IRS Reporting
FASB Reporting
General Ledger Interface
Printed and Displayed Reports
Data Manager
Interest Accrual
Security Program

What is the Loan Servicing Package?

• Mortgage Computer has approached real estate loan servicing by automating all functions.
• Functions and areas not normally structured in other accounting packages are structured and automated by Mortgage Computer.
• Data base design is for each loan to be separate.
• Loans are not grouped together by interest rate, servicing fee, late charges, etc., but rather the separate data base for each loan provides more flexibility and improved performance.

Linked to Other Packages

• As your company grows and expands, you may find the need for additional products to control your business.
• Additional systems option that run separately but integrate with Loan Servicing.
• Provides well-rounded services for further automation of Pool Disbursement and Credit Line
• Day to day operation of loan servicing is not directly related to which pool certificate holder should receive what percentage of the interest and principal collected. Thus, each is a separate package but with common data. Pool Disbursement monitors each certificate holder and makes reporting a snap.
• Credit Line determines loan balance and monthly payment of principal and interest on home equity type loans. This is why Credit Line is linked to the Loan Servicing package.
• Both packages are modular in design and can be added to your existing Loan Servicing package. The data is linked and adds greater value and efficiency.

Design of the Loan Servicing Package

• Designed to integrate duties of loan servicing staff and "get people who work together to work together."
• The two duties and responsibilities of the real estate staff are simply stated:
• Collect payments as scheduled.
• Protect collateral securing loan.

These two responsibilities are listed below.

Seven Major Functions of the Loan Servicing Package

LOAN INFORMATION SETUP

• Automatically transfers from loan origination package.
• Eliminates possibility of key-in errors.

PAYMENT PROCESSING

• Rapid entry
• Proper accounting for payments
• Proper notification when interest rates change

ESCROW ACCOUNTING

• Assures collateral is protected--not destroyed or lost by:
• waste - destruction - failure to pay property taxes - hazard insurance

REMIT INVESTOR FUNDS

• Proper accounting of funds received
• Held in trust in a custodial account
• Remitted to Investor when due

PROPER ACCOUNTING

• Includes all accounting functions
• Interest Accrual Due and Payable
• FASB Reporting
• Other features to handle accounting functions

COLLECT PAYMENTS

• On-line collection program and procedures to collect payments not made as scheduled.

PROPER REPORTING

• Reporting to borrower and government agencies required by regulations:
• Forecast payments
• Audit functions
• Management reports
• Cash flow analysis
• Exception reports
• Management by exception
• IRS Reporting
• Secondary Market Investor Reporting

EVALUATION

• MC helps you evaluate your needs before purchase of software.

INSTALLATION

• MC offers a complete turn-key system.
• Complete implementation and installation.
• Conversion of data available.

CONTINUING EDUCATION

• Initial training held at Mortgage Computer Headquarters.
• Additional training at MC available or on-site training with our trained staff.
• MC conducts workshops/conferences in the spring and fall.
• Training gives better utilization and management of system.

ELIMINATE DUPLICATION

• Data is stored at time loan is entered.
• Loans are transferred automatically to Loan Servicing from Mortgage Banker.
• Our features save time and prevent costly mistakes.

FLEXIBILITY

• Data files stored in loan set-up.
• Design of programs gives more functionality for real estate department.

INCREASED PRODUCTIVITY

• Increases productivity using time and motion features.
• Enters amount of payment received automatically.
• Handling of escrows is a time-saving feature.
• Saves hundreds of hours per year.
• One full-time escrow clerk can handle up to 4,000 escrow accounts.

REDUCED COSTS

• Eliminates inefficient methods of handling paperwork.
• Your present staff will be fully knowledgeable.
• Work flow eliminates hiring additional staff.

COLLECTIONS AND ESCROWS

• Special design of these two programs will reduce costs and increase productivity.
• Cost of servicing reduced to less than 14 to 16 basis points per loan.

EASY TO LEARN

• Hands-on training
• On-line documentation
• Electronic tutorials
• On-site assistance
• Customer Support toll-free number

EASE OF OPERATION

• Special skills or background not required.
• With our training, operators become more efficient.

