Calculator
Calculator is designed to provide answers, information and computations requested by borrowers. Your staff could use this section
several times a day.
Although the information is not stored in memory, the screens can be printed.
- Calculate a Payment
- Loan Balance Projection
- Calculate Daily Interest
- Amortization Schedule for:
- Fixed
- Flexible
- Buydown
- GPM
- Interest First Loans
- Calculate the APR for:
- Fixed
- Biweekly
- Buydown
- ARM Loans
- Loan-to-Loan Comparison
- GPM Modeling
|
Comments
This selection allows comments to be entered and modified for any loan stored in the program. All comments for a loan can be
displayed and printed, or a date range can be entered.
- Displays the borrower's name, the date and time the comment was entered and by whom, and the program (Processing,
Servicing, Construction).
- The date, time and User ID will be entered automatically by the program upon modification of a comment.
|
Loan Application
Rate Sheet
The Rate Sheet displays the Product Offered types currently being offered. It includes:
- Loan type
- Repayment method
- Maturity and amortization terms
- Maximum loan amount, maximum LTV, interest rate, if PMI is available, and the discount and origination fee being charged
|
Prequalify
New 1003 Application
A 1003 loan application can be entered using any of the front-office POS packages or here.
Processing
|
|
Mortgage Office has created a powerful and precise loan origination program, from the application through closing to the selling
of loans to investors. Processing provides document preparation, front-end tracking for application documents, overseeing commitments
issued, underwriting, secondary market commitments, loan tracking, closed document tracking, accounting for all funds, quality control,
reports, cash flow preparation, and management reports.
Each option represents a function performed in the lending process. All selections are integrated and reside in one place where
they can be accessed by everyone. There is never a need to re-enter or transfer data to other workstations. |
Loan Status Update
The Loan Status Update allows the operator to review the pertinent information and progress of a loan. The screen displays
19 Status Codes along with the following major areas:
- Borrower name, Social Security Number, property address, and phone number
- Type of loan, loan amount, and interest rate
- Discount and origination fees, and if the rate is locked (Hold Date)
- Loan officer, processor, closer, and underwriter
- Indicates if the loan is assigned to a commitment
- Indicates if the loan is tied to a warehousing line
- Application and closed document items pending
- File Locator (who has the file)
- Credit score and Recommend
- Enter a date in Status 12 to transfer the loan to Construction
- Enter a date in Status 13 to transfer the loan to Servicing
- Application and Closed Document Tracking, Comments, and Conditions can be accessed from the Loan Status Update
|
Import/Export
WebApp Transfer is used to transfer loan data from the WebApp software to Mortgage Office for further processing.
Import/Export DU 3.2 File is used to import or export loan information. The file can be transferred from or received
by another software package that has gathered the data, e.g. underwriters, flood companies, mortgage insurance companies, etc.
Export MISMO 2.3.1 File is used to transfer files to the various agencies accepting data in the MISMO format. The file can be
received by underwriters, flood companies, mortgage insurance companies, etc.
Process Request/Tracking
This option provides centralization of loan processing from one display screen to:
- Request:
- Flood determination
- Credit report
- DU and LP approval
- Mortgage insurance
- Record the company the service is requested from
- Enter the date requested and date received
|
Also tracks documents needed to verify the loan application. The Loan Status, Comments, and Conditions of the loan can be viewed
from this screen.
Loan Database
Data entered is stored in the database and can be recalled and modified. Prior to closing and funding, the final closing costs
and other data can be modified and updated. Modification of data is simple, quick, and flexible. Supplemental information or multiple
borrowers may be added from this selection.
- Modify 1003 Application
- 1003 Additional Borrowers
- Good Faith Estimate
- Master Record
|
Approve - Closing
After all verifications have been received and the documents are in the file, the loan is ready to be reviewed by the underwriter.
The selections in the Approve - Closing option are used as the underwriter is reviewing the documentation received. This option provides
all the information entered in the program for review by the underwriter.
- View Credit Report
- Underwriting Worksheet
- Underwriting Documents
- Loan Terms
- Payment Schedule
- Conditions
- HUD Settlement Statement
- Underwriter Lock
|
Print Documents
Closing Document Tracking
The Closing Document Tracking program is designed to track documents for the loan file and make sure they are received. Provides
the ability to track documents required after closing. Assures the loan file is complete. This important feature provides a
reminder of outstanding items while ensuring no "loose ends." This program allows for separate items on each loan to be followed and
indicates whether requested items have been received. Tracking label descriptions are set up by each company.
