How do I run the monthly cutoff?

Answer

Field 7 of the Investor Master Record (03.25.04) determines what day the cutoff can be run. For example, if Field 7 has a 31, then the cutoff can be run on the last day of the month or the first working day thereafter.

The cutoff can be run through (03.17.09). There should be no other users in any modify or update functions in Loan Servicing when the cutoff is being processed. Enter the cutoff date. Investors due for a cutoff through the date entered will be listed in the queue. The operator is required to enter a Y or N to create cutoff recovery files. It is suggested you enter Y and create the recovery files. The program will store a backup of the files used to prepare the cutoff reports. If a problem occurs that prevents the cutoff from completing correctly, it may be necessary to restore these files.

The cutoff is a report that can be run only once a month; however, it can be printed through Print Manager as many times as necessary if originally printed to a file. The report can be printed to a file by hitting <C>CHANGE PRINTER from the Investor Remittance Cutoff screen and replacing the default printer name with a file name before processing.

If the report is sent directly to the default printer and a problem arises, e.g., the printer jams, it would then be necessary to reset and restore the Cutoff Recovery Files so processing can be done again. This can be done only if no transactions have been posted from the time the cutoff was originally run to the time you are ready to restore and run again. Call or e-mail Customer Support for assistance if this situation arises.

More details in the LS Reporting section.