Mortgage Banker Field 44 Loan Officer

In Mortgage Banker Maintenance (01.15.14.03), you set up in-house Loan Officer (Production Officer, Loan Originator) codes per terminal. Using this code becomes a record of who produces the loans, type of loans made, and if commissions are paid. The program will compute the amount and report to IRS. The report is displayed or printed (01.14.01 or .02, .10 or .14).

Loan Servicing Field 45 Loan Officer

The Loan Officer Code Field 44 in Mortgage Banker is passed to Loan Servicing and populates Field 45.

Reports can be run listing loans produced by Loan Officer. This can be used as an indicator of who originated the delinquent loans. This report aids as a good training tool to indicate which loan officers need training in proper underwriting a loan. Experience indicates many delinquent loans are produced by the same originators. It takes no talent to approve a loan to a millionaire who has good credit, etc. The talent is determining the cutoff point between a good loan and a bad loan.

Vendor Code Field 46 in Loan Servicing

This field is used to indicate from whom the loan was purchased (outside originators, other credit unions, or brokers). Using this field, one can determine if the loans from a specific vendor are good or bad loans. This is an indicator if you should purchase more loans from the vendor or no more loans.