EXPANDABLE

• Additional peripherals can be added to system for:
• remote locations
• increased memory
• better communications

REPORTING

• Reports of all types can be produced for internal operations:
• portfolio loans
• investor requirements
• IRS
• FASB
• Credit Bureaus

COST EFFECTIVE

• Low cost per workstation
• Less work load
• More efficient work flow
• Happier employees

FORMS SAVINGS

• Purchase of forms through Mortgage Computer.
• Mass quantities through MC means savings to you.

COUPON PRODUCTION

• Handles production of coupons internally.
• Creates flexibility with your customers.
• Save money over vendor-produced coupons.

CONVERSION PROGRAMS

• Automated conversions available.
• Conversion accomplished in a short time.
• Custom programming available to convert existing loans
• add or modify a field
• look at one to ten fields
• move escrow funds around
• compute escrow constants
• change control and investor numbers

Conclusion of Executive Summary

Don't be fooled by thinking any real estate accounting software package will do the job you need. There is more to real estate Loan Servicing than posting a payment.
• A proven method of handling borrower escrow funds, including Aggregate Escrow accounting and reporting
• The capability of handling several various types of borrower escrow accounts
• Escrow advance and recovery program
• A good collection program having:
• excellent design
• features
• functions utilizing time-saving methods
• Must be capable of reporting to the Secondary Market

Buy from a company that:

• knows
• understands
• has practical first-hand experience in:
• originating
• selling
• servicing
• reporting

A good Loan Servicing package MUST be capable of handling additional functions.

• Pool Disbursement software
• Fannie Mae MBS Reporting
• Ginnie Mae Reporting
• Serial Pool Reporting
• Credit Line (HELOC and Reverse Equity)
• Commercial Lines of Credit

An excellent real estate software package MUST be capable of processing and meeting the requirements of:

• FHA (Federal Housing Administration)
• VA (Veterans Administration)
• FmHA (Farmers Home Administration)
• Fannie Mae (Federal National Mortgage Association)
• Freddie Mac (Federal Home Loan Bank Board)
• HUD (Housing and Urban Development)
• Federal Reserve

Regardless of the price, a software package is more beneficial if it can do all of the above!

Menu Driven

Loan Servicing is menu driven. The selections are self-explanatory and follow the flow of the work. A menu-driven system:
• decreases training time
• decreases time to paint screens
• increases efficiency
• increases productivity of the staff

Function keys are used to make additional selections or return to a main menu. The use of function keys increases the speed of the programs and expands and adds flexibility to the number of available choices.

There are sub-menus for many of the selections.

The major sections in the Loan Servicing menu are organized in the order of most frequently used to the least used.

• INDEX AND STATUS SCREEN
• TRANSACTIONS
• SERVICING FUNCTIONS
• MAINTENANCE

The design of the Loan Servicing software is to integrate the duties of the loan servicing staff and "get people WHO work together TO work together." The two duties and responsibilities of the real estate staff are simply stated:

• Collect the payments as scheduled
• Protect the collateral securing the loan

These two responsibilities are listed under seven major functions of the Loan Servicing package.

LOAN INFORMATION SETUP

This information is automatically transferred from the Mortgage Banker loan origination package, eliminating the possibility for key-in errors.

PAYMENT PROCESSING

• Rapid entry
• Proper accounting for payments
• Proper notification when interest rates change

ESCROW ACCOUNTING

Assure the collateral is protected -- not destroyed or lost by waste, destruction, failure to pay property taxes, or hazard insurance.

REMIT FUNDS COLLECTED TO THE INVESTOR

Proper accounting of funds received, held in trust in a custodial account and remitted to the investor when due.

PROPER ACCOUNTING

Includes all accounting functions. Interest Accrual Due and Payable, FASB Reporting, and other features to handle the accounting functions.

COLLECT PAYMENTS NOT MADE AS SCHEDULED

On-line collection program and procedures.

PROPER REPORTING

The lender must properly report to the borrower and several government agencies as required by various regulations.

