Reporting Delinquencies to the Mortgage Insurance Companies

Reporting Delinquencies to the Mortgage Insurance Companies

Instruct Users in Setting up and Reporting Delinquencies to the Mortgage Insurance Companies

Before you begin you must first make sure that you have set up each of the MI companies in the Mortgage Insurer table in System Administration. Specifically, each MI Company must have a client number in the Client Number field on the New Mortgage Insurer screen or the Edit Mortgage Insurer screen. (You get this number from the MI Company.) For any particular loan to be included in a batch and in the related export file, you must also make sure that an MI company has been selected either as the Primary Mortgage Insurer or the Pool Insurer for that loan on the Guaranty screen.
Please see article HT10296 for instructions on setting up MI Companies
 

 
Running the Build MI Delinquent Batch Event

The first step in the process to report delinquencies to mortgage insurance (MI) companies is to build multiple batches that contain all of the loans that have mortgage insurance records and are two or more payments delinquent. Each batch is for a particular MI company and contains delinquent loans insured by that company.

To build the MI delinquent batch:
  1. Open the System Administration Application.
  2. Select Events.
  3. Expand Collections.
  4. Expand Imports/Exports group.
  5. Select Build MI Delinquent Batch event, and drag it to the Scheduled Instances list box on the right.
  6. Schedule the event to run Monthly, after the 15th of the month, or run the event as needed.
 
Running the MI Delinquent Batch Export Event:

The second step in the process to report delinquencies to mortgage insurance (MI) companies is to create export files to send to the MI companies. After you create batches by running the Build MI Delinquent Batch event, you can create export files for those batches by running the MI Delinquent Batch Export event.

Caution:
The MI Delinquent Batch Export Event selects only Default Tracking records where the MI removal code is zero. As part of the process, the MI removal code is updated automatically. This code notifies the MI company if and why the loan will not be reported the next month. Manually changing the MI removal code to a non-zero value will cause the loan to be excluded from subsequent MI Delinquent exports without notification to the MI company.

To run the MI Delinquent Batch Export event:
  1. Open the System Administration Application.
  2. Select Events.
  3. Expand Collections.
  4. Expand Imports/Exports.
  5. Select the MI Delinquent Batch Export event.
  6. Click Events > Criteria. The Event Criteria-MI Delinquent Batch Export screen appears. The path and file name of the layout file provided appears in the Layout File Location field by default.

ArticleNumber:

000049534