Loans > Loan Screens > Contract Collections Screen

Use this tab to view and edit information about seller and recipient records for the contract collection being created/edited. A seller record should be set up for each individual who owns a portion of the loan, and each recipient should be set up with their own individual record.

The fields and tabs on this screen are only available for file maintenance if a contract is selected in the Contract list view or is being created. Contracts are created and added to the list view by clicking <New Seller/Recipient>, entering information in the fields on this screen, and clicking <Save>.

To learn more about the vocabulary used in help for this screen, see the Contract Collection Terms help page. To learn how to set up contract collections, see the Contract Collections Setup help page.

lcc_sellerrecipient

Loans > Contract Collections Screen, Seller/Recipient Tab

Creating a Seller/Recipient Record

The first step in setting up a seller or recipient is to create a unique seller/recipient number in the format MMM-GGGG-PP-SS:

MMM — The investor Master number (see table below) for all contract collection loans at your institution (90 is suggested by GOLDPoint Systems). For more information, refer to help for the Loans > Investor Reporting screens in CIM GOLD.

GGGG — The Group number (see table below) for all sellers and recipients for the contract collection loan (GOLDPoint Systems suggests using the last four digits of the loan number).

PP — The Priority designation (see table below) the seller or recipient has when funds from the loan payment are disbursed to sellers and recipients.

SS — The Seller/Recipient number (see table below) given to a seller or recipient to designate the sequence of disbursements within the Priority level. For example, Seller A has a Priority number of 01 and a seller number of 01. Seller B has a Priority number of 01 and a seller number of 02. Both sellers are within the same priority level, but Seller A gets the first check and Seller B gets paid out of what is left (because Seller A has a higher seller number).

GOLDPoint Systems recommends designating priority and seller/recipient numbers by tens rather than ones. This will facilitate entering new sellers and recipients at a later date. Example: Seller 90-1234-20-15 can be added between seller 90-1234-20-10 and seller 90-1234-20-20.

The fields on this tab are as follows:

Field

Description

Master

Mnemonic: CNMST#

Use this field to indicate the investor master number for all contract collection loans at your institution (90 is suggested by GOLDPoint Systems).

For more information, refer to help for the Loans > Investor Reporting screens in CIM GOLD.

Group

Mnemonic: CNGRP#

Use this field to indicate the investor group number for all Recipients or Sellers for the contract collection being created/edited (GOLDPoint Systems suggests using the last four digits of the loan number).

For more information, refer to help for the Loans > Investor Reporting screens in CIM GOLD.

Priority

Mnemonic: CNPRI#

Use this field to indicate the order in which funds are disbursed to the indicated Recipient or Seller when a payment is made to a contract collections account. See below for more information.

Seller/Recipient

Mnemonic: CNSLR#

Use this field to indicate the order in which funds are disbursed to the indicated Recipient or Seller within each Priority level (see above). For example, Seller A has a Priority number of 01 and a seller number of 01. Seller B has a Priority number of 01 and a seller number of 02. Both sellers are within the same priority level, but Seller A gets the first check and Seller B gets paid out of what is left (because Seller A has a higher seller number).

Type

Mnemonic: CNSESL

Use these radio buttons to indicate whether the individual being set up on the contract collection record is a Recipient or a Seller. See below for more information.

A Seller is the actual person or institution selling or renting the property. The seller will always be last in priority of payment and will receive a percentage of what is left after the money is disbursed to Recipients. If there are no listed recipients, the seller will receive all excess funds. There must be at least one seller on each contract collection loan. Sellers are paid by the percent owned. If a seller owns 100 percent of a contract, he/she receives 100 percent of the money left after all Recipients have received their funds. The Percent Owned field below determines the amount received by the seller. The seller distribution cannot pay to another contract collection loan. However, the seller distribution can pay to another customer account. This other account can be set up for automatic payment via ACH. This other account cannot get its money on the same night the original seller distribution is made.

