Expense ID” is now available in eBill files to improve reconciliation of reimbursement payments from PAID.

June  27, 2022

New Expense Codes and Increased Reimbursement Amounts

To align with Guide Bulletin 2022-12 policy updates, the following changes have been made in PAID:

  • When creating an expense (using the Expense Builder), the tool repurposes six existing expense codes and incorporates 14 new expense codes and their allowable amounts for the reimbursement of attorney fees and costs related to bankruptcies. In addition, allowable amounts have increased for 18 attorney fees associated with specific bankruptcy services, and for eight property preservation costs – these amounts can be viewed in the tool when you select the specific expense code. For a summary of the new codes and allowable amounts, view Guide Bulletin 2022-12 for details.
  • The notification center will alert a user when an expense they submitted is selected for audit.

March 28, 2022

Supporting Documentation Restored with Adjustments to Roles

The ability to view supporting documentation for expenses is restored for all users; however, some user roles have updated access regarding documentation:

  • Expense Property Preservation / Expense Attorney Firm Roles: Allows a user to submit expenses and only access the expenses and documentation of the submitter and others at the submitter’s organization at the expense level. Additionally, loan level documentation is no longer accessible.
  • Read-Only Role: Allows a user to only access all expense-level documentation within a Servicer’s portfolio (submitting expenses is restricted). Loan level documentation is no longer accessible. Vendors will only be able to view expense-level documentation submitted by their organization.
  • Expense Analyst Role: Allows a user to submit expenses and access all documentation within a Servicer’s portfolio (no changes).

If you need to adjust your role, please contact your Access Manager administrator.