Frequently Asked Questions

	Should I set up the Investor Master File if I am only servicing my own loans?
	I have the message, "Investors with errors." What does this mean?
	When instructed to deposit the money for my investor loans each day in the investors' P&I and T&I custodial accounts, must I sort my coupons and deposit the borrowers' checks directly in the investors' accounts?
	The office is going to be closed and I want to do my Monthly Cutoffs early. Can I do this?
	The printer jammed and all of the Monthly Cutoff reports were not produced. What do I do?
	I just sold my first loans to Freddie Mac. I am to report through Freddie Mac's PC Software MIDANET. I have a UNIX. How do I do this?
	How do I use Field I-7 Control-Type?
	We only service our own loans. What method of reporting should we use?
	What does ACCRUE INTEREST mean in the Investor Master File?
	Should I set up my Investor Master File before I have loans to link to it?
	If my investor is due to cut off at the end of the month and the first is on a Saturday, do I have to come in on Saturday to run the cutoff reports?
	Should I have a Cutoff Date in Field 7 of the Investor Master File for a participating investor?
	I am selling the loan. How does the program know to whom the payment goes?

Should I set up the Investor Master File if I am only servicing my own loans? Yes, you must have an investor for every loan you service. Servicing is a monthly cycle of activity. You cannot produce some of the monthly reports without setting up an investor, even if your company is the investor. I have the message, "Investors with errors." What does this mean? Three situations cause this error message. Loans that the pool cycle has not completed will be marked with a P (Pool) after the investor number. Loans without 100% ownership in the Investor Record will display an O (Ownership) after the investor number. New investors to be verified for the first time will be indicated with an N (New) after the investor number. The INVESTOR VERIFY REPORT (03.25.10) will list the individual loans that have a Pool or Ownership error. If the investor error reported was N for New Investor, you must run this report to check for 100% ownership of each loan and to reset the investor. If a new investor has no loans assigned to it, the message of N will remain. Do not set up the investor until you have loans to link to it. After printing this report and correcting any errors, you can then proceed with the cutoff. When instructed to deposit the money for my investor loans each day in the investors' P&I and T&I custodial accounts, must I sort my coupons and deposit the borrowers' checks directly in the investors' accounts? No. The Daily GL Interface produces the totals each day, as you close and update your Transaction Groups, for the amount of money to transfer from your Real Estate Clearing Account. Please do not waste your time sorting coupons. It is not necessary. The office is going to be closed and I want to do my Monthly Cutoffs early. Can I do this? Cutoffs cannot be done before the Cutoff Date. It is best to do the cutoffs on the first business day after the Monthly Cutoff day to be assured all payments for the period have been received and updated. The printer jammed and all of the Monthly Cutoff reports were not produced. What do I do? MC recommends all Monthly Cutoffs be printed to a filename. It is simple to do. Just change the name for the printer assignment to something like XCUTOFF. Once the cutoff cycle is completed, you may print the file as many time as needed, then delete the file when finished using Print Manager. If you did not print to a filename but entered Y to CREATE RECOVERY FILES, and you have not updated any payments for the current date, the Monthly Cutoff process can be restarted with direction from MC Customer Support Staff. I just sold my first loans to Freddie Mac. I am to report through Freddie Mac's PC Software MIDANET. I have a UNIX. How do I do this? This can be done through the EDI-Plus package offered by MC. EDI will transfer the data to the PC where MIDANET is loaded and import the data to MIDANET. There is no need to key the data in again. How do I use Field I-7 Control-Type? This field will give you a "sub" break and report the group of loans together during the remittance process. As an example, for Freddie Mac Reporting, enter your 308 Group Number as the Control-Type. Another example would be for Fannie Mae MBS Pools; the pool number the loans are sold under would be the Control-Type. We only service our own loans. What method of reporting should we use? There are two choices. Reporting Type 1 will give you the basic reporting totals and reports, e.g., delinquent loans, all prepaids and total prepaids, loans with curtailments, new and paid off loans, and a trial balance. These are the basic reports needed to have the month's accumulated information. Reporting Type 2 will produce the same reports as Type 1 as well as a "forecast." The forecast will let you know what is expected to be received during the following month's activity. This information is good for auditing purposes.  Type C repay loans cannot be assigned to Reporting Type 2. What does ACCRUE INTEREST mean in the Investor Master File? If you answer YES to Accrue Interest for an investor, the program will include this investor's interest portion of the payments in the Interest Accrual Due Report (03.17.12.03). NO would be indicated on the Investor Master File for the loans serviced for a private investor. Private investors such as Fannie Mae and Freddie Mac would have the accrual reports turned off by indicating NO. Should I set up my Investor Master File before I have loans to link to it? No. Never set up the Investor Master File until you have a loan to link to it. If my investor is due to cut off at the end of the month and the first is on a Saturday, do I have to come in on Saturday to run the cutoff reports? No, the Investor qualifies the first business day of the new month and qualifies until run. Wait until Monday and then do the cutoff. Should I have a Cutoff Date in Field 7 of the Investor Master File for a participating investor? Field 7 must be blank for a participating investor. If two investors are linked to a loan, the first investor set up will be the "controlling investor." Other investors will be participating investors and cannot have a date in Field 7 of their Investor Master Files. The cutoff is performed on the date for the controlling investor. The participating investors will have their cutoff performed at the same time the controlling investor is run. Also, a participating investor number cannot be a controlling investor number on another loan. I am selling the loan. How does the program know to whom the payment goes? The program remits the funds to the investor who owned the loan at the time the payment is posted.

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