How do I terminate a deal?

Playbook: Cancelled File Process

1. Documenting the Cancellation (HS)

• Ensure the Cancellation Email from Broker or NHMC is associated to the deal.

2. Request & Record Disbursements (HS & MA)

• Request NHMC’s Solicitor’s cancellation disbursements through an email.

• Save all disbursement details in document records on the deal.

• Add all lawyer disbursements in MA as per the lawyer’s SOA (Statement of Account) or Invoice.

3. Add Custom Fees (MA & HS)

• Add custom fees for all disbursements (MA)

  • Purview Costs – $50 per cancelled file.

  • Search Costs – Refer to Docket Summary document record (HS)

  • RE Inspection – As per invoice.

• Add any refund(s) back to the borrower OR transfer the amount to NH General under custom fees.

4. Final Approval & Termination

• Fulfillment team to create an Approval ticket (Category: Termination) with the Reason for Cancellation.

• Once approved, Fulfillment will update the deal stage to "Closed Lost" and fill out the required information, including the reason for cancellation.

• This will autogenerate an Accounting Admin ticket (Category: Termination)

  • Admin will disburse all fees.

  • Admin will process borrower refunds or transfer funds to NH General.

  • Admin will hit the “Terminate” button in MA and enter the Reason for Cancellation.

• If denied, .... ???

Pin Accounting Note & Attach Refund Details (HS)

• Add a note to Accounting Admin

  • use the snippet () and pin it to the top with instructions to pay the lawyer disbursements and other fees/disbursements.

• Attach the borrower’s void cheque for any refund.

Example Format for Accounting Note:

• Retainer Received: $2,000.00

• Purview Costs: $50.00

• Search Costs: $150.00

• Refund to Borrower: $1,800.00

  • OR

• Transfer to NH General: $1,800.00

5. Closing the ticket