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Function
Reconstruction of loan activity which took place prior to installation of GMS-RLSS programming to provide a valid loan history. Prior to utilizing this feature, a Loan Master file, including Funds/Amounts, must be entered. This feature may only be used to reconstruct loan histories prior to recording of any transactions through Loan Activity. Once transactions have been posted through Loan Activity, the only fields within Build History available for editing are Paid-thru Date, Next Payment Due, and Notes. Build History Fields Loan # Enter the loan number manually or select from combo box. Borrower This field will be completed automatically based on the loan number entered above. Activity Date Select from the calendar the date of the activity to be recorded. Activity Type Select the appropriate activity type from the combo box: D Disbursement to Borrower RRepayment from Borrower EEscrow Disbursement Days Elapsed An automatic calculation of days that have passed since the Activity Date as it was recorded in the most recent activity. The calculation is derived by using the activity date as entered and comparing it to the activity date on the most recently recorded transaction. This field cannot be edited. If Days Elapsed seems inaccurate, verify the activity date is entered correctly. The field just below Days Elapsed is Last Activity, and will show the date of the most recently recorded transaction. Last Activity A field that cannot be edited, reflecting the activity date of the most recently recorded transaction. Last Pd-Thru Date A field that cannot be edited, reflecting the Paid-Thru Date as it was recorded on the most recently recorded transaction. Last Balance A field that cannot be edited, reflecting the Loan Balance as of the most recently recorded transaction. Last Acc’d Int A field that cannot be edited, reflecting the total outstanding Accrued Interest as of the most recently recorded transaction. Regular Pmt A field that cannot be edited, reflecting the loan payment including escrows and service fees as it was recorded in the Loan Master file. Activity Total Enter the total amount of the transaction, including decimal points if required. (ex: 222.33) If the Activity Type is Disbursement or Repayment, this entry will be a positive number. If the Activity Type is Escrow for escrow disbursement, enter the amount disbursed as a negative amount. (ex: -250.00) Current Interest If the Activity Type is Repayment, enter the portion of the transaction allocated to interest. If the Activity Type is Disbursement, leave this field blank. If the Activity Type is Escrow, leave this field blank. Accrued Interest Only in rare situations will this field be utilized when building the loan history. However, if accrued interest is a part of the history as it was recorded in another system, this field is available for input. If the Activity Type is Escrow, leave this field blank. Late Fee If the Activity Type is Repayment and a portion of the payment was allocated to Late Fee or Penalty, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, leave this field blank. Service Fee If the Activity Type is Repayment and a portion of the payment was allocated to Service Fee, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, leave this field blank. Escrow #1 If the Activity Type is Repayment and a portion of the payment was allocated to an escrow account, enter that amount as a positive number. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, and funds were disbursed from Escrow #1, enter that amount as a negative number. (ex: -250.00) Escrow #2 If the Activity Type is Repayment and a portion of the payment was allocated to a second escrow account, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, and funds were disbursed from Escrow #2, enter that amount as a negative number. (ex: -250.00) NSF Fee If the Activity Type is Repayment and a portion of the payment was allocated to an Insufficient Check Fee, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, leave this field blank. Other #1 If the Activity Type is Repayment and a portion of the payment was allocated to a miscellaneous fee, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, leave this field blank. Other #2 If the Activity Type is Repayment and a portion of the payment was allocated to a second miscellaneous fee, enter that amount. If the Activity Type is Disbursement, leave this field blank If the Activity Type is Escrow, leave this field blank. Principal An automatic calculation based on data entered. If the Activity Type was Disbursement, the Activity Total will be applied to principal, thus increasing the loan balance. If the Activity Type was Repayment, the portion of the payment applied to principal should appear in this field, thus decreasing the loan balance. If the Activity Type was Escrow, this field should reflect zero, and have no effect on loan balance. NOTE: Principal is a field that cannot be edited since it is an automatic calculation. However, editing figures in the above mentioned fields will impact Principal and may be necessary to accurately record the activity. New Balance Automatic calculation of loan balance based on dollars to principal for this entry. New Paid-thru Date It is the responsibility of the user to determine whether to accept the defaulted date or enter a more accurate date. This date reflects the status of the loan as of the Activity Date. If the Activity Type is Disbursement, and it is the initial disbursement of funds to the borrower, allow the field to default to the Activity Date. If the Activity Type is a subsequent Disbursement, and payments have been applied prior to this Disbursement, enter the Last Pd-Thru Date as the New Paid-Thru Date. If the Activity Type is Repayment, it will default to the Next Payment Due Date from the previous activity. If this is incorrect, enter the date the payment being posted was actually due. (ex: a payment due on 04/01/09 with an activity date of 04/05/09 would result in a New Paid-Thru Date of 04/01/09) If the Activity Type is Escrow, it will default to the same New Paid Thru Date as the previous activity. Next Payment Due Enter the date the repayment immediately following the activity being entered is due. Notes An optional field, limited to 255 characters, which can be used to document information related to the activity being recorded. When the loan history is displayed or printed, notes may be included. Special Icons Print Acknowledgment Prints to the screen an acknowledgment form for the activity currently on the screen. Review Terms Displays loan terms from Loan Master file for loan currently on the screen. Things You Should Know Build History is designed to allow new GMS-RLSS users to input loan activity which occurred prior to installation of GMS-RLSS software. This is important to create a valid loan balance from which to move forward. It is not designed to correct errors which may occur during the entry of routine activity (entered through Loan Activity). It is very important each entry is verified for accuracy prior to selecting Save. If an error in data entry is made, simply locating that record and editing it will not result in recalculations of subsequent activity. If no subsequent activity has been recorded (meaning the error was made in the most recent record) returning to that screen and correcting errors is acceptable. However, if subsequent activity has been recorded, errors must be corrected through adjusting entries. For example, assume a $100.00 payment was posted allocating $10.00 to interest, and the entry was Saved. Upon reviewing the history you realize the interest portion should have been $5.00, simply returning to that screen and changing the interest to $5.00 will result in a change to the loan balance on that entry only. This change will not then carry the edited balance into the next entry. Thus the history and loan balance will be incorrect. The proper way to handle the $5.00 error is to enter a new adjusting record with zero activity amount, a negative $5.00 in Current Interest, which will result in a positive $5.00 in Principal, thus reducing the balance by $5.00. The Notes section can then be used to document the adjustment. Once activity has been recorded utilizing Loan Activity, accessing records through Build History allows limited editing capabilities: only the New Paid-Thru Date, Next Payment Due, and Notes fields may be edited. Corrections to entry calculations posted through Loan Activity must be accomplished through Loan Activity, Adjustments. |