Changing the Investor on a Individual Loan in Servicing Director

Changing the Investor on a Individual Loan in Servicing Director

When a loan is boarded with the incorrect investor ID, the ID can be changed with the procedure below.
You will need to do an investor loan transfer. First you will need to set up a loan transfer batch then you will need to add the loan to the batch.
To set up a loan transfer batch:
  1. Open Investor Accounting.
  2. Select new from the loan transfer list, and then click Loan Transfer.  The batch set up screen appears.
  3. Enter a Description of the batch.
  4. Enter the Investor ID from the drop down list.(the investor you are transferring the loan to)
  5. Enter an Effective Date, Service Fee (%), Date Investor Funds Received, Investor Percent owned, and Pool/Group number if there is a pool or group.
  6. Select the Primary Investor check box.
  7. Select OK.
Add the loan to the Transfer Batch:
  1. Select the loan transfer Batch.
  2. Click loan transfer.
  3. Click New, enter the loan ID.
  4. Click OK.
  5. Fill out the information in the New Participation screen.
  6. select OK.
  7. select Post.
For further details on Loan transfer batches, please see the Servicing Director training guide or select F1 for the help topics.

ArticleNumber:

000048681

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