Navigation:  Loans > Loan Screens > Investor Reporting Screen Group > Service Released Screen > Service Release Process

Once investor and group numbers are respectively set up on the Loans > Investor Reporting > Investor Master and Investor Group screens, customer loan accounts within the group can be designated for service release on the Loans > Investor Reporting > Service Released screen. General Ledger information must be indicated (in both the Principal and Reserves field groups) in order to complete a service release.

 

To populate the Service Release list view with all loans assigned to the indicated Master and Group numbers, click <Read File>. Remove any accounts that your institution does not wish to service release (by selecting them in the list view and clicking <Remove Selected>), then click <Service Release>.

 

If there are errors present on on any account in the list view, an error message will appear, the service release will be halted. and processing will stop. If no errors are found, the service release process will commence and the following will occur on each loan:

 

1.The system will indicate that the loan has been service released. 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.

 

2.Action code 103 will be changed to 104 to indicate to the afterhours that servicing has been released. If no action code 103 is found, a new action code 104 will automatically be added to the account. The action date for the code 104 will be set to the current date.

 

In the afterhours that follow the release of loans, at least four transactions will be posted:

 

Ÿ        A G/L miscellaneous credit for the total of the loan balances.

Ÿ        A G/L miscellaneous debit for the total of the loan balances.

Ÿ        A G/L miscellaneous credit for the total of the loan reserves.

Ÿ        A G/L miscellaneous debit for the total of the loan reserves.

 

If reserve interest still exists on the loan, a fifth transaction will be created:

 

Ÿ        A G/L miscellaneous debit for the total of all reserve interest.

 

The miscellaneous credit for total of reserves will then equal the sum of the two reserve debits.