The Collateral Tracking screen allows the user to receive, track and update individual collateral documents and dates. This screen is typically used by clients that utilize a Warehouse Bank or are correspondent lenders but may be used by any client for tracking and reporting of documents. Users may edit the Collateral Tracking screen after the loan has been finaled with the applicable user right (noted below) by clicking on Collateral Tracking from the left-side navigation under Forms & Docs.
The Collateral Tracking screen is divided into the following three sections:
· Loan Information
· Default Documents
· Additional Documents
Loan Information section has the Loan Number, Investor, Closing Date, and Settlement Date which auto-populates based on data entered on other screens. Loan Number populates with the system generated Loan Number. Investor populates from the Investor Lock > Investor field. Closing Date populates from the Closing Docs > Loan > Closing (Note) Date field. Settlement Date populates from the Closing Docs > Loan > Settlement Date field.
The following fields in the Loan Information section are editable:
· Due Date – enter the anticipated due date of the Collateral Package (for example, two business days from Settlement Date)
· Collateral Reviewer – select the name of the user reviewing the file.
· Shipped to Warehouse Bank – enter the date the Collateral Package has been shipped (this field is typically used if documents are not being tracked individually).
· Collateral Package Received – enter the date the Collateral Package has been received (this field is typically used if documents are not being tracked individually).
· Warehouse Bank – select the Warehouse Bank from dropdown list. This field automatically populates if previously selected on the Closing Docs > Lender & Legal > Lender Information > Warehouse field or the Funding > Warehouse > Warehouse Bank field.
Click Tracking Info hyperlink to open the following additional editable fields:
· Shipping Method – enter the method of delivery for shipping.
· Tracking Number – enter the tracking number of the package.
· Ship All – mark check box to populate the data entered in the Shipped to Warehouse Bank, Shipping Method, and Tracking Number fields to the Shipped and Tracking Info (Shipping Method and Tracking Number) fields for documents in the Default and Additional Document sections (this will overwrite data previously entered in those fields).
Tip: Users associated with the correct User Rights Role (Collateral, Collateral/Shipper, or Clos./Fund./Coll./Ship./Post Clos./I&G/Serv.) in the Administrative Site will appear in the Collateral Reviewer dropdown list.
Tip: Warehouse Banks are setup in the Administrative Site in Vendor Admin > Warehouse Bank.
Tip: The date fields may be entered manually or by utilizing the calendar icon to the right of the field.
Default Documents section displays items on their own lines with editable fields in the following columns:
· Requested – enter the date the document was requested.
· Received – enter the date the document was received.
· Received W/Problem – enter the date the document was received with a problem.
· Returned for Correction – enter the date the document was returned for corrections.
· Cleared – enter the date the document was reviewed and approved.
· Shipped – enter the date the document was shipped to the Investor.
· Tracking Info – enter the Shipping Method and Tracking number of the package.
Additional Documents section displays items in a dropdown menu. Additional Documents can be added as needed by selecting the Document from the dropdown menu and clicking Add Document. Users complete the same editable fields that appear in the Default Documents when adding Additional Documents. Click Delete to remove Additional Documents.
Tip: Default Documents are items needed for every loan application. Additional Documents are items that may not be needed for every loan but may be needed for some loans.
Tip: Users sending one complete package with all documents to the Investor should enter a date in the Shipped to Warehouse Bank and use the Tracking Info hyperlink in the Loan Information section to enter the Shipping Method and Tracking Number and mark the Ship All check box to populate the Shipped and Tracking Info (Shipping Method and Tracking Number) fields for documents in the Default and Additional Document sections (this will overwrite data previously entered in those fields).
Click Save/Close to save the information entered on this screen.
Click Cancel to discard changes made to this screen.
Click the Printer Icon next to Forms & Docs > Collateral Tracking to open a printable version of the Collateral Tracking screen.