Funding
This program is designed to provide an accounting method to handle the receipt and disbursement
of funds. In so doing it provides a reporting, controlling, and balancing of funds.
- View Ledger
- Funds In
Post Entries
Proof and Update
|
- Disbursement
View Costs
Select Field to Pay
How Funds Disbursed
Approve Loan to Pay
Balance to Close
Select Loan to Pay
Transactions Update
Print Checks
|
- Reports
Print Payment Audit
Check Register
Account History Ledger
- Remove Funding Ledger
|
Warehousing
Warehousing, as used by Mortgage Computer, means the establishing of warehouse credit line through a commercial bank.
This selection is used to set up warehousing lines of credit from banks or other money sources. The terms for warehousing a loan,
the bank, interest rate, due date, the percentage or dollar amount permitted to be advanced, and the warehousing line number are part
of the warehousing record.
- Warehouse Lines
- Warehouse Interest Tables
- Operating Functions
Loans in Pipeline
Warehouse Fields
Loan Payoff Quote
Loan Due Next 30 Days
|
- Accounting
Funds to Advance
Daily Accounting
Loan Paid
Interest Summary
Trial Balance
|
- Reports
Warehoused Loans Assigned
Warehousing Report
Salomon Format
Not Sold/Warehoused
Proposed Schedule
Sub Line Amount
Warehouse Banks
|
Secondary Market
This program is designed to track and record where funds are coming from for making loans. This feature indicates how
much money is available and controls how much of the commitment has been committed.
The commitment will indicate the source of money (investor), the dollar amount, terms of the commitment, commitment price, and
the property conditions.
Reports provide control and monitoring of activity on the various commitments. Loans not assigned to a commitment are Uncommitted
Loans and the program offers a selection for these loans and a pricing of the loans by Mark to Market with a variety of averages,
etc.
Loan Profitability reports are to assist the lending department in determining if granting the loan has proven to be a profit-maker
for the lender.
- Source of Funds
- Loan Terms
- Loan Sales Input Fields
- Uncommitted Loans
- Locked Loans
|
- Reports
Secondary Commitment Summary
Originator Report (Property)
Investor Report (Property)
Uncommitted Loan Summary (Days)
Uncommitted Loan Summary (Range)
By Loan Product
By Interest Rate
By Estimated Closing Date
By Location
By Branch
By Processor
By Status
|
- Loan Profitability
Commitments
Analyze Commitments
Loan Pipeline (Hold Date)
Loan Pipeline (Status)
Profitability Commitments Detail
- Loan Pipeline
|
Loan Sales
The main purpose of the Loan Sales program is to transmit to the investor the information they require. Each selection performs
a specific task to help set up, modify, track, report, and print schedules for the investor. Each investor has its own schedules or
methods of delivering loans. Mortgage Office's Loan Sales software program tracks all loans being shipped to investors, indicating
the documents were received or rejected.
- Loan Sales Index
- Loan Delivery Date
- Underwriting Transmittal
- Freddie Mac Loan Delivery
|
- Fannie Mae Loan Delivery
- Other Sales Schedules
- Loan Status Update
|
Loan Sales Reports
Reports
Reports provide management control. These reports are for use by all levels of management. Many are "exception" reports to
provide information on only those areas of concern. All required HMDA Reporting is produced from this selection. The Custom Report
option allows the operator to create reports of their own design.
- Loan Applications
- Loan Distribution Report
- Application Doc Tracking
- Application Tracking Notification
- Application Tracking Summary and Branch Audit
- Closed Docs Not Received
- Closed Doc Tracking Summary and Branch Audit
- Loan Applications Detail
- Loan Register
- Loans Closed (Status 11)
|
- Borrower Information
- Management Production Summary
- Builder Volume
- Broker Volume
- Loan Summary
- HMDA Reporting
Entry - Modify Fields
Other Source
Reporting
|
Remove Loans
This selection is to remove one or more loans from the program, indicating it has been withdrawn, declined,
closed, or funded. When removing a loan with no history or from the History file, these options are to be used.
