Which reporting format does the MC System use? MC OFFICE Software can report in either the old Metro 272 Base (Character Format) or Metro 2 426 Base (Character Format) for credit bureau reporting. Will the program also report to my local credit bureau? Yes, as long as the credit bureau uses the standard Metro 272 Base (Character Format) or the Metro 2 426 Base (Character Format). How do I set up the tape header? Menu path (03.17.11.1.4) will take you to the Header Setup screen for the old Metro format or (03.17.11.2.5) for the new Metro 2 format. Where do I get the information for the header? Your credit bureau representative will have this information. Which fields are updated when I RUN WITH UPDATE? Fields 114-117 in the Master Record, the Activity Date, and any loans which have been assumed. What is my date range when I run the report? Your date range should start with your last reporting date and end with the first of the current month. Which segments besides the BASE segment does MC report with? The MC submission file contains the BASE, B1, E1, M1, and four A2 segments in the old Metro format. The MC submission file contains the BASE, J2, K3, and L1 segments in the new Metro 2 format. What information is in the additional segments of the old Metro format? The B1 segment contains a history of the delinquency codes assigned to a particular account. The E1 segment is for processing account number changes. When used, it contains the new account number to be assigned to the old account. When not used, it is filled with zeros. The A2 segments hold information for up to four additional co-borrowers. What data is reported in the additional segments of the Metro 2 format? The J2 segments are co-borrower information. The K3 segment reports the MIN (MERS) number and codes to indicate if the loan is owned by Fannie Mae or Freddie Mac. The L1 segment reports account number change information. How is the Amount Past Due calculated? The Amount Past Due is calculated as follows: NUMBER OF FULL CYCLES PAST THE DUE DATE TIMES P&I and T&I PAYMENT. The amount is always reported in whole dollar amounts and does not include any late fees, charges, or the current amount due. Where can I find a list of Credit Bureau Status Codes? Refer to your Associated Credit Bureaus Reporting Manual for a complete listing of all Status Codes. The codes that apply to mortgage loans are displayed in MC when the credit reporting fields in the Master Record (112-117) are accessed. Where can I get an Associated Credit Bureaus Reporting Manual? Contact your credit bureau representative to obtain a manual. How can I make a hard copy printout of a screen in this tutorial? Be sure your computer is connected to a printer. With your mouse, click on File in the top left corner of your screen. A pull-down menu will be displayed. Click on Print . . . and the page will print. |