• Forecast payments
• Audit functions
• Management reports
• Cash flow analysis
• Exception reports
• Management by exception
• IRS Reporting
• Secondary Market Investor Reporting

Selections From the Loan Servicing Menu

01. Index-Status Inquiry

Provides a quick index of current, active loans several different ways:

• Account Number
• Borrower Name
• Property Address
• Escrow Serial Number
• FHA/VA/PMI Number
• Investor Loan Number
• 10-Digit Borrower Number
• Field 140

The Index selected to sort by is highlighted to recall the sorting order. From the Index Screen the following information can quickly be reviewed:

STATUS INQUIRY - <S>STATUS

• Displays pertinent loan and payment information.
• Payment information shows:
• next payment due date
• number of payments due
• total amount due including late fees
• property address
• original loan amount
• current loan balance
• current interest rate
• investor
• times late for year
• total times late
• next ARM adjustment date

INVESTOR RECORD - <I>INVESTOR

• Lists Investor Record for a given loan number
• Displays percent of ownership
• Service Fee table
• Yield Differential
• Control type
• provides reporting to Investor
• additional sub within Control-Type called a Group

ESCROW RECORD - <E>ESCROW

• Details funds being collected by:
• type of escrow amount collected per escrow type
• when payment is due to be paid

PAYMENTS DUE - <P>PMT DUE

• Displays Payments Due and the portion of payment distributed to:
• principal
• interest
• escrow
• late charge
• subsidized amount

HISTORY RECORD - <H>HISTORY

• A complete 13-month History Record of all transactions is displayed.
• Index selected to sort by is highlighted

LOAN REMOVED - <R>REMOVED

• Loan that have been removed from the active file are indexed and can be reviewed.

Transactions

• Program design incorporates methods of time and motion techniques to:
• accept payments through payment coupons
• billing
• deductions from DDA accounts
• payroll
• ACH
• bar coding

Payment Coupons or Billing Statements

Optional by Loan
• Payment coupons
• monthly billing statements
• billing and receipt statements
• Program generates:
• payment coupons
• printed in-house at substantial savings

Laser Bar Code Reader Available to

• reduce keystrokes
• make payments default on scheduled dollar amount
• have regular transaction code
• captures loan payment on payment coupon
• becomes source of original entry

Type of Loan Payments

• Payments can be scheduled:
• any day of the month
• a repayment type of
• weekly
• biweekly (every 14 days)
• monthly
• quarterly
• semi-annual
• annual payments
• Interest computation on either:
• 360 days in a year
• 365 days in a year
• 366 days in a year

Payment per loan is determined at the loan level. Variable payments or "roll over" type loans are handled by the programs.

The Loan Servicing Package Will Never Accept Payments Beyond. . .

• review date
• an ARM adjustment date
• maturity date
• No coupons or billing statements will be prepared

Payment Changes Shown On Coupons

• Changes in the payment are taken into account when printing the coupons or billings.
• Indicates the increased payment and/or increased principal for negatively amortized loans.
• Negative amount, to be added to the principal when the payment is made, is printed on the coupon.

Balloon Balance Shown On Coupons

• Full amount due on final payment shown

Transaction Registers for GL Interface

• Cash balance sheet and transaction register are prepared.
• Lists each account being posted.
• Breaks down payment by:
• principal
• interest
• late charges
• escrow funds
• Passes information to General Ledger.
• Late payment processing includes application of a penalty.

02. Payment Entry

Payment Group

• Program designed for group processing from multiple terminals.
• Create up to 80 different Transaction (TR) Groups.
• Program does not post to individual account at entry. The transactions are entered into a group, balanced and proofed. Each transaction is updated by group to the individual account. Groups can be updated during the day when proofed. Night processing is not required.
• Prevents:
• errors
• posting to wrong accounts
• having to reverse entries

Loan Payment

• Program designed to accept any amount of payment, provided the payment is not less than the scheduled amount of Principal & Interest.
• Program will not apply part of a principal and interest payment.
• An amount more than the scheduled payment of principal and interest plus escrow can be accepted.
• Automatically adjusts escrow accounts for payments over scheduled amount.
• Extra principal payments, curtailments, can be applied using the proper transaction codes.
• Negative amortization loans work because the scheduled P&I rules, not whether the principal is positive or negative.