A Recipient is any individual or institution receiving a portion of the Seller's proceeds. There can be any number of designated recipients on a contract. Recipients are paid a fixed amount indicated in the Fixed Principal/Interest Due field below.

	WARNING: Only switch between Recipient or Seller on a blank screen when entering new data, not on a previously created contract record.

Seller/Recipient Information fields

Mnemonic: CNNAM1, CNNAM2, CNADDR, CNSTST, CNZIP4, CNTXID, CNTELE

Use these fields to indicate the contact and tax information for the Seller/Recipient record (see above) being created/edited. This information includes the Primary Name, Secondary Name, Address information (including City/State/Zip), Tax ID/SS Number, and Telephone number.

Disbursement Method

Mnemonic: CNDSDM

Use this field to indicate the method by which funds are to be disbursed to the Seller/Recipient record (see above) being created/edited. See below for more information.

Possible selections in this field are as follows, followed by an indication as to whether the Transfer Bank Number field below is needed:

Code	Disbursement Method	Fields Required
1	Check	None
3	Transfer to deposit account within the institution. This code uses a 6-digit account number	Transfer Bank Number
4	Transfer to pay non-contract collection loan account within the institution.	Transfer Bank Number
5	Transfer to deposit account that is larger than a 6-digit account number.	Transfer Bank Number

	Note: The seller distribution cannot pay to another contract collection loan. However, the seller distribution can pay to another customer account. This other account can be set up for automatic payment via ACH. This other account cannot get its money on the same night the original seller distribution is made.

Late charges cannot be passed to Recipients. Late charges can only be passed to Sellers (see above).

When disbursement payments are posted to a customer loan account, the system flags the afterhours processor to generate a seller receipt. These receipts are printed through your institution's printing procedure for afterhours processing. An example is shown below:

seller receipt example

Transfer Bank Number

Mnemonic: CNTRNA

Use this field to indicate the loan or deposit account number to which funds should be transferred for the Seller/Recipient record being created/edited (see above). See below for more information.

Original Principal

Mnemonic: CNOPRI

Use this field to indicate the original balance of the loan contract being created/edited.

Year-to-Date Disbursements

Mnemonic: CNYTDP

Use this field to indicate the total amount paid to the Seller/Recipient record (see above) being created/edited in the current calendar year.

This field is automatically updated by the system as payments are made. However, if a transaction correction is processed, this field must be adjusted manually. Any extra principal on the account will be entered in this field and added to the Last Disbursed Amount field below.

Last Disbursed Amount

Mnemonic: CNDAMT

Use this field to indicate the last amount disbursed to the Seller/Recipient record being created/edited (see above). This field is automatically updated by the system as payments are made

Any extra principal on the account will be entered in this field and added to the Year-to-Date Disbursements field above. If a transaction correction is processed, this field must be adjusted manually.

Last Transaction Date

Mnemonic: CNDTLT

Use this field to indicate the most recent date of transaction or file maintenance activity on the loan contract being created/edited. The system automatically updates this field when transaction or file maintenance activity occurs.

Last Transaction Type

Mnemonic: CNTPLT

Use this field to indicate the most recent transaction type performed on the loan contract being created/edited. See below for more information.

Fixed Principal/Interest Due

Mnemonic: CNFDUE

Use this field to indicate the fixed amount that will be paid to the Recipient record being created/edited (see above).

This field cannot be used if the Seller field above is marked.

Year-to-Date Interest Earned

Mnemonic: CNYTDI

Use this field to indicate the total amount paid to the Seller record being created/edited for interest in the current calendar year. The amount received is based on the Percent Owned below. This field is automatically updated when payments are made.

This field cannot be used if the Recipient field above is marked.

Percent Owned

Mnemonic: CNPDUE

Use this field to indicate the percentage of the total contract amount owned by the Seller record being created/edited. See below for more information.

Seller/Recipient tab

Seller/Recipient tab