- Withdrawn - Remove
- Withdrawn - Print
- Declined - Remove
- Declined - Print
|
- Closed - Remove
- Closed - Print
- Funded & Brokered
- Funded & Brokered Print
|
Construction
|
|
Construction is a software program to account for proper disbursement of borrower funds and loan proceeds. To control the disbursement
of mortgage loan funds granted for new building purposes or extensive remodeling of already existing structures. It is more than merely
a check-writing disbursement program.
Costs can be monitored and compared to the cost breakdown and property inspections to assure funds are not advanced before the
work is completed.
This is a practical, workable program for construction loan disbursement. |
Receive Processing Loans
Transfer loans from Processing to Construction.
Enter New Loans
The input of loan information in this option creates the Master Record.
Status
This screen provides the pertinent information for the loan. This allows quick review of the following information from the Master
Record:
- Borrower's Name
- Loan Number and Type
- Property Address
- Builder Information
- Commitment Information
- LTV Ratio
|
- Appraised Value
- Interest Rate
- Note Date
- Insurance Due Date
- Original Loan Amount
- Loan Balance
|
- Amount of Borrower Funds
- Undisbursed Loan Amount
- Undisbursed Borrower Funds
- Percentage Disbursed and Complete
- Interest Paid and Accrued
- Total Interest Due
|
History
Transactions
Checking Functions
After disbursement has been entered, checks can be written. The data from the Transaction Register is stored for checks to
be written. When checks are printed, the data is stored in the Vendor File for reporting to IRS. This information can be printed
during the year for the vendor.
- Print Checks
- Enter Checks Manually
- Print Check Register
|
Operations
Prepare Interest Billing Statements, view interest rate changes on variable rate loans, enter field inspection data to compare
percentage disbursed to percentage completed, freeze a loan so no transactions can be applied, track documents to ensure all have
been received.
- Bill Interest Statement
- Interest Adjustment Table
- Inspection Data Input
Completion by Percent
Cost Breakdown by Craft Percent
|
- Freeze Loan
- Document Tracking
Items Requested
Items Not Received
|
Reports
- Checklist - QC
- Cost Breakdown Comparison
- Loan Master
- Exception Reports
- Operating Reports
|
- Transaction History
- Vendor Reports
Vendor Detail Report
All Vendors Report
All Vendors With Duplicate Vendor ID |
Comparison Input
In this selection, the operator enters the data for a proposed build job. The program compares the craft disbursement
ratios to the selected profile ratios and prepares a printout by craft and square footage costs.
Loan Database
- Master Record
Quickly and easily enter or modify the Master Record fields.
- Cost Breakdown - Profile
Use this selection to set up the various profiles for the different cost breakdowns. A "profile" is the percentage per line item
cost on a set cost breakdown compared to a typical cost to construct the property.
- Print Modify Audit
Modifications made to a Loan Record are stored in the Print Modify Audit queue. The report includes the old and new value, the date
the change was made, and the operator’s name.
|
Remove Loans
A program has been provided to remove a loan entered in error without making disbursements. A printout of the data can be run.
The loan is removed with no accounting or year end information retained.
Servicing
|
| The purpose of this program is to automate the functions of Servicing. The Servicing program is designed
for making work flow faster, less tedious, and more enjoyable.
Servicing provides the functions needed to service various types of loans and investors.
- Easy Payment Entry
- Cash Balance and Proof
- Transaction Updating and Register
- Investor Interim Remittance
- Payoff Quotes
- All Functions of Escrow Handling
|
- Collections
- Loss Mitigation
- Bankruptcy Control
- Foreclosure Control
- IRS Reporting
- FASB
| |
Transactions
Mortgage Office's Servicing software program makes processing payments organized, automated, and efficient. These steps will
be performed monthly on each loan until the loan is paid in full.
- Payment Entry
- Reversals
- Loan Payoff Quote
- Loan Payoff Entry
|
- ACH Automatic Payments
- Proof - Close to Update
- Transactions Update
- Transaction Codes
|
Servicing Routines
Reports and functions for the day-to-day servicing of the portfolio are accessed through this section.