Transaction Codes

• Loan Servicing provides codes for posting to a specific field within each individual loan account, i.e., post direct to interest, principal, late fees, specific escrow accounts.
• Reversal codes are provided for properly backing out payments.

• Payoff Quote printout verifies if payment matches or is over payoff amount.
• If payment (funds received):
• MATCHES: program creates all necessary Transaction Codes automatically.
• OVERAGE: all escrow type overages are moved automatically to Escrow Type 1 for easy refund at a later date.
• SHORTAGE: shortage can be covered by leaving dollar amount needed on escrow line.

04. Automatic Payment

• The following is a menu that handles the payroll listing and payments.
• ACH listings are processed and transactions are received.
• DDA Accounts are billed through the Mailbox.

• This program is for Investor control where servicing is being performed by others.

06. Proof - Close to Update

• Prior to updating the loan account and the permanent history record, the program offers:
• proof for accuracy
• balancing of funds received.
• The Proof Sheet should be printed and the payment coupons attached to the sheet.
• This becomes the source of original entry and proof of where the funds received were posted.

• Applies funds received and posts to individual accounts.
• Spreads payment and check for any codes preventing a payment from being applied.
• Transactions that cannot be applied, because of a stop code, are put in a Suspense Group noted on Transaction Register.
• Transaction register automatically printed following update process.
• Each page of register serially numbered in upper right hand corner for auditing.

08. Transactions Register

• Last Transaction Register run is stored until another update processed.
• Register can be reprinted as many times as needed.
• Safeguard against: paper jamming printer malfunction additional copies needed.

09. Interim Remittance

• Reports and prints amount of funds remitted on interim basis to Investor.
• Remits minimum amount stored in Investor Master Record.
• If amount received qualifies to be remitted on an interim basis, amount to remit is sent to print queue. Program performs remittance by press of a button.

• Prepares a sheet showing information about:
• loan type
• interest rate
• P&I payment
• interest paid to date
• Indicates if:
• loan can be assumed
• what fees will be charged
• if data about the assignee is required by the lender.
• Information on sheet is used to verify a loan or notify an authorized person with information concerning a loan.

• Payoff quote can be prepared in matter of minutes.
• Performed on any payoff to compute spread of interest and principal.
• Payoff quotes provide for odd days outside regular amortized payments.
• Computed on a 360-day or 365-day basis.
• Fees and unpaid late charges included in payoff quote.
• Fees due:
• costs showing in foreclosure
• amount due if escrow is negative
• less any escrows funds that might be refunded

Nine Escrow Types

• Nine Escrow Types For Receipt and Payment of Funds
• Outstanding feature of Loan Servicing package. Designed to provide a structured procedure for handling Escrows. Unique feature of nine Escrow Types set up for each loan:
• Tax
• Fire Insurance
• MIP
• Flood Insurance
• Life Insurance
• Disability Insurance
• Accident Insurance
• Homeowners Fee
• Special Assessment
• Types can be custom labeled.
• Each of the above Escrow Types can have multiple "escrow buckets" of up to 99 accounts.
• These escrow types are included in the Aggregate Escrow Analysis.

Eight Alpha Types

• Provides for eight (8) other types of escrow accounts.
• Types with a letter are not included in Aggregate Escrow Analysis.
• Type A is for "fire loss drafts."
• Type B is for handling amount charged off in Bankruptcy to be collected monthly.
• Type E is for refunding excess to borrower, after analysis has been run.
• Type H is for funds held at payoff
• Type I is for interest accrued on this escrow account not yet paid to borrower.
• Type R, Type S, and Type T escrows have been set up for collection of funds to be held in reserve.

The following screen displays the various escrow selections.

• Funds accounted for with a separate ledger for each Escrow Type.
• One full-time Escrow clerk can handle up to 4,000 escrow accounts.
• Programs work well for Aggregate Method of Analysis.

