Handling Check Returns

This article covers how to manage check returns within iink, specifically addressing scenarios involving double mortgage companies (2 MC), draw checks and file creators depositing externally.

Check Returns: Overview

A check return occurs when a financial institution cannot process a check. Common reasons include insufficient funds, incorrect account information, or policy compliance issues. In the context of iink, check returns may involve additional complexities such as multiple mortgage companies or external deposits.

• • Check our related KB for more information on Check Return reasons

Scenarios for Check Returns

Double Mortgage Companies (Double MC)

When two mortgage companies are listed on a single check, the process for endorsement and fund allocation becomes more intricate.

Common Issues:

• Both mortgage companies must endorse the check before funds can be processed.
• Delays occur if one company fails to endorse or returns the check.

When multiple mortgage companies are listed on a single check, obtaining all necessary endorsements can delay the process. iink steps in to handle these communications.

How iink Assists:

1. Centralized Communication:

   • iink directly contacts both mortgage companies to facilitate the endorsement process.
   • Ensures both parties are aware of their role and the urgency of the endorsement.

2. Tracking and Updates:

   • iink tracks the status of the signatures and provides real-time updates in your dashboard.
   • Users can monitor progress without the need for manual follow-ups.

3. Expedited Signature Process:

   • iink leverages its expertise and relationships with mortgage companies to accelerate the endorsement process.

Draw Checks

Draw checks are issued as part of incremental fund releases for ongoing repairs or projects. They may be returned due to errors in the draw process.

Common Issues:

• Incorrect payee information.
• Missing or incomplete documentation.
• Errors in fund allocation.

How iink Assists:

• Proactive Follow-Ups:
  • iink ensures that mortgage companies receive all required documentation, such as contractor estimates or progress reports.
• Error Resolution:
  • If an issue arises, iink communicates directly with the MC or PA to address errors and resubmit the check.

File Creators Depositing Externally

Some Public Adjusters (PA's) may deposit checks outside of the iink platform, leading to discrepancies or returns due to processing errors.

Common Issues:

• Deposits are made without completing iink’s internal processes.
• External deposits do not reflect properly in the system.
• Checks are returned due to missing verification steps.

How iink Assists:

• Reconciliation:
  • iink ensures that externally deposited checks are accurately recorded in its system.
• MC Coordination:
  • If mortgage company signatures are pending or issues arise, iink manages the necessary follow-ups to resolve them.

What you can do!

• Submit Accurate Information:
  • Provide correct details about the claim and parties involved when submitting checks.
• Monitor Progress:
  • Use the iink dashboard for real-time updates on MC endorsements and check processing.

Benefits of using iink

1. Time Savings:
   • No need for manual follow-ups with mortgage companies.
2. Expert Handling:
   • iink has a streamlined process to address common issues with MCs, minimizing delays.
3. Transparency:
   • Track all communication and check processing statuses directly in the dashboard.
4. Reduced Errors:
   • Ensures all documentation is complete and meets MC requirements.