- Payment Advice
Billing and Receipt
Coupons
Automatic Billing Notice
|
- Periodic-Annual
ARM-Variable Adjustment
Tax Request (Hard Copy)
Verify SSN Notices
Disclosure Statement
Payment Advice (All Loan)
Password Notice
|
Credit Bureau Reporting
Customer Service
- Amortization Schedule
View and/or print an amortization schedule for the borrower
- Borrower Loan History
Used to notify borrowers of their loan activity for a specified period.
- Add/Modify Letters
Create or modify letters to be sent on any loan in the Servicing program.
- Print General Letters
Print letters set up in the program.
- Loan Assumption/Verification
This section is for preparing data from the Master, Escrow, and History Records for a possible assumption or for verification of
a loan being serviced.
- Loan Payoff Quote
This section computes the payoff quote for a specified loan account.
- Loan Progress
This program is used to determine the future loan balance (loan progress) at any given date. This can be used when borrowers inquire
as to what the loan balance will be at the date of a balloon payment type loan or a review type loan, etc.
|
Listings
- Alpha Listing
Lists the loans in your portfolio alphabetically and indicates the account number for each.
- Loan Type Listing
Used to generate lists of different loan types: Buydown Loans, DDA Accounts, Payroll Accounts, ACH Accounts, ARM Loans, Balloon
Loans, Negative Amortization Loans.
- Numeric Listing
Lists the loans in your portfolio numerically by control number. Cross-referenced by name for each account.
- Payment Constants
Lists the account number, name, total payment, P&I, total escrow portion and the constant for each individual escrow type.
|
Reports
- Audit Frozen Loans
Includes all loans with a Freeze Code. Categorizes all the loans in the soft, regular, and hard freeze together. Loans are listed
by account number, code, reason frozen, name principal, balance, and interest paid to date.
- Loan Adjustment Exceptions
Indicates adjustable rate loans that might have incomplete information entered. Also indicates if past an adjustment or review date.
- Loans Paid in Full
Lists all loans paid in full.
- Master Tickler Dates
Provides for the printing of ticklers using several of the date fields in the Master Record. The operator can choose the number of
days for the tickler to check.
- Matured Loans
Lists all loans that have reached maturity at the time the report is run.
- PMI Report
Provides a report for each PMI company. Lists the loans by policy number, account number, short name, current LTV, PMI percentage
guaranty, next payment date, amount to pay, monthly constant, and present balance
|
Investor Reporting
This section is for remitting money received on loans serviced for investors and for producing month-end cutoff reports.
- Interim Remittance
- Cutoff & Remittance
- Cutoff Data
- Archived Interim
- Archived Cutoff
- Investor Verify
|
- Freddie Mac Reporting
Create Loan Level File
Print Loan Level File
- Fannie Mae Reporting
Create SURF File
Create Biweekly A/A Interim File
Create Delinquency Reporting File
S/S Balance Report
Biweekly A/A Spreadsheet File
|
Escrow Accounts
Accounting for funds placed in Escrow has to be accurate and safeguarded. Furthermore, disbursement of funds has to be timely,
with complete reporting to the borrower of funds received and disbursed.
- Review or Modify
- Escrow Interest
- Tickler Report
- Escrow Tickler Notices
- PMI Termination
Eligibility to Request Cancellation Tickler
Automatic Termination Tickler
Eligibility to Request Cancellation Tickler Delinquent
Automatic Termination Tickler Delinquent
77% Tickler - High Risk
Midpoint Tickler (Amort)
Loans Now Current
Notice of ARM Qualification
Termination Notice
Grounds Not Cancel
Grounds Not Terminate
PMI - Records
Compute PMI Stop Date
PMI Terminated
|
- Approve to Pay
- List of Approved Escrows
- Select to Pay
- Update Checks
- Reprint Check Register
- Reprint Check Detail
- Analysis
Portfolio Analysis
Excess/Shortage
Past Projection
Individual Analysis
- Miscellaneous Menu
Escrow Exceptions
List All Escrow Accounts
Escrow Types
Escrow Account History
Escrows by Dealer
Approve Monthly Escrows
Remove Approved to Pay
|
Collection Accounts
This feature of the Mortgage Office Software will save 40% of the collector’s time over a manual system. The data is
automatically stored and collection cards are no longer used.
