Loan Sales Software Guide

8/10/2019 Loan Sales Software Guide

1/42

L OAN S ALES

Mortgage Computer Ogden, Utah


2/42

Loan SalesContents - Updated October , 2013

Loan Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Loan Sales Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Loan Delivery Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Underwriting Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Freddie Mac Loan Delivery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Fannie Mae Loan Delivery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Other Sales Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Fannie Mae Deal Factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36MC Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Loan Status Update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

MC Software Loan Sales


3/42


4/42

Loan Sales

The Loan Sales program transmits to the investor information they require.

Each investor has its own schedules or methods of delivering loans. Processings Loan Sales program tracks all loans being shipped to investors, indicating the documents were received or rejected.

The Loan Sales program prepares schedules for Fannie Mae, HUD, and a special transmittal(Mortgage Computer Transmittal) for other investors. The Processing package is required to sellfrom the Loan Sales program.

The Loan Sales program prepares an import file to be downloaded for loan selling. Information isinput and verified on the Underwriting Transmittal screens prior to selling to Freddie Mac or Fannie Mae.

To utilize the Loan Sales program, the Secondary Market Commitment Number must be entered.It is recommended the commitment number given by the investor be used in the program. Thisshould be done because all schedules will use the commitment number somewhere on the schedulewhen printed.

3 MC Software Loan Sales


5/42

Loan Sales IndexThis selection displays Secondary Market Commitments that have loans attached to be sold.

On the main MC Software menu, select Loan Processing > Loan Sales > Loan Sales Index :

Number/Name

The number assigned to the commitment and the name of the investor from whom thecommitment was received.

Type

The type of commitment. Block, M aster, Single, or Participation. If a Master commitment, a Udisplays for the sub-commitments.

Expiration Date

The date the commitment will expire date as set up in Secondary Market - Source of Funds.

Original Amount

The original amount of the commitment as set up in Secondary Market - Source of Funds.



6/42

Current Balance

The uncommitted or remaining commitment balance. Click on the balance amount to view theloans attached to the commitment.

Ship Date

The date the loan must be shipped to the investor.

To Ship

After the loan has been processed for selling, the program will enter the Shipped Date in Status18. Only loans with an S will be processed for selling. Loans processed for selling display at the

bottom of the screen in date sequence.

Shipped Date

Status 18 Loan Shipped to Investor - Vault indicates loans that are sold. When the submissionfile is created, the program enters the Shipped Date. With a date in Status 18, the loan does notqualify for shipping. If a loan needs to be re-sent, click Remove Ship or Remove Ship All toremove the date to qualify the loan for selling. All Status 18 loans are listed at the bottom of thescreen in date sequence.

Loan Balance

The Loan Amount from the Loan Information section of the Master Record if the loan has not been transferred to Loan Servicing. If the loan has been transferred to Loan Servicing, this balance will reflect the Current UPB from the Secondary Market - Loan Sales section of theMaster Record.

Servicing Number

The Servicing Account Number displays to indicate the loan has been transferred to the LoanServicing package.



7/42

Click to return to the Loan Sales Index screen.

Includes all loans in the ship file.

Removes all loans from the ship file or removes the Shipped Date if loans need to be re-sent.

Loan Number

Click on the loan number and the following screen opens to enter the ship information. The program will know which loans to include in the file by the options indicated.



8/42

Transfer Loan to

Indicate if the loan is to be transferred to:

C Freddie Mac Loan SalesC

Fannie Mae Cash FormatC Fannie Mae MBS Format

Purchase Documents

If Fannie Mae Cash Format or Fannie Mae MBS Format is selected, the program will need thefollowing additional information regarding the Purchase Documents:

C Forwarded to Fannie MaeC Retained by Lender C Forwarded to a CustodianC

Bank of New York Mellon as Fannie Mae

Interest Accrual Method

The program will also need the following additional information regarding the Interest AccrualMethod:

C MonthlyC DailyC Biweekly (Use only for A/A)

Preparers Information

Enter the preparers name, title, and phone number.

Participation Percent

Indicate the percentage of interest being purchased in a participation pool cash delivery or in anMBS pool of participation interests. The information is used on Forms 1068, 1069, and 2005.

Shipped Information

The program enters the Status 18 Loan Shipped to Investor - Vault date.

To save the information indicated.



9/42

Remove the loan from the ship file or remove the Shipped Date if the loan needs to be re-sent.

