Loans > Loan Screens > Investor Reporting Screen Group > Investor Group Screen

The Custodial Accounts tab is where you designate the account number tied to this group. This account number can be an internal deposit account or an external deposit account. It's where funds are deposited for this group when loan payments, etc., are made. The percentage of what is transferred to the account is set up on the Group Information and Investor Calculations tabs.

If you would like to deposit funds to an internal deposit account, and then use the Deposits > Customer Directed Transfers screen to sweep those funds to an external deposit account, see the CDT Sweeps to External Account for Custodial Accounts help describing the details of how to set that up.

See the following example of this tab:

Loans > Investor Reporting > Investor Group Screen > Custodial Accounts Tab

The Name of the investor selected in the Investor list view and the Group number of the group selected in the Group list view are displayed on the top left corner of each tab on this screen.

The fields on this tab are as follows:

Field

Description

Account Number

Mnemonic: IGC#1, IGC#2, IGC#4

Use these fields to indicate in-house deposit account numbers to which your institution can transfer investor portions for the group being created/edited. Up to three custodial accounts can be set up on this tab.

These accounts are used by your institution to hold payment collections or the portion of the payment collections required by the investor on the loans they have purchased. Enter the branch number, the deposit account number, and a 2-digit check digit in BB AAAAAA CC format (B = branch number, A = account number, C = check digit). All clients must use a 2-digit check digit (with a leading zero if necessary).

If the External Deposit Account field below is marked, the system will not verify whether the deposit account numbers are valid in-house deposit accounts. Currently, GOLDPoint Systems only allows investor portions to be transferred to valid in-house checking accounts.

See also: CDT Sweeps to External Account for Custodial Accounts for information about sweeping funds from an internal deposit account to an external account owned by investors.

Amount Fields

Mnemonic: IGC$1, IGC$2, IGC$4

Use these fields to indicate the portions of monetary transactions that should be held in the corresponding custodial accounts. (For example, depositing the principal and interest from payments in one account and the reserves in another.) See below for more information.

A portion must be identified in the Transfer to Custodial field on the Group Information tab before it can be stored in the custodial account. Possible entry codes in this field are as follows:

Code	Description
1	principal
2	interest
3	reserve 1*
4	partial payments
5	late charges
6	reserve 2*
9	subsidy amount

* Your institution has the option of transferring both amounts in reserve 1 and 2 to custodial accounts. To enable this option, submit a work order to GOLDPoint Systems. If you only need to transfer reserve 1 to the investor, enter "3" in this field. Reserve 2 is transferred only if institution option OPTE TR2C has been set up to do so.

	Note: In order for the system to automatically transfer funds to a deposit account, your institution must have G/L Loan Posting Fields Investor Master (12) and Investor Group (13) set up in your organization options, as well as set up appropriately in the Autopost. Your GOLDPoint Systems accounting manager can help you with this setup.

Name/Address

Mnemonic: IGCN1, IGCN2, IGCN4, IGAL1, IGAL2, IGA21, IGA22, IGA41, IGA42

Use these fields to indicate the names and addresses corresponding to the specified custodial Account Numbers (above). This information is currently used only on the GNMA Report. You can leave these blank.

Transfer to Custodial

Mnemonic: IGTCS

This field indicates which loan transactions are set up to be transferred to a custodial account, according to the value entered in the Amount Fields (see above). You must first enter the applicable amounts for the group using the Transfer to Custodial field on the Group Information tab, then the numbers will show here.

See below for more information.

This field displays numeric codes that define portions of loan transactions, excluding the open new loan transaction. Possible codes used in this field are:

1 = amount to principal

2 = amount to interest

3 = amount to reserve 1

4 = partial payments

5 = late charges

6 = amount to reserve 2 *

9 = amount to subsidy

	Note: In order for the system to automatically transfer funds to a deposit account, your institution must have G/L Loan Posting Fields Investor Master (12) and Investor Group (13) set up in your organization options, as well as set up appropriately in the Autopost. Your GOLDPoint Systems accounting manager can help you with this setup.

Amount to Others

Mnemonic: IGC$3

Use this field to indicate portions of the loan monetary transaction specified in the Transfer to Custodial field above that should be held in a custodial account separate from the account(s) set up on this screen.

Possible entry codes in this field are as follows:

Code	Description
1	principal
2	interest
3	reserve 1
4	late charges
5	deferred interest
6	reserve 2
7	service fee
8	pre-payment fee

External Deposit Account

Mnemonic: IGXDA

If this field is marked, the system will not verify whether the deposit account numbers are valid in-house deposit accounts. Currently, GOLDPoint Systems only allows investor portions to be transferred to valid in-house checking accounts. This field should be left blank.

We do have an option where funds are deposited into an internal bank account and then automatically swept to an external deposit account using the Customer Directed Transfers screen in the Deposit system. See CDT Sweeps to External Account for Custodial Accounts for more information.