What is Investor Interim Remittance?

Answer

Some investors require a daily or weekly remittance of funds (principal and interest) collected as of a certain date or daily if funds collected equal or exceed a set dollar amount.

This process can be run one of two times, but not both. If you choose to run this in the evening after all processing is complete on MC for the day, go into path (03.09). Enter through the date. This date should be the current system date.

The other option is done the next morning before anything is updated on MC. When going into path (03.09), change the date back to the day before. If the last working day was Friday or Saturday, then enter the date of Sunday. By doing this, it will pull all the data you need to report.

A. Fannie Mae (FNMA Actual/Actual)

FNMA requires that once funds collected have reached $2,500, you must remit to them. The remainder of the funds collected will remit at cutoff time.

B. Freddie Mac

Freddie Mac only requires you to remit if a payoff is received before the cutoff. All other funds collected will be remitted at cutoff time.

***This process can only be PRINTED ONCE. We suggest you print to a file name such as XRM0701.04. This stands for:

X	=	User-created file (if you always start your files with X, it is easy to clean up later)
RM	=	Remittance
0701	=	July 01
.04	=	2004

To print to a file name, select <C>CHANGE PRINTER and type XRM1001.03 or current date.

To print the file you saved the Interim Remittance to, at a main menu, enter one of the following commands for your type of hardware: (PC) <AF2>, (UNIX) <SCF2>, (AOS) <SCF2>. Once you have entered the command for your type of hardware, the program will ask for the file name. You may not see your file name. That is all right. Type in the file name. A window will open and you will have some selections. At this point check to make sure the default printer is the correct printer. If it is, then enter <P>PRINT.

This file will stay in the mcadata directory until you delete it. When you <ESC> or <F1>EXIT from the report, the program may ask you if you want to delete. Enter <N> to keep the file in the mcadata directory so you may print it again if you need to.