To cancel the process and return to the Loan Sales Index - Loans Attached to Commitmentscreen.

Notes:



10/42

Loan Delivery DateThis selection lists loans having a specified delivery date. A date range is entered for one or acombination of the four options displayed.

Ship Date

A date range of when the loan must be shipped to the investor. The date is to the date entered,not through this date.

Expiration Date

A date range of the commitments expiration date.

Hold Rate Date

A date range of loans having the interest rate and discount locked to the date indicated. Thisoption will help you to know when the lock is expired.

Status

Status 15 Closed Documents Back date range will provide a listing of all loans where the Closed Document Tracking items have been received.

Creates a .pdf of the loans that qualify per the specified selection criteria. The toolbar within the

PDF report display screen contains options to save to a file, print or e-mail the report.



11/42

The co-borrower information will reflect the next borrower whether that is theco-borrower on the 1003 loan application or an additional borrower.

Underwriting TransmittalThis selection displays the Underwriting Transmittal. The first four screens are necessary to printthe Uniform Underwriting and Transmittal Summary. The Delivery Data information (screens 5 and

6) is used only in the submission file.

Some of the fields will display the application or Master Record fields on original entry but permitchange. The Underwriting Transmittal fields can only be entered on these screens.

Refer to the MC Software Online Manuals for complete explanation of the fields.



12/42

Section I. Borrower and Property Information

This section includes basic information related to the borrower and the property. Most fields areself-explanatory. In addition, the following special instructions apply:



13/42

Occupancy Status

The Occupancy Status is display only and is entered on Section II Property Information and Purpose of Loan of the 1003 loan application and/or the Property Information section of theMaster Record.

Number of Units

The number of units is display only and is entered on Section II Property Information and Purpose of Loan of the 1003 loan application.

Property Type

Check all that apply. For example, when the subject property is a detached condominium unit,check both 1-unit and Condominium .

Project Classification

Check the appropriate project acceptance review type based on the descriptions provided in theSelling Guide. A limited review of a PUD should be reported as a Type E PUD.

Project Name

Pulls from the Project Name entered on the Property Information section of the Master Record when this field is blank. Modification here does not update the Property Information section.

Use this button to access the additional screens or click the screen numbers at the top.

Display

Click Display to view/print the Uniform Underwriting and Transmittal Summary.



14/42

Section II. Mortgage Information

This section includes information related to the mortgage. When subordinate financing behind a firstmortgage is a home equity line of credit (HELOC), enter both the amount drawn and the credit limitfor the loan. The amount drawn must be included in the CLTV/TLTV calculation (Section III) and

the credit limit must be included in the HCLTV/HTLTV calculation (also in Section III).

Lien Position

When Second Mortgage is indicated, the current loan P&I will automatically be entered inSecond Mortgage P&I in the Proposed Monthly Payments field in Section III.



15/42

Section III. Underwriting Information

This section includes additional information used in underwriting the mortgage. Most fields areself-explanatory. However, the information below may help the operator to better understand whatshould be entered in the fields.

Underwriter's Name

The Underwriter's Name is displayonly and is entered from Loan Pro-cessing > Approve - Closing >Underwriter Lock. An Underwriter

Name displayed here does notnecessarily mean the loan is locked,

just the Underwriter has been assigned to this loan.

Appraiser's Name

The Appraiser's Name, Company Name, and License can be entered using ScrolEx here or the informationwill pull from Field 804 of the Master Record (Loan Processing > LoanDatabase > Master Record > HUDSettlement Statement or Loan Pro-cessing > Approve - Closing > HUDSettlement Statement). Appraisersentered manually can be added toScrolEx by clicking the Add toScrolEx box.

Stable Monthly Income

The Base Income of the borrower(s)is pulled from Section V. MonthlyIncome and Combined Housing Ex-

pense Information of the 1003 loanapplication and does not permit entry.The base income in the Co-Borrower

column is the total of all other addi-tional borrower sets.

The Other Income pulls from the1003 borrower income fields and doesnot permit entry. This includes thefollowing fields: Overtime, Bonuses,Commissions, Dividends/ Interest, NetRental, and Other.



16/42

The entry for Positive Cash Flow (subject property) is either the net cash flow for aninvestment property or the monthly operating income for a two- to four-unit property in whichthe applicant occupies one of the units, if the values are positive.

