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Amortization Descriptions Fields |
  
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Navigation: GOLD Services > GOLD Services Screens > General Ledger Screen Group > Amortization Descriptions Screen >
Amortization Descriptions Fields
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Amortization Descriptions Fields |
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The list view at the top of the Amortization Descriptions screen displays information about amortizing fee and cost codes that have already been set up for your institution on this screen. It displays codes, descriptions, unearned G/L accounts, and income G/L accounts. It also shows the date this information was last changed and the employee number and name of the person who made the change. Clicking on an item in the list view will cause that item's information to be displayed in the fields below, and will allow you to edit the selected code's information.
To create an amortizing fee or cost code, click <Create New> and enter new information in the Code, Description, and G/L Account Numbers fields (see below). Check the Cost box if you are setting up a cost code. To delete an amortizing fee code, highlight the item in the list view and click <Delete>.
See the table below for information about the fields on the Amortization Descriptions screen.
Field |
Description |
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Mnemonic: F2FEEC |
This field is used to add a new amortization fee code. To add an amortizing fee code, click <Create New> and enter new information in the Code, Description, and G/L Account Numbers fields. Check the Cost box if you are setting up a cost code. You can use any available fee or cost codes between 1 and 9999. When you are finished making changes, click <Save Changes>.
Once a code has been set up it cannot be changed. To change a code, you must delete it and create a new one. Descriptions can be changed without deleting the code. |
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Mnemonic: F2TYPC |
If you want to limit this code so that only certain loan types can use it, enter the loan type number in this field. If you leave this field blank or enter "0," this code will be available for all loan types.
Loan types are set up by your institution using the Loans > System Setup Screens > Loan Product Types screen, and they are applied to individual loan during loan origination. The Account tab of the Loans > Account Information > Account Detail screen displays the loan type for each loan in the Type field. |
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Mnemonic: F2DSCR |
This field is used to add or change an amortizing fee or cost code description. After code numbers and descriptions have been set up on this screen, you can then enter the applicable code on individual loans on the Loans > Account Information > Amortizing Fees and Costs screen.
Loans > Account Information > Amortizing Fees And Costs screen
Once the codes are entered on the loan, the description will appear on screens and reports. Note: Because the descriptions you enter here appear on other screens and reports you will want to be sure the spelling and upper/lowercase are correct. |
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Mnemonic: N/A |
Enter the General Ledger account numbers used for fees and costs. The top number is for unearned income, and the bottom number is for earned income.
Unearned Income:
During a payoff of a loan, if any amortized fees or costs are owed back to the borrower, this is the General Ledger account from which the funds will be debited. This must be a valid and active General Ledger account or the system will display an error provider
The amount debited into this G/L account is pulled from the Loans > Account Information > Amortizing Fees and Costs screen, Remaining field, for each loan with amortizing fees, as shown below.
Amortizing Fees And Costs screen
Earned Income:
This is the General Ledger account used by the system when fees are amortized and credited to income. This must be a valid and active General Ledger account, or the system will display an error provider
The amount credited into this account is pulled from the Loans > Account Information > Amortizing Fees and Costs screen, Earned field, for each loan with amortizing fees, as shown below.
Amortizing Fees And Costs screen |
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Unearned/Earned Investor Fees G/L
Mnemonic: N/A |
The Unearned Investor Fees G/L and Earned Investor Fees G/L are used specifically for institutions that sell loans to investors and have Institution Option OPT5 SCRT (Use Securitization) turned on.
If the loan has amortizing fees that need to be rebated or adjusted when the Payoff (tran code 580), Death Claim Payment (tran code 2600-06), or PC to IB transaction (tran code 510) is run (and SCRT is set to yes), the system debits or credits fees to these general ledgers.
•If the loan has an amortizing fee rebate:
oThe system posts the fee rebate amount to the account listed in the Unearned Investor Fees GL field, using the opposite amount of the account listed in the first G/L Account Numbers (unearned amount) field.
oThe system posts the amount of the Unearned Investor Fees GL and posts that same amount to the account listed in the Investor Clearing field on the GOLD Services > GL Account By Loan Type screen.
•If the loan has an amortizing fee adjustment (fully amortized):
oThe system posts the unearned fee amount to the account listed in the Unearned Investor Fees GL field, using the opposite amount of the account listed in the first G/L Account Numbers (unearned amount) field.
oThe system posts the earned amount of the fee to the Earned Investor Fees GL using the same amount of the account listed in the first G/L Account Numbers field. |
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Mnemonic: F2KOST |
Check this box if this is a cost code instead of a fee code. When a user selects a cost code from the Code field on the Loans > Account Information > Amortizing Fees and Costs screen, the information on that screen reflects costs set up for the loan instead of fees, as shown below:
Loans > Account Information > Amortizing Fees And Costs screen |
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Mnemonic: F2EMPX |
This is the employee number of the person who last made changes to this fee or cost code. |
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Mnemonic: F2DTLM |
This is the date and time the fee code was last changed. |
and will not allow you to save the information until a valid account number is entered.
