August 14, 1998

Y2K Compliance - September Update

    MC's review of MC OFFICE Software code (1.5 million lines) to be Y2K compliant has been completed, tested, and certified to be Y2K compliant. The following dates have been tested by Mortgage Computer Quality Assurance Department.

      4-9-99
      9-9-99
      12-31-99
      1-1-00
      1-10-00
      1-31-00
      2-29-00
      3-31-00
      10-10-00
      12-31-00
      01-01-01
      12-31-01      		 Julian date 999 = end of input
      Gregorian (sp) 9999 = end of input
      Last day of century
      First day of century
      First 7-digit date (1-10-2000)
      First month end
      Leap year
      End first quarter
      First 8-digit date (10-10-2000)
      First year end of century
      First day of second year in century
      End of first 365-day year

Y2K - Update Available for Testing

    The Y2K update is being sent to several beta sites for review and testing. Approximately September 10, 1998, the Y2K - September Update will be available.

    A special date range will be included with the update to permit testing dates into the year 2001. When this update is loaded, arrangements should be made to complete your own testing prior to November 1, 1998.

    If problems are found, please send the information via fax to Mortgage Computer, Attention: Y2K Support. A final Y2K release and Year End update will be available around December 10, 1998.

Special Y2K Support

    To expedite Y2K Support when calling Customer Support, please indicate the call is for Y2K Support.

    NOTE: Tell the operator the date shown in the upper left-hand corner of the MC menu screen.

    All Y2K Support calls will be documented and billed at the rate of $100.00 per hour in 15-minute increments. It is possible that testing might be conducted in the evening or a Saturday morning. To be available for assistance, MC will extend the Y2K Support hours until 8:00 p.m. Monday through Friday and Saturday from 9:00 a.m. until noon Mountain Standard Time. The extended time is available September 15 through October 31. If possible, please make Y2K Support calls after 2:00 p.m. Monday through Friday or on Saturday 9:00 a.m. to noon.

    Special Customer Support for testing during hours not indicated above must be made in advance with Peggy Nate, Manager Customer Support. Special support time will be billed at $75.00 for reserving a one-hour time slot plus the actual support time will be billed at $150.00 per hour in 15-minute increments.

Caution in Testing

    Be very careful in making your backups. Be sure the backup is good. For 100% test of the backup, it is best to load the backup on another system. If the backup is not good, it will be impossible to restore the original data after the testing is completed.

    Some MC users have asked what they should test. MC does not set the rules and companies should follow what the regulatory agencies have outlined. Be aware MC is using windowing for the dates. Fannie Mae and others are using windowing and by coincidence are using the same year of 60, which MC used 25 year ago. Dates after 60 will be a 1900 dates even though only the last two years are displayed. Dates before 60 will be a 2000 even though only the last two years are displayed. MC recommends testing the MC OFFICE Software for the following:

    • No current day-to-day functions have been corrupted.
    • Perform all regular activity that would normally be done using with the 2000 dates with the backup test data.
    • Test the MC OFFICE Software using hardware systems that will be used in the year 2000.
    • Data will transfer to and from the Mailbox.

Mortgage Banker

    MC suggests all functions normally performed during a month be tested, e.g., entering a loan application, tracking, underwriting, printing documents, closed doc tracking, quality control, secondary marketing, funding, year end IRS reporting, and monthly reports be tested using the test dates MC has used. Create the year end file before changing dates at year end.

Loan Servicing - Pool Disbursement - Credit Line

    MC suggests all functions normally performed during a month be tested, e.g., enter new loans, receive loans from MB, enter payments, receive teller and DDA payments, transfer all functions through the Mailbox, print late notices, ARM notices, monthly statements, coupons, transaction registers, monthly cutoffs and all reports, etc.

    All monthly functions must be run before changing dates. This includes but is not limited to late notices, ARM notices, Interest Accrual Due and Payable, and month-end cutoffs run. Do not change the date until all functions and reports have been run.

    Make sure the Year End Save file is performed when moving from one year to another.

Updated August 22, 2002 at 7:11 a.m.