Qualifying Ratios

The Primary Housing Expense/Income ratio is not required. However, if included, it should be determined by dividing the Total Primary Housing Expense derived under ProposedMonthly Payments by the Total Income for all applicants. To determine the TotalObligations/Income ratio, divide the Total All Monthly Payments derived under ProposedMonthly Payments by the Total Income for all applicants, as developed under Stable MonthlyIncome.

The Debt-to-Housing Gap Ratio is the difference between the monthly debt-to-income ratioand the monthly housing-expense-to-income ratio.

Loan-to-Value Ratios

When entering this screen for the first time, the program will default the Amount of SubordinateFinancing from Section II in the First/Other Lien box and calculate the CLTV. If the Amountof Subordinate Financing is modified, the loan-to-value ratios will need to be updated manually

by clicking the Calculate button.

If there is no secondary financing or credit line information required or entered, the CLTVand HCLTV ratios will be the same as the LTV.

Loan Prospector calculates these ratios based on the data submitted by the seller. For non-Loan Prospector mortgages:

C The Loan-to-Value (LTV) ratio is obtained by dividing the first lien mortgage amount by the sales price or appraisal amount (whichever is less but not zero).

C The Total Loan-to-Value (TLTV) ratio is obtained by dividing the sum of the first lienmortgage amount and the disbursed amount of the HELOC and any other secondaryfinancing by value.

C The Home Total Loan-to-Value (HTLTV) ratio is obtained by dividing the sum of thefirst lien mortgage amount and the total HELOC credit line amount and any other secondary financing by value.



17/42

For display and printing purposes, the loan-to-value ratios are xx.xx%. However, inthe submission file for Fannie Mae, the percentages are always rounded up to the next whole number, e.g., 89.10% = 90%.

C The Home Equity Combined (or Total) Loan-to-Value (HCLTV/HTLTV). Where thereis a home equity line of credit, the CLTV is based on the loan amount combined with theoutstanding balance of the line of credit at the time the loan is closed. The HCLTV is

based on the maximum credit limit of the equity line.

Level of Property Review

Indicate the level of fieldwork performed to support the sales price or market value. For example, the appraiser inspected both the interior and exterior of the property, the exterior only,or an appraisal was not required in the particular transaction. Indicate the number of the

appraisal form used based on the type of inspection and/or the type of property being appraised.

Proposed Monthly Payments

The housing expense itemization relates only to the Borrower's Primary Residence . When thesubject property is a two- to four-unit property in which the borrower will occupy one unit asa principal residence, enter the payment for the subject property in these fields. When the subject

property is an investment property or second home, the payment shown in these fields should relate to the borrower's primary residence. The entry for Negative Cash Flow (subjectproperty) under Other Obligations is either the net cash flow for an investment property or themonthly operating income for a two- to four-unit property in which the applicant occupies one

of the units, if the values are negative.

Borrower's Primary Residence defaults with information entered in the program for P&I and constants for monthly reserves when the Occupancy Status is Primary Residence . However,since the form is requiring this information be on the borrower's primary residence , the fieldscan be modified by the operator. This permits information for loans that are second homes,investment properties, etc., to be modified to enter the primary residence information. Therefore,the program only pulls in the information on original entry and saves the fields for transmittingand printing.

If the Occupancy Status is Second Home or Investment Property , the present combined monthly

housing expense in Section V of the 1003 loan application will be entered in the Borrower'sPrimary Residence .

Second Mortgage P&I displays when the Lien Priority (Lender Information section of theMaster Record) is a Second Mortgage as well as when it is Other . This ensures the ratios arecorrect when computing the Primary Housing Expense/Income and Total Obligations/ Income ratios.



18/42

Other Obligations - The amount of All Other Monthly Payments pulls from Section VI.Liabilities of the 1003 loan application. The dollar amount computed for All Other MonthlyPayments includes the current loan on system payment amount if an investment or second home. The amount for Insurance, Maintenance, Taxes and Misc will be included for all

properties listed in Schedule of Real Estate Owned except for the primary/current residence

property.

For qualifying purposes, any negative net rental income from Section VI. Schedule of RealEstate Owned will be included in All Other Monthly Payments .

Qualifying Debt - The qualifying debt from the Liabilities section of the 1003 loan applicationis computed as follows:

C Exclude - Any liability debt indicated to exclude is not used in the total.C Paid Off - Any liability debt indicated to be paid off is not included.C Number of Installments - When the debt is other than revolving, the number of months

remaining to pay the debt off must be more than the number indicated in the Liabilitysection of the 1003 loan application.

