Navigation:  Loans > Loan Screens > Investor Reporting Screen Group > Sell Loan To Investor Screen

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When you are ready to tie the loans to the groups, use the Sell Loan To Investor screen (shown below) to transfer data to the Loan Investor Fields screen for those loans that will be sold. You must have previously set up the Investor Master and the Investor group before using this screen (see the Investor Group and Investor Master help for more information).

 

Two list views appear at the top of this screen which display investor information connected with the account. The top (blue) list pulls information from the Investor Master screen. The information pulled includes the investor number, investor name, whether or not this is a multiple investor account, and the investor identifier (e.g., Fannie Mae, GNMA, etc.). The bottom (greeen) table pulls information from the Loans > Investor Reporting > Investor Group screen. This information includes the group number, the cutoff frequency, data, the investor reports to be run, the percent of the loans sold to the investor, the basis (e.g., collections, yield, MBS, and weighted average), the servicer number, whether or not custodial accounts are attached to these loans, the override cycle start date and date of last cycle cutoff, and the sale date of the loans.

 

Select an investor and group in these list views to enter information about the sale of the loan to that investor/group in the other fields on this screen.

 

 

This screen is used to quickly sell a loan to an investor. The sell-a-loan process automatically performs various file maintenance, General Ledger entries, and monetary transactions. This eliminates the need for employees having to make manual adjustments or perform monetary transactions, which reduces the risk of errors being made.

 

Overview

 

When the sell loan transaction is processed, some or all of the following will occur:

 

•The system will attempt to verify that the balance you are selling "as of" and the balance of the loan at the "sale date" are the same. For more information, see help for the Select Date Type fields.

 

•The system will reverse all transactions back to the selected sale date, it will then attach the new investor master and group number to the loan and then reapply the transactions as if the loan was sold as of that date. These transactions will be fed into the general ledger from tranlogs during the afterhours process. The original and the reversed transactions will not be included in the investor's reports; however, the reapplied transactions will appear in the investors reports.

 

•Transactions will be backed out in one of three ways: 1) from today's date to the transaction showing the interest paid-to date entered; 2) from today's date to the transaction showing the due date; 3) from today's date to the actual date entered. The history is then marked so the system will not report these transactions in the Investor Cutoff reports.

 

•The posting fields that are set up in your General Ledger Autopost are used as the transactions are reversed and reapplied. The general ledgers for non-sold loans will be debited and those funds will be applied to the investor's general ledger accounts.

 

•Reserve 1 and 2 balances will be moved to the investor custodial account if a custodial account has been set up. This will not affect the loan. In loan history, the reserve balances that were moved appear as a file maintenance transaction.

 

•If you change any of the general ledger posting fields on the loan (these fields are in the Regulatory Classification field group), the system will automatically reclassify the loan. These posting fields vary depending on each institution's general ledger.

 

•The system reads the investor group record and copies some of the data into the appropriate fields on the Loans > Investor Reporting > Loan Investor Fields screen.

 

Check for Transfer

 

After you have completed selling a loan, it is a good idea to check the loan records and make sure the transfer was done correctly. To do this, access the Loan Investor Fields screen for the loan.

 

Check to see if the investor master name and group numbers have been placed in the Investor Name and Group Number fields on this screen. If the numbers are there, then the loan was successfully sold. Verify that all other fields on the Loan Investor Fields screen are populated with the correct information pulled from the group record and manually entered in the Sell Loan to Investor screen (investor account number, calculation code, rates, and ARM information when applicable).

 

If no numbers appear, try the Sell Loan to Investor screen again. If successful, the investor is now tied to the loan, and the loan is tied to the investor. All investor reports that are created will reflect all loans tied to that investor.

 

The Collateral Summary field at the bottom of this screen displays a brief description of the collateral used to secure the selected customer loan. Account collateral is set up on the Loans > Account Information > Account Detail screen.

 

The tabs on this screen are as follows:

 

Setup tab

 

ARM Investor Fields tab

 

Loan Information tab