Loan Setup review messages are categorized as ‘To Do’, ‘Warning’, and ‘Critical’. Each delivered message is listed below.

To Do Messages

• The ARM flag is set to Yes; the Adjustable Rate information should be set up.
• The Assistance Balance is greater than 0; Payment Change records should be set up.
• The Next Due Date entered is makes the loan delinquent for 3 or more months; you may want to begin collection efforts immediately.
• The Escrow payment is greater than 0; Escrow records should be set up.
• The Payment Method is set to ACH; an ACH record should be set up.
• The Loan is marked as a second mortgage but Additional Lien Holder information has not been entered; information about the first lien holder should be set up.
• The AML type is (value); Payment Change records should be set up.
  

Warning Messages

• The Date Loan Closed is greater than the First Due Date.
• The Date Loan Closed is greater than the Transaction Date. 
• The Maturity Date is less than the Transaction Date.
• The Maturity Date cannot be blank.
• Borrower entered without a Tax ID.
• The Late Charge Fixed Amount should not be 0.
• The Late Charge Percent should not be 0.
• The Interest Rate entered is 0.
• The Interest Rate is greater than State Maximum Interest Rate Allowed.
• The Interest Rate is less than State Minimum Interest Rate Allowed.
• Points Paid is equal to 0.
• Based on Original Term and First Due Date, loan will not mature on the Maturity Date entered.
• The AML Type is BUYDOWN but Assistance Payment is 0.
• The Amortized term is less than the Original Term.
• The Next Due Date is greater than the Transaction Date by more than 6 months.
• The Escrow Balance is greater than 0, but Escrow Payment is 0.
• The Interest Method is ‘Interest Only’ but the Maturity Type is ‘Fully Amortizing’.
• The Principal Balance is greater than the Original Amount.
• The Original Term and the Amortized term are not the same and the loan is not marked as a Balloon loan.
• The FHA Base Loan Amount is greater than the Original Amount.
• The Amount of Financed MIP is greater than the Original Amount.
• The Loan Type is set to FHA or VA but the Case Number field is blank.
• The sum of the Base Loan Amount and the Amount of Financed MIP does not equal the Original Amount.  
• The Late Charge Fixed Amount is greater than the Late Charge Maximum Amount.
• The Late Charge Fixed Amount is less than the Late Charge Minimum Amount.
• To calculate the Late Charges properly, the Late Charge Fixed Amount must be 0.
• The Date Loan Closed cannot be blank.
• The Prepayment Method has been selected but the Prepay Years field has not been entered.
• The Prepay Years has been entered but the Prepayment method has not been selected.
• Acquired Date is ; Acquisition information cannot be reported via EDI.
• Acquired From is ; Acquisition information cannot be reported via EDI.
• The Accrued Through Date matches the Closing Date but an Acquired Date has been entered.
• The accrual balance is zero but an Acquired Date has been entered.
  

Critical Messages

• There must be one and only one primary borrower.
• There may be only one spouse of primary borrower.
• The P&I Payment cannot be $0.00.
• The Principal Balance cannot be $0.00.
• The First Due Date is greater than the Maturity Date.
• The Next Due Date is less than the First Due Date.
• The Property Address cannot be blank.
• The Property City cannot be blank.
• The Property State cannot be blank.
• The Property Zip cannot be blank.
• The Property County cannot be blank.
• The Property State does not exist in the State table.
• The County entered must exist within the State entered.
• The Original Amount must be greater than 0.
• There can be one and only one Participation record per Loan.  Delete and re-enter the Loan.
• The Participation Primary Investor Flag must be set to Yes.  Delete and re-enter the Loan.
• The LoanID is not a valid 10-digit value.  Delete this loan and re-enter it.

ArticleNumber:

000053736