C Revolving - The monthly payment is always considered for revolving liabilities. If thereis no monthly constant, the minimum monthly payment is used as indicated inMaintenance > Processing > Settlement Fields > Other Fields. If there is an unpaid

balance with no monthly constant indicated, the program will use the setup percentage.

C Child Support - Child support or maintenance payments are included if the number of remaining months fits within the guidelines set up for the loan.

The Update button resets the information on this screen as though it were the first time entered.Pressing Update on subsequent entries updates from the Master Record or 1003 loan applicationfields automatically. If the loan is a second home or investment property, pressing the Update

button will reset the information as the current loan on the system regardless of OccupancyStatus. Be cautious pressing this button if second home or investment property.



19/42

Qualifying Rate

Indicate the interest rate that was used to calculate the monthly payment at which the borrower was qualified for the mortgage. When the payment is based on the actual interest rate of themortgage, check the Note Rate box. The program will display the Note Rate for reference.

When the borrower is required for an adjustable-rate mortgage to be qualified at the maximuminterest rate that could be in effect at the end of the first year, the box that shows Above Note

Rate and the annual interest rate cap in the blank percentage box and the resulting interest ratewill be calculated by the program. If the qualifying rate is below the note rate, the box for Below

Note Rate will be checked. Enter the percentage below the note rate and the program calculatesthe qualifying rate.

The qualifying rate is used from the 1003 loan application Amortization Type window input bythe operator.

When a mortgage is subject to a temporary interest rate buydown plan and the borrower is permitted to be qualified at the bought-down rate, check that box and enter the applicable Bought-Down Rate . If Other Rate is checked, enter the rate necessary for the qualifying rate to be used.

The program defaults the Note Rate , but it can be modified by the operator to fit the qualifyingcriteria.

When any of the Qualifying Rate fields are modified for a First , Second , or Other lien, the program will recompute the Qualifying Ratios accordingly.

For a second home or investment property, the ratios will include the First Mortgage P&I and Second Mortgage P&I displaying in Proposed Monthly Payments .



20/42

Risk Assessment

The AUS Recommendation and Credit Score will automatically display if entered previously.If the Recommendation is modified from this screen, the program will update View CreditReport and the 1003 loan application. The Credit Score is for reference only; no modification

is permitted. If modification is necessary, access the Recommendation and Credit Score throughLoan Processing > Approve - Closing > View Credit Report.

If the loan is a resubmission to either Desktop Underwriter or Loan Prospector, the DU Case IDor LP AUS Key Number will automatically display according to which one is indicated. If theDU Case ID or LP AUS Key Number is modified from this screen, the program will not automatically update the 1003 loan application.

Borrower Funds to Close

Required auto-populates from Section VII. Details of Transaction line p. Cash from/to

Borrower and Verified Assets auto-populates from Subtotal Liquid Assets from Section VI.Assets of the 1003 loan application.



21/42

Section IV. Seller, Contract, and Contact Information

This section includes basic information related to the mortgage seller, the contact person for aspecific mortgage loan, and the commitment under which the mortgage is delivered.

Seller Name/Seller Address

The Seller Name and Seller Address default from what is indicated in Mortgagee/Beneficiaryon the Closing Information section of the Master Record.

Seller Number

The operator must enter the Seller Servicer Number. The program does not default to the FannieMae or Freddie Mac Number from the Company Information set up in Maintenance.

Investor Loan Number

The 10-digit number assigned to the mortgage when it is purchased or securitized.

Master Commitment Number

Enter the number of any negotiated umbrella document that sets out the terms under which youdo business with the lender. This entry provides a reference that can assist the lender's shippingand delivery staffs in verifying specific requirements that may apply to a particular transaction.



22/42

Contract Number

Enter the number assigned to the actual commitment under which the mortgage is delivered.

Contact Information

Although a specific field is not provided in this section for the contact's e-mail address, theoperator may enter it in the Contact Phone Number field.



23/42

Section V. Delivery Data

Number of Bedrooms

The Number of Bedrooms for Unit 1 displays the information entered in Number of Bedroomson the Property Information section of the Master Record. Modification is permitted.



24/42

Mortgage Insurance

The Mortgage Insurer Code defaults the appropriate code according to whom the loan is beingsold.

