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Service Released Screen

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

Service Released Screen

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Use this screen to release the servicing of a loan to an outside investor while retaining the actual loan master and history information in your institution's system (for reference). The loan will become invisible to the teller system, the afterhours processing, and GOLDWriter (see below), but the Loan system will still allow access and file maintenance to the account.

 

This list view at the bottom of this screen displays all loans assigned to the indicated investor Group when <Read File> is clicked. All loans appearing in this list view will be service released when <Service Release> is clicked. To remove a loan from this list view, select the loan and click <Remove Selected>. See below for more information about the columns displayed in this list view.

 

hmtoggle_arrow1Service Released list view columns

 

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Loans > Investor Reporting > Service Released Screen

 

How to Service Release Loans

Investors and investor groups must first be set up and defined for customer loan accounts before they can be used on this screen. Investors and investor groups are respectively set up on the Loans > Investor Reporting > Investor Master and Investor Group screens. Loans are assigned to investor groups on the Loans > Investor Reporting > Loan Investor Fields screen. Also, General Ledger information must be indicated (in both the Principal and Reserves field groups) in order to complete a service release.

 

Once valid Investor/Group information has been entered and <Read File> is clicked, all loans assigned to the indicated group appear in the list view. All loans appearing in the list view will be service released when <Service Release> is clicked. To remove a loan from the list view, select the loan and click <Remove Selected>. See the Service Release Process help page to learn more about what system processes occur on service released accounts.

 

There must be valid Name and Address information provided (on the Investor Master screen) for the investor who will receive the deconversion cartridges and transmittal letters. If this information is not available, the deconversion materials will be sent to your institution instead.

 

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Note: The system accepts and will display negative amounts on this screen. Posting negative amounts to a General Ledger account from this screen will reverse the tran code used to originally post the amount. For example, if transaction 310 is used to post positive amounts, transaction 410 will post negative amounts, and vice versa.

 

GOLDWriter and Service Released Loans

After customer loan accounts are service released, all teller transactions on the accounts will be rejected. No automatic processing will occur in the afterhours, and service released accounts will not appear on any afterhours report. These accounts will not appear in GOLDWriter unless “LNRLSD” is used as one of the mnemonics (in Report Wizard Step 2), or in the Sub-Record Selection Logic screen (Report Wizard Step 2A). This mnemonic, LNRLSD, will have a value of either “Y” or “N;” “Y” indicating released from servicing, and “N” indicating that the loan is still serviced by GOLDPoint Systems. If a loan is released in error, GOLDPoint Systems can unrelease it. By unreleasing a loan, all functions to release the loan will be reversed. The reverse will be reported to the management summary and all other related afterhour reports. In addition, no record will show the loan as being unreleased. Because of the significant changes that occur when a loan is unreleased, GOLDPoint Systems requires a written request for this procedure. Submit a work order to unrelease a loan.

 

The field groups on this screen are as follows:

 

Investor field group

 

Principal field group

 

Reserves field group

 

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