Pay Escrow Billing

The Pay Escrow Billing selections provide a quick and efficient method for approving the escrow account for payment. The steps to follow are:

• 06. Approve Payment - Step 1
• 07. Payments by Tape
• 08. List of Approved Escrows
• 09. Select Payment - Step 2
• 10. Update/Checks - Step 3
• 11. Re-Print Check Register
• Balance for each Escrow Account is immediately available together with payment due dates, etc.
• System prepares a check for:
• individual accounts
• single check to cover multiple payments
• owed to same dealer or payee code.

Payment of Escrows & Check Writing

• Payments for Taxes, Fire Insurance, etc., are approved and program automatically:
• makes transaction entries
• updates Transaction History
• changes Escrow Record for the next due date
• prepares check. 
• Data is linked to accounting for Custodial Account control.
• Analysis provides Aggregate Method of accounting for computation year.
• Program prints required history and projection analysis forms.
• Check issued to borrowers for refund of excess funds greater than $50.00.

THE QUESTION OFTEN ASKED MC

One clerk can handle at least 4,000 accounts. This includes paying of taxes, fire insurance, MIP and other escrows.

Using an organized method and Mortgage Computer's automated program, it becomes very easy to reach a goal of 4,000 accounts or more per employee.

13. Collections

• Program designed specially for improving collection methods.
• Eliminates paperwork in handling delinquent accounts.
• Menu selections provide access to collection department.
• Security package features include:
• ability to indicate which screen user will commence
• all options a collector needs is on Collection Screen
• if collector works evenings or weekends, Security limits access.
• From the Collection Menu accounts are "worked."
• Late notices
• Pre-set letters
• Contact notices prepared
• On-line collection file
• Comments entered and stored on a loan even if not delinquent
• Data for letters
• HUD reports
• Separate program for Foreclosures
• Delinquent reports

One of the most beneficial features of the Loan Servicing package is in the area of collections. This feature is the On-Line Collection program.

Collectors traditionally have been given a printed listing of delinquent loans or a handful of collection cards and told to collect the payments.

At least 40 percent of a collector's time is spent writing up collection cards, filing them away when the loan becomes current, pulling them again when the account becomes delinquent and writing up comments. Trying to gather all the notes taken and comments made when a loan goes into liquidation is extremely time-consuming.

This Collection program:

• eliminates old-fashioned manual methods.
• saves 40% of wasted collector's time.
• program designed to put all unpaid accounts into a separate file called "ON-LINE (ACTION) ACCOUNTS."
• "ACTION ACCOUNTS" means either borrower takes action to bring account current or lender takes action to protect investment.
• Collector uses On-line (Action) Accounts like he would his collection cards.
• Do not have to write up cards, or look up to see if a payment was ever made, etc.
• Payment data is pulled from History Records together with:
• Master Record information
• phone numbers
• address
• P&I payment amount.
• Comments and action date entered on screen.
• Comments can be displayed or printed.
• Comments are stored until loan is paid in full.
• Collector instantly accesses other screens:
• history
• status
• payments due
• while talking to customer.
• Freeze codes are placed on loan
• Modifications with a special password can be made to:
• mailing code
• phone number
• even stop late notices from being mailed out.
• Pre-set letters and notices can be sent to a print queue for printing later that day.
• Action Date is set by collector. Program pulls accounts on those dates, if not paid current.
• Loan becomes current and program automatically removes accounts from on-line file and stores comments.
• Collector does not file or do time consuming clerical work.
• Obvious benefit is collector has more time to handle delinquent accounts.
• Voice and data custom program option called MOSIAX is available.

25. Foreclosure Control (from Collection Accounts Menu)

• A Foreclosure program is included for:
• handling foreclosed property
• tracking
• accounting for expenses.

• Transaction history is available to print for either:
• a single account
• entire control of loans
• account number range
• Option to print loan histories to a file for permanent storage to microfiche.

• The Transaction History file can be displayed for any specified month and year.
• The transaction can be displayed by Control or Investor.