The Certificate Number is the PMI Number or FHA/VA Case Number in the ClosingInformation section of the Master Record.

Special Feature/Characteristic Codes

Fannie Mae requires lenders to specifically identify certain mortgage deliveries by using aspecial feature code to describe the unique characteristics of the individual mortgage, themortgage product, the terms of a specific negotiated transaction, and to identify those mortgageloans that were underwritten with DU.



25/42

Section VI. Additional Delivery Data

The Current UPB is the Total Loan Amount from the Loan Information section of the Master Record if the loan has not been transferred to Loan Servicing. If the loan has been transferred, thisfield will reflect the Principal Balance (UPB) on the Payment Information section of the LoanServicing Master Record.

The Interest Paid to Date and Due Date LPI reflect Field 901 Interest from the HUD SettlementStatement if the loan has not been transferred to Loan Servicing. If the loan has been transferred,

the program will update this date from the Interest Paid to Date on the Payment Information sectionof the Loan Servicing Master Record when it updates the Principal Balance (UPB).

Fannie Mae OnlyAssumble

If the Product Offered is set up as Assumable (Maintenance > Processing > Products Offered),the program will automatically check the Assumable box.



26/42

Monthly Insurance and Monthly Property Tax

The values for insurance and taxes are pulled from Fields 1002 through 1009.

Mortgage = Field 1003

Hazard = Field 1002Flood = Field 1007Other = Field 1008Other = Field 1009County = Field 1004City = Field 1005Other = Field 1006Escrow = Field 1001

Enter information for adjustable rate mortgages in this section.



27/42



28/42

Section VII. Addi tional Delivery Data Continued



29/42

Section VIII. Addi tional Delivery Data Continued (Current)



30/42

An FHA Underwriting Transmittal is available for government loans at LoanProcessing > Approve - Closing > FHA Underwriting/Transmittal. VMP45L is printed

from the data entered in this option.

Consult Fannie Mae and Freddie Mac for current guidelines and regulationsregarding the Underwriting Transmittal.

Section IX. Addi tional Loan Delivery Data Cont inued (Bor rower Specific)



31/42

Freddie Mac Loan DeliveryThis selection is for creating the Uniform Loan Delivery Dataset (ULDD) file to be uploaded to theFreddie Mac Selling System. The transfer file is processed on the Loan Sales Index display of loans

attached per commitment.

All loans within the specified commitment marked with an S for selling on the Loan Sales Indexscreen with no date in Status 18 Loan Shipped to Investor - Vault will be included in the transfer file.

On the main MC Software menu, select Loan Processing > Loan Sales > Freddie Mac LoanDelivery :

Commitment

Select the commitment to be delivered to Freddie Mac from the drop-down list.



32/42

Creates the FreddieMacDelivery.xml file that can be saved to your PC and submitted to FreddieMac or opened to view. All information contained in the ULDD file is taken from the 1003 loanapplication, Good Faith Estimate, Master Record, and 1008 Underwriting Transmittal.

Locate the directory in which to save the file and click Save .

Click on Loan Delivery to access Freddie Macs Web site and import the file.

Please refer to Freddie Mac for detailed instructions on uploading the file on thewww.freddiemac.com Web site.



33/42

Fannie Mae Loan DeliveryThis selection is for creating the Uniform Loan Delivery Dataset (ULDD) file to be uploaded toFannie Mae. The transfer file is processed on the Loan Sales Index display of loans attached per

commitment.

All loans within the specified commitment marked with an S for selling on the Loan Sales Indexscreen with no date in Status 18 Loan Shipped to Investor - Vault will be included in the transfer file.

On the main MC Software menu, select Loan Processing > Loan Sales > Fannie Mae LoanDelivery :

Commitment

Select the commitment(s) to be delivered to Fannie Mae. To choose multiple commitments, hold the [Ctrl] key down and click the desired selections. To unselect, [Ctrl] click.



34/42

Creates the FannieMaeDelivery.xml file that can be saved to your PC and submitted to FannieMae or opened to view. All information contained in the ULDD file is taken from the 1003 loanapplication, Good Faith Estimate, Master Record, and 1008 Underwriting Transmittal.

Locate the directory in which to save the file and click Save .

Click on ULDD Delivery to access Fannie Maes Web site and import the file.

Please refer to Fannie Mae for detailed instructions on uploading the Cash 20 or ULDD file onthe www.efanniemae.com Web site.

