GOLD Services Screens > General Ledger Screen Group > GL Account By Loan Type Screen > Unearned, Earned, and Clearing Investor Contra

Entry: System, numeric

F/M: No

Mnemonic: N/A

Screen: Loans > System Setup Screen > G/L Account By Loan Type screen

For those institutions that have precomputed loans that are sold to another company, we have an institution option (OPT5 SCRT (Use Securitization)) that allows the system to post to additional General Ledger accounts when running a (Payoff transaction (tran code 580)), Death Claim Payment (tran code 2600-06), or Convert Precomputed to Interest Bearing (tran code 510) transaction.

The transactions post to the same General Ledger accounts as they currently do; however, additional transactions are also run to debit or credit three new General Ledger accounts. The three new General Ledger account fields are Unearned Investor Contra, Interest Investor Contra, and Investor Clearing.

The following debit/credit to G/L balances are generated when SCRT is set to yes, and a Payoff, Death Claim Payment, or PC to IB transaction is run. (The reverse of these occurs when the transactions are corrected):

•If the loan has an interest rebate:

oThe system posts to the account listed in the Unearned Investor Contra field with the opposite amount as that posted to the Unearned Interest (Payoff/Force Place Ins) field. (For example, $100 will be credited to the Unearned Investor Contra field and $100 will debited from the Unearned Interest field, or vice versa depending on the amount that has been amortized.)

oThe system posts to the account listed in the Investor Clearing Account, as well as posts the same amount as that posted to the Unearned Interest (Payoff/Force Place Ins) field.

•If the loan has an interest adjustment (unearned interest fully amortized):

oThe system posts to the account listed in the Unearned Investor Contra field with the opposite amount as that posted to the Unearned Interest (Payoff/Force Place Ins) field.

oThe system posts to the account listed in the Interest Investor Contra field, as well as posts the same amount to the Unearned Interest (Payoff/Force Place Ins) field.

Additionally, if the loan has amortizing fees that need to be rebated or adjusted when the Payoff, Death Claim Payment, or PC to IB transaction is run (and SCRT is set to yes for precomputed sold loans), the system debits or credits fields available on the GOLD Services > General Ledger > Amortization Descriptions screen. These fields are called Unearned Inv Fees GL and Earned Inv Fees GL. They also appear in the Amortization list view table. See the the Amortization Descriptions screen for more information.