16. Print Loan - YTD History

• This option is to print the loan Master, Investor, Escrow records and the Year to Date Transaction History.
• Loans to print are selected one at a time.

17. Servicing Routines

• Additional servicing routines and functions for the day-to-day and monthly servicing of the portfolio are listed here.
• The options on the screen show the many features and functions this program offers.

• Loan Servicing has many reporting features.
• Investor Reporting is a critical function.
• Real estate loans must be serviced and reported to owner.
• Investor can be Secondary Market or yourself, a portfolio lender.
• Ability to perform monthly Cutoff & Remittance Reporting.
• forecast the funds to be collected
• audit loans
• safeguard only over-valuable real estate loan security.

09. Cutoff & Remittance

• Monthly Cutoff & Remittance reports all activities.
• Critical step that must be run every month even if you own loans yourself!
• Standard MC Reports prepared after monthly cutoff has been performed.
• Monthly Cutoff Remittance
• Monthly Cutoff Summary
• Curtailments (Extra Principal Payment)
• Prepaid Loans
• Total Prepaids
• New Loans
• Loans Paid in Full
• Loans Removed
• Delinquent Loans
• Investor Trial Balance

10. Cutoff Reporting

• MC has formatted several different types of month end cutoff reports.
• The type of report printed for the investor is setup in the INVESTOR (03.25.04) in Field 14.
• Once the task is completed, then select the type for the format of the reports listed below.

01. Forecast/Single Debit

• Using the Forecast/Single Debit Type 2 Reporting is the only way for a company with portfolio loans to operate a Real Estate Servicing Department.
• Forecasting is control and audit of the portfolio that an auditor could not possibly perform.

02. Freddie Mac/MIDANET

• Reporting to Freddie Mac is very simple using the Loan Servicing package.
• Loans that payoff during the month will be listed on a Loans Paid In Full report with the amount of interest to submit for the final payment.
• The monthly reporting information can be submitted to Freddie Mac by tape or imported to Freddie Mac's PC Software MIDANET.

03. Fannie Mae/MORNET

• This selection is for Laser Reporting.
• The data run during remittances and month-end cutoff will be stored for reports that can be added to or modified.
• The Monthly Activity Reports can also be written to a tape file or transmitted through MORNET.
• The form numbers are the same on our screen as the Fannie Mae Report.

12. Financial

The following reports are available through this selection:

• The package offers a Document Follow tracking program for the Loan Servicing Department.
• Documents not received when the loan was put on the books for servicing or needed in the future can be followed to ensure they are received.
• The selection on this screen are:
• 01. ITEMS REQUESTED
• 02. ITEMS NOT RECEIVED
• 03. PRINT ITEMS NOT RECEIVED
• 04. FIELD DESCRIPTION LABEL

• Many Operating Reports are offered, as seen on this display:

• Most custom reports can be produced using the Report Generator.
• Mortgage Computer will write any report a customer requests as a Custom Report. A fee for this service is based upon the complexity of the report. The fee is charged on a per hour basis.
• "MTK" (MANAGEMENT TOOL KIT) package can capture all data.
• Move it to a spread sheet, word processor, or any other software program to manipulate this data for the desired report.

21. Management Reports

• Location reports
• Loan type reports
• Loans in foreclosure
• Exception reporting
• Delinquent loans
• Past maturity
• Loans with no hazard insurance
• Loans maturing in the next three months
• Loans maturing during the next year
• Portfolio analysis by maturity and yield
• Auditor's reports
• Employee loan reports
• Loans acquired
• Plus more!

Management Control:

• Exception Reports
• Delinquent Loan Summary

Cash Control:

• Annual Cash Flow Analysis

Asset Management:

• Maturity Report 3 Mo.
• 1-Year Maturity Report
• Portfolio Maturity

Auditors Delight:

• Loans Acquired Report
• Auditor Trial Balance
• Random Auditor Verify
• Employee Loans

Data Manager:

• Design Reports
• Print Generated Reports

A favorite management report is the Exception Report. This controls all functions in the servicing area by exceptions. This provides an excellent tool for management.