Notes:



35/42


36/42

Other Sales Schedules



37/42

Fannie Mae Deal FactoryThis program creates a file containing information on loans to be submitted to Fannie Mae for DealFactory. Deal Factory is Fannie Mae's automated system for evaluating mortgage loan packages.Lenders can submit loan files for rapid, loan level risk analysis, credit evaluation, and pricing, and then receive a timely, competitive bid for their product.

It allows entry of a queue of loans by individual Loan Servicing account number, account range, or by control. Loans selected will be listed so that if one was entered in error, it may be removed before processing. The Loan Servicing information will always be put into the file. If there is acorresponding Processing loan, its information will also be included. If not, those fields will be left

blank.

On the main MC Software menu, select Loan Processing > Loan Sales > Other Sales Schedules> Fannie Mae Deal Factory :

For all initial file submissions, enter the above information. This information is not required for dealupdates.

The Seller/Servicer Number, Fannie Contact Name, and Fannie Contact Phone Number are required fields.



38/42

Enter individual account numbers, a range of accounts, or specific control numbers and click Add to place the loans in the queue.

Creates the DealFactory.csv file that can be saved to your PC and submitted to Fannie Mae or opened to view.

Click Save and browse for the folder in which to place the file. This file will be uploaded to TheDeal Factory Web site.

Connects to The Deal Factory Web site. Registered lenders and investors can access the DealFactory file transfer site to send or receive from Fannie Mae loan data files and other filesrelating to deal packages.



39/42

MC TransmittalThe MC Transmittal may be used when dealing with other investors who do not have a specific loandelivery schedule. MC Transmittal is standard and includes most of the important information.

On the main MC Software menu, select Loan Processing > Loan Sales > Other Sales Schedules> MC Transmittal :

Select Commitment

From the drop-down list, indicate the commitment.

Bank for Wire AdviceEnter the bank information and click Print . The program creates a .pdf (portable documentformat) of the report. The toolbar within the PDF report display screen contains options to saveto a file, print or e-mail the report.



40/42

Loan Number

The loan number is comprised of the branch number and a number assigned by the program.

Mortgagor

Borrower name from the Borrower Information section of the Master Record.

Original Amount

Total Loan Amount from the Loan Information section of the Master Record.

Principal Balance

Current UPB from the Secondary Market - Loan Sales section of the Master Record or PrincipalBalance (UPB) from the Payment Information section of the Loan Servicing Master Record if

the loan has been transferred to Loan Servicing.

Interest Paid to Date

Field 901 from the HUD Settlement Statement or Interest Paid to Date from the PaymentInformation section of the Loan Servicing Master Record if the loan has been transferred to LoanServicing.

Net Amount

The Current UPB from Secondary Market - Loan Sales minus (Current UPB times the Servicing

Fee from the Secondary Market - Loan Sales).

Impounds

The sum of HUD Settlement Statement fields 1002BA/SA through 1009BA/SA.

Disc/Prem

Premium/Discount from the Secondary Market - Loan Sales section of the Master Record.

Notes:



41/42

Loan Status UpdateThe Loan Status Update program will update the loan shipped date of all loans attached to aspecified commitment. This will save time, doing it all in one operation rather than modifying each

loan one at a time.On the main MC Software menu, select Loan Processing > Loan Sales > Loan Status Update :

Select Commitment

From the drop-down list, select the commitment.

Sell From

Indicate if selling from Processing or Servicing .

If Processing is selected, any of the 19 Status Dates the Processing package uses can be updated.

If Servicing is selected, only Status 18 Loan Shipped to Investor - Vault can be updated.

Update Date

The date the specified status is to be updated. Defaults to the system date.

Mode of Operation

Indicate Choose Selected to choose the loans that will be updated.

Indicate All Selected to update all loans attached to a specified commitment.

Status

From the drop-down list, select the status to be updated. If the commitment selected is set up tosell from Servicing, the Status Code option is not available.



42/42

Press Select Loans and the following screen displays:

If Choose Selected was indicated as the Mode of Operation, the operator is required to select theloans to be updated by clicking the check box.

If All Selected was indicated, all loans will be selected. To unselect any loans to be updated,click the check box.

This option will update the status of loans attached to a specified commitment with the dateindicated.

Notes:

Loan Sales Software Guide

Documents

Transcript of Loan Sales Software Guide