-
Single Account
- Assigned Collector
- Collection Area
-
Control
|
- Delinquent Days
- Bankrupt Loans
- Letters/Notices/Reports
|
Loss Mitigation Tracking
This selection enables the person handling Loss Mitigation to keep track of items that must be performed by a specified
date.
Bankruptcy Control
Foreclosure Control
Foreclosure Control offers various options for tracking and reporting on loans in your portfolio that are in
foreclosure.
Risk Profiler
Risk Profiler is a behavioral scoring model Fannie Mae developed to predict the likelihood of a mortgage going into foreclosure
or becoming an acquired property within two years. Fannie Mae's model can develop a risk profile score for any current or delinquent
mortgage based on several key elements - the borrower's mortgage payment history, other credit characteristics from the borrower's
credit report, and the current value of the security property. Since Risk Profiler can predict the risk for each mortgage with a high
degree of accuracy, a servicer now has another effective loss mitigation and servicing tool at its disposal.
EarlyIndicator
EarlyIndicator is a program developed by Freddie Mac that incorporates statistical models designed to reduce credit losses,
increase the efficiency of servicers' delinquency management operations, and help borrowers avoid foreclosure. By implementing the
EarlyIndicator score into your monthly call campaign and loss mitigation strategy, you can focus your attention on the mortgages that
pose the greatest risk, effectively prioritizing your monthly call program campaign and loss mitigation activity.
Loan Database
The Loan Database contains all of the borrower’s loan data, addresses, loan type, ARM adjustment dates, payment codes, etc.,
plus investor and escrow information.
- Master Record
- Investor Information
- Escrow Information
- Buydown Table
- Payment Adjustment Table
- Escrow Effective Date
- Other Liens
|
- Transfer Escrow Amounts
- Additional Borrowers
- Assumption/Name Change
- Assumption Inquiry
- Print Modify Audit
- Print Loan Data
|
Transfer - New Loans
- Receive Processing Loans
Use this option to receive loans from the Processing program.
- Enter New Loans
This selection is for manually entering a new loan into Servicing that did not originate with the front-office POS package.
- Print New Loans
This selection is for printing data fields on a new loan. All loans entered into the program are put in the print queue and a master
audit sheet is printed.
|
Number Change/Remove
The Servicing program is designed to allow a loan number to be changed. The data in the Master, Investor, Escrow, and History
records is transferred to the new loan number. A loan that has been paid in full can be removed. This selection also permits a loan
to be removed that has not been paid, such as a foreclosure or loans sold/servicing released.
- Number Change
- Number Change Report
- Removed - Paid in Full
- Removed - Paid in Full Report
|
- Removed - Not Paid
- Removed - Not Paid Report
- Sold Servicing Released
- Sold Servicing Released Report
|
Credit Line
Mortgage lenders have expanded services to meet borrowers' loan requests by offering lines of credit. The Credit Line program
offers three different programs:
- Commercial Credit Lines
- Home Equity Credit Lines
- The new Home Equity Conversion Mortgage (Reverse Equity Loan)
|
The Credit Line program controls the drawing of funds and the repayment schedule. Servicing controls the ARM adjustments and the
servicing of the loan.
The features of the package:
- Automatically passes the new loan balance to Servicing
- Adjust monthly payment based upon loan balance or interest rate
- Payment notice to borrower
- Skip payments
- Minimum draw
- Minimum payment
- Fee charges
- Prepare statements or transfer the data for use in consolidated statements
|
Pool Disbursement
Some investors prefer to buy into a pool of loans guaranteed by Ginnie Mae, Fannie Mae, or a private investor.
The accounting of funds collected in Servicing is passed internally to the Pool Disbursement program. Pool Disbursement distributes
funds to the various certificate owners of the loan pool.
- Accounting of funds for MBS (Mortgage-Backed Securities)
- Designed for GNMA I & II, MBS Fannie Mae Scheduled/Scheduled
- Serial Pool accounting
- Private Investors
- Record of each certificate holder
- Statements of funds received and disbursed
- Check writing - principal and interest to Certificate Holders
- IRS reporting 1099-INT
- Pool reconciliations
- Management reports and control
- Ginnie reports and tape programs
- Advance and Recovery features
|
Compliance Audit
|
|
After all verifications have been received and the documents are in the file, the loan is ready to be reviewed by the underwriter.
