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When boarding loans through Gateway, the Gateway Funding Record (CSGW) must be set up using this screen. This is usually set up by GOLDPoint Systems under the direction of your institution's accounting department. The Gateway Funding record ensures that all funds are accounted for in appropriate General Ledger accounts when loans are opened.
For a list of all possible fields in the CSGW record, see the Gateway Funding Record GW in the Mnemonic Dictionary.
Setting up Funding Transactions requires help from GOLDPoint Systems. This screen and this record are for supervisors only.
Your institution uses a third party to maintain your institution’s website to approve and fund loans. After loans are funded, API’s communicate with GOLDPoint System’s GOLD Loan Gateway to board the loans into CIM GOLD and properly use funding transactions to populate applicable G/L and loan fields.
Consequently, GOLDPoint Systems sets up the Loan Funding Transactions screen to ensure the proper G/L accounts are being credited and debited when loans are boarded.
A small example may help explain this process. In this example, we will demonstrate how to set up an amortizing fee. This institution charges an origination fee for every loan when loans are opened in Colorado. We need to set up the GWFFP1 Field (Prepaid Fee Amt 1) in the CSGW record to be able to accept this fee when loans are boarded through Gateway. Once the loan is boarded into CIM GOLD, the system will display that fee amount in the Original fee field (F1FORG) on the Loans > Account Information > Amortizing Fees and Costs screen. Additionally, we’ll need to set up the G/L accounts used to amortize that fee.
Therefore, the Loan Funding Transactions screen is set up as follows for the Colorado Origination fee (see Figure 1 below):
Next, the G/L accounts for each branch are set up where the amortizing fee is debited from and credited to (see Figure 2 below).
This is just one example of how this new record is used. These steps would be recreated for each of the fields and funding transactions needed to board loans from Gateway.
See the CSGW in the Mnemonic Dictionary for more information about each of the fields in this record. |