The Accounting screen is used for loans being purchased by an investor or servicing released. This screen can be used to reconcile a transaction by entering the amounts from the Investor's purchase advice. Users may edit the Accounting screen after the loan has been finaled with the applicable user right (noted below) by clicking on Accounting from the left-side navigation under Forms & Docs.
The Accounting screen is divided into the following four sections:
· General Information
· Investor Fees Withheld
· Wire Calculation
· Warehouse Line Information
General Information section has the following fields that auto-populates based on data entered on other screens:
· Loan Number - populates with the system generated Loan Number.
· Borrower - populates with primary borrower’s name.
· Closing Date - populates from the Closing Docs > Loan > Closing (Note) Date field.
· Settlement Date - populates from the Closing Docs > Loan > Settlement Date field.
· Investor - populates from the Investor Lock > Investor field.
· Investor Loan Number - populates from the Investor Lock > Investor Loan # field.
· Amount Withheld - calculates and displays the total # Payments Received multiplied by the Payment Amount.
· Updated By – displays the name of the user to last save the Accounting screen.
· Servicing Fee – populates from the Investor Lock > Servicing Fee field.
The following fields in the General Information section are editable:
· Purchased By Investor – enter the date the Investor funded the Lender for the loan.
· First Payment Due Investor – enter the date the first payment is due to the Investor.
· Interest Days – select the Interest Days form the dropdown list. This field automatically populates based on the default Interest Days in the Admin site or previously selected on the Closing Docs > Loan > Interest Days field.
· # Payments Received – enter the number of payments received prior to the Investor purchasing the loan.
· Payment Amount – enter the amount of the payment(s) received on the loan.
· Principal Purchased – populates with the Total Loan Amount the first time the user enters this screen and can be updated by the user.
Investor Fees Withheld section is used to enter the fees to be withheld from the Investor Wire Amount. Click Add Fees to select from a list of pre-defined fees that have been setup in Admin. Users can edit the Fee name if needed. Mark the check box(es) to select the fee(s) to be added to this section. Click Add Selected to update this section with the selected fees or click Cancel to close the list of fees and make any changes. Fee name is editable once the fee has been added to this section and the Amount will populate based on the setup in Admin. Amount is editable and can be modified by the user. Clicking Delete will remove the fee from this section.
Wire Calculation section is used to reconcile the purchase advice and has the following fields:
· Principal Amount - populates with the lesser of the Total Loan Amount or Principal Purchased.
· Discount/Premium – populates from the Investor Lock > Gross Sell Price and can be edited by the user.
· Fee Total - populates with the total of the fees listed in the Investor Withheld section.
· Escrow Balance – enter the amount collected at the time of closing for escrow and the impound portion of any payments that have been posted. The amount of the Initial Deposit for escrow from the Closing Docs > HUD Page 2 displays next to the Escrow Balance field name.
· Interest - enter the number days which will then populate the total based on the daily per diem amount. Users can also leave the number of days blank and enter the total amount in the currency field.
· Interest Adjustment – enter the amount of the interest adjustment.
· Buydown Amount – enter the buydown amount purchased by the Investor (may be the entire amount or less a payment). The amount of the Total Buydown Fund from the Closing Docs > Additional tab displays next to the Buydown Amount field name.
· Service Premium – populates from the Investor Lock > SRP field.
· Servicing Spread Adjustment – enter the percentage of Servicing Spread Adjustment.
· Investor Wire Amount – calculates and displays the total Investor Wire Amount (Investor Wire Amount = Principal Amount - Discount/Premium - Fee Total – Escrow Balance + Interest – Buydown Amount + Service Premium).
Warehouse Line Information section has editable fields for users to enter the Warehouse Line Interest and Warehouse Line Fee. Warehouse Interest Differential displays and calculates the Warehouse Line Interest minus the Interest Received From Borrower minus the Interest Received From Investor (Interest total from the Wire Calculation section).
Tip: When the Loan Origination Type is Brokered Out (Actions > Change Origination Type), the Closing Date, Settlement Date, Investor, and Investor Loan Number become editable fields for the user. These fields are not editable for all other Loan Origination Types.
Click Save/Close to save the information entered on this screen and return to the Dashboard.
Click Cancel to discard all changes made to this screen.
Click the Print this Page hyperlink at the top of the screen or the Printer Icon next to Forms & Docs > Accounting to open a printable version of the Accounting screen.