The selections included in Underwriting are used as the underwriter is reviewing the documentation received to approve the loan.
This option provides all the information entered in the program for review by the underwriter in a systematic method.
The Fraud Detection option alerts the lender to possible false claims on the 1003 loan application.
The File Organization is used to indicate the stacking order of the file. This selection is to be used to verify the file
organization and that all documents are in the correct place and order in the file.
The Document Compliance selection is to set up what management wants the Quality Control Department to review and verify
to assure the proper documentation is in the loan file. On the screen you have the option of indicating whether the documents are
complete or missing. |
Accounting
|
|
All companies have to account for money received from the borrower for application fees, credit reports, appraisals, disbursement
of loan proceeds at closing, payments to notes receivables, interest, late fees, escrow funds, etc.
Programs offered by other software providers, i.e., checking, savings, can be linked to the functions of Mortgage Office Software
using the Data Transfer/Receive option.
Information generated from the Mortgage Office Software programs is automatically passed to the General Ledger with no waste of
time re-entering the information. |
Audit Center
|
|
This section is primarily for the use of the accounting department. It is designed so the reports from various functions are all
in one section. The need to go from one package to another and in and out of menu selections is eliminated.
- The Audit Center menu displays the reports available from all packages requested by auditors.
- This feature makes it easy for your auditors (in-house or external) to print reports without interrupting employees.
- The employee saves time by not having to show the auditor. Employees are not aware of what is being done by the auditor.
- Modifications to employee loans are highlighted.
|
Management Reports
|
|
Reports provide management control. These reports are for use by all levels of management. Many are "exception" reports
to provide information on only those areas of concern. |
Master Servicing
GL Package
Messages
File Locater
Report Writer
Report Writer, an easy-to-use report generator, provides access to a multitude of fields, including status codes and custom fields,
to design your own custom reports. Reports are designed to be displayed and printed with breaks and totals. The text file created is
suitable for importing to spreadsheets or database programs.
Custom Reports
The menu option for specialized/custom reports requested by a company.
Maintenance
|
|
The selections on this screen take full advantage of the power that Mortgage Office Software can provide.
Common data used is set up and maintained from one centralized section. Proper and full usage of the Maintenance section will
increase productivity and reduce the possibility of errors.
- Company - Company and Branch Information, State and Country Codes
- ScrolEx Setup - Set up multiple entries for loan officers, underwriters, lenders, etc.
- Processing - Tracking Labels, Margin-Interest Tables, Costs & Escrow Reserves
- Construction - Cost Breakdown Profile, Field Description Labels
- Servicing - Standard Fields, Escrow Dealers, Field Labels, Collections
|
Data Transfer/Receive
|
|
Data Transfer/Receive is an interface to pass information back and forth between your checking and savings system and Mortgage Office
Software.
All loan payments posted by tellers for the day are grouped into a teller payment file and passed by the checking and savings system
to Mortgage Office.
Build a billing file for loans with payments due that qualify for the automatic payment from a checking
or savings account.
Build a data transfer file containing transaction history information. This data can be merged with
other software vendor's data to provide a consolidated statement. |
Common RFP Questions
 |
An In-Depth Look at Common RFP Questions |
Hardware
Terminals/Workstations
Windows XP or higher operating system with all current critical updates installed. Internet Explorer 6.0 or higher (7.0
recommended) with all current critical updates installed. High-speed Internet connections (T1, DSL, Cable, etc.) that will support
bandwidth for Web-based applications and other daily operations including e-mail and browsing. Hardware to support recommended
requirements by operating system vendor.
Printers
Any Windows-compliant printer that supports graphics including Laser, DeskJet, and some Impact printers can be used with
Mortgage Office Software. A Laser printer that allows letter and legal size paper to be concurrently loaded is recommended for
Processing document printing.
Communication
WebEx is used for support of Mortgage Office Software customers. This
allows remote diagnostics, support, and training over an Internet connection.
Other Vendors' Software Interface Status
Purchase Mortgage Office Software and interface
to your checking, savings, and GL system today!
Mortgage Computer's "Data Transfer/Receive" passes data between
the Mortgage Office Software and any third-party software. |