Exceptions:

• Zero Loan Balances
• Past Maturity
• Past Review Dates
• Past Due Escrows
• Delinquent Loan Over 90 Days
• Negative Reserves
• Partial Balances
• Late Fees Due
• Action Start Date
• Foreclosure Sale Date

22. Transfer - New Loan

• Print Transfer Master
• Receive MB Accounts
• Enter Loan Manually
• Print New Loans
• Receive MC Customer
• Receive Other Source

23. Modification of Loan

The following selections are available in the modification section:

• Master Record
• Investor Information
• Escrow Information
• Co-borrowers
• Buydown Table
• Payment Adjustment Table
• Escrow Effective Date
• Other Liens
• Assumption - Name Change
• Assumption Inquiry
• Comments Section
• Transfer Escrow Amounts
• Print Modify Audit

24. Number Change - Remove

• SOLD - PAID
• Loan Number Change
• Loan Paid in Full
• Loan Removed (Not Paid)
• SERVICING RELEASED
• Loans Sold/Transferred
• Notice of Sale/Trans
• Credit Bureau Status
• Print Master Records
• Remove to Tape
• Remove Loans

25. Maintenance

• The Loan Servicing Maintenance selection is:
• where the software package is properly loaded
• prepared to service loans.

01. Monthly Interface Summary

• Summarizes daily transactions during a month for each General Ledger accounts.
• GL accounts and amounts listed at end of each transaction register. Available in detail or summary giving date and time of updated transaction registers.
• Summary lists total amount of activity for each month for accounts with activity. Date range availability.
• Program retains up to 45 days.
• Set up GL accounts in a separate section called GEN LEDGER INTERFACE.

02. Interest Due Schedule

• Purpose of Interest Due Schedule is to build a file to store changes to loan balances throughout a month together with interest rate changes.
• System uses Schedule to compute interest on a daily basis or periodic rate for Interest Accrual Due Report .
• Operators can view this table.
• Auditors can check for accuracy of computations on Interest Accrual Due Report.

• "MAILBOX" program is designed to receive information from MC OFFICE Software to be used by other third party software.
• Program deposits information in "MAILBOX" to be picked up by other software.
• Third party software can deposit information going TO "MAILBOX" for MC programs to pick up and use.
• Data shown on "MAILBOX" screen is updated by each program.
• Available for third party software, or MC OFFICE Software to "pick up" and use.

IRS Reporting

• Features selections to accomplish both 1098 and 1099 reporting.

FASB Reporting

• Designed to provide servicers the reports to meet the requirements of the Financial Accounting Standards Board.
• FASB 91
• FASB 107
• FASB 122

General Ledger Interface

• General Ledger Interface is for accounting of funds received or paid.
• Each company sets up a chart of accounts corresponding to their General Ledger.
• Transaction Summary is printed when a Transaction Register is run listing General Ledger accounts and dollar amounts.
• If a company has Mortgage Computer General Ledger, amounts are transferred automatically from each package.
• "Mailbox" is available for accounting to build a file to transmit to General Ledger if a third party GL system is used.

Printed and Displayed Reports

• Pre-programmed with various types of reports.
• More than 180 pre-designed reports ready to go.
• These are found under various selection screens:
• Operating Reports
• Investor Reports
• Collection Reports
• Foreclosure Reports
• Management Reports

Data Manager

• In addition to many reports provided, user can design and generate reports using data from various fields used in
• Master
• Investor
• Escrow Records.
• Data Manager permits
• breaks
• weighted averages
• sub totals
• detail listings
• summary data
• Management Tool Kit provides additional advantages for more types of reports, graphs, charts, color, etc.
• Mortgage Computer will custom program any report for a company.

Interest Accrual

• The package is programmed to:
• Compute Interest Accrual Due
• Compute Interest Payable (for Escrow interest earned).

Security Program

• The package provides the means to ensure security of the system by:
• Terminal
• Time of day
• Program
• Password
• Access level
• The Security program maintains a history log that keeps records of all users attempting to log on to the System.
• This can be enabled and disabled when desired.