Frequently Asked Questions

	How should I set up loan numbers using the first three digits?
	How should I use the next 10 digits of the loan number?
	How many fields in the Master Record do I need to set up?
	What is the importance of Field 20 Late Charge Code?
	What is the difference between Fields 15 and 64?
	For a balloon loan, what do I enter in Field 13 and Field 101?
	When would I use a V, C, or 8 in Field 19?
	On a conversion, should Fields 10 and 21 be the same?
	What is the importance of Field 92?
	What fields are important for FASB 91?
	What fields are important for a DDA loan?
	How do I view the custom fields?
	How would I set up a co-signer?
	What fields are used in the Loans Acquired Report to sort the report?

How should I set up loan numbers using the first three digits? The first three digits are the control number. The control number determines to which account collected funds are applied. This is the only way to separate funds received and account through the bank account or GL account. How should I use the next 10 digits of the loan number? The next 10 digits of the loan number are the account number. The account number should only be the "guide" to find the loan. The number should not become code for the loan type, where it was originated, who owns the loan, how to report, etc. MC has other fields designed to sort loans. How many fields in the Master Record do I need to set up? Only the fields with a heavy black line on the Input Sheet are required. However, the more fields you enter, the more the data becomes useful. MC recommends entering as many fields as you can and then you can sort, run reports, etc., using the data later. Although you are not using the data today, tomorrow you will wish you had it. By tomorrow, it is too late to enter the data; do it now and make it complete. What is the importance of Field 20 Late Charge Code? Field 20 controls: The late charge calculation When the first notice qualifies to print When the second notice will be printed When the loan is updated to the On-Line Collections file What is the difference between Fields 15 and 64? Field 15 is the original and beginning note rate. Field 64 is the current interest rate of the loan. These could be different on an ARM loan. For a balloon loan, what do I enter in Field 13 and Field 101? Enter the number of payments you want the borrower to make in Field 13 (Maturity Date). Enter the amortization period in Field 101. When would I use a V, C, or 8 in Field 19? Enter an 8 in Field 19 for a biweekly loan A C for a consumer loan A V for 360-day loans due any other day than the first. An Interest Accrual Schedule will be built for all loans with repayment codes other than 0. On a conversion, should Fields 10 and 21 be the same? Field 10 and Field 21 would be the same if no payments have been applied on the loan. What is the importance of Field 92? Field 92 controls the coupon cycle date for escrow analysis and when coupons will print. The program will print coupons up to this date for a new loan. What fields are important for FASB 91? The important fields for FASB 91 are 74, 76, and 77. Field 75 is only for IRS Reporting and is not used in FASB 91 Reporting. What fields are important for a DDA loan? For a DDA loan, enter an X in Field 78, an account number in Field 79, a 9 in Field 89, and a 3 or a 5 in Field 90. How do I view the custom fields? To reach the custom fields, enter a Y in Field 142. You can set up the default for this field in Maintenance (03.25.01.10). How would I set up a co-signer? To set up a co-signer, enter an X in Field 96. On original entry, the program will flow to the co-borrower screen after the Escrow Record. Use the co-borrower setup whenever last names are different or if there are more than two borrowers on a loan. This allows the program to sort by all names in the Index. What fields are used in the Loans Acquired Report to sort the report? The Loans Acquired Report sorts from Field 11 or Field 119.

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