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K2 Purchased From Sold To fields |
  
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Navigation: Loans > Loan Screens > Credit Reporting > Credit Reporting Screen > Reporting Codes & Original Information tab >
K2 Purchased From Sold To fields
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K2 Purchased From Sold To fields |
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The K2 Purchased From Sold To Indicator and K2 Purchased From Sold To Name fields on the Reporting Codes & Original Information tab are pulled into the K2 Segment of the Credit Bureau Report and transmission file (FPSRP184). The K2 Segment is used to report the name of the company from which the portfolio or partial portfolio was purchased or the name of the company to which the portfolio or partial portfolio was sold. If no loans were purchased or sold this month, the K2 segment is not included with the Credit Report and transmission.
Enter information in these fields if the loan account was sold or purchased.
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Note: When loans are sold using CIM GOLD, the system automatically assigns the loan account with the appropriate Credit Bureau Account Status (e.g., Account Status 05 for transferred account); however, the system does not automatically file maintain these two fields. You must make the changes to these fields if the loan was purchased or sold (or if there was a mistake in last month’s reporting and you want to remove the K2 Segment for an account). |
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Field |
Description |
K2 Purchased From Sold To Indicator
Mnemonic: M1K2IN |
Use this field to indicate if this loan account was part of a portfolio purchased from a company or sold to a company. Valid entries are:
1 = Portfolio Purchased From Name 2 = Sold To Name 9 = Remove Previously Reported K2 Segment Information
If this field is equal to "1," it is only recorded in K2 Segment of the Credit Report and transmission if the Purchase Date (LNPUDT) on the loan is in the current reporting cycle.
If this field is equal to "2," it is only recorded in the K2 Segment of the Credit Report and transmission if the Inter-Office Move to Account (M1IOTA) is zero and there is an action code 104 on the account and the action date is within the reporting period. We do not report closed loans as sold loans. |
K2 Purchased From Sold To Name Mnemonic: M1K2NM |
If this account was sold to another company, person, or entity, enter the name in this field. This will be reported to the Credit Bureaus. |
