Loans > Loan Screens > Investor Reporting Screen Group > Sell Loan To Investor Screen > Setup tab

The options in this field group affect how to process the sell of the loan.

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The fields in this field group are as follows:

Field

Description

Verify Balance At Time of Sale

This checkbox is a required field. Check this field if you want to verify the loan balance at the time of sale. The balance is verified after any history is backed off. Backed-off history could include payments and credit and debit fields (principal, partial payments, reserve 1, reserve 2, and subsidies). If the balance on the history does not match the process, an error message will appear.

If this field is selected, you must enter a balance in the Balance field. If this field is selected and you don’t enter a balance, the error message “YOU MUST ENTER A BALANCE IF YOU WANT TO VERIFY” will appear.

Include Sale Date Transaction

This checkbox is used if you are using the date paid to or the due date, but not when you’re using an actual date. This will allow you to include any curtailments that may have been made prior to your sale date transaction, which caused the principal balance to be less than the agreed upon amount for the sale.

Therefore, if you are selling as of a date interest paid to, and the borrower reduced the principal of this loan prior to the interest paid to date you choose, and you check this field, the system will find that curtailment and correct it to be an investor transaction, even though it was prior to the sale date being searched.

If this field is not checkmarked, the system will not search for curtailments prior to the sale date.

	Note: If you verify the balance as part of this transaction, and the balance is less than you anticipated, checkmark this field. If there was a curtailment, the system will include it, and your balance at the time of sale will be correct.

Re-Selling This Loan

Check this checkbox if you want to resell this loan from one investor to another. The system will remove investor information from the Loan Investor Fields screen for this loan, then it will enter investor information from the master and group record entered in the Investor Name and Group Number fields on this screen. The old investor master and group information will be put into the Previous Master Number and Previous Group Number fields on the Loans > Investor Reporting > Loan Investor Fields screen.