loan_mgmt:loan_form:loan_detail_tab

Loan Type

(1) Use to choose the Loan Type for this loan.

Account

(2) Account number. This number is used to uniquely identify the loan. It is only used by the program to sort certain reports.

Sale Status

(3) Use to choose the Sale Status for this loan. Depending on the Loan Type of the loan you may be limited to only one or two choices. See the Principal/Asset and Interest Income sections of the Loan Types page for more information.

Pool

(4) MBS investment types only: Mortgage pool number. This is a number assigned by the issuer of the security (FHLMC, FNMA, etc) and is typically six digits long.

Category

(4) Mortgage investment types only: Mortgage category. Mortgage reports from service companies are often sorted by category, then account number. Filling in this number allows reports within Loan Management to be sorted so that they match reports from the servicing company.

PA Taxable

(4) USGA investment types only: Is the interest income for this Treasury subject to PA tax? Specify yes or no so that the interest income from this treasury hits the proper GL accounts. See Interest Income section of the Loan Types page for more information.

All non-USGA investment types have their PA Taxable status set to Yes. Therefore, when filling in GL Accounts on the Loan Type form, the Non-Tax GL Accounts should be left empty for loan types that are non-USGA investment types.

Name

(5) For Mortgage investment types, this field should contain the borrower's name(s). For all other investment types, this field should contain a description of the loan that will be useful on reports.

Part/Inv

(6) Use to choose the Participant/Investor Code for this loan.

CUSIP

(7) MBS/USGA investment types only: The CUSIP is a 9-character alphanumeric code used to identify securities for trading purposes.

While the CUSIP is unique among securities, it is possible to have two or more records in the Loan Management system with the same CUSIP. This can occur if a portion of a security is purchased on two separate occasions. In these cases, the system will use the Purchase Date to distinguish one record from another.

Address

(7) Mortgage investment types only: This is the borrower's mailing address.

Delayed

(8) If a security is Delayed, it means there is a delay between when the servicer receives payments and when those payments are actually remitted to Citizens. Generally, the servicer provides a payment report that shows what payments to expect. When this payment report is received, the payments should be entered as Receivable Receipts. Later, when the actual payments are remitted, the payments should be entered as Remittances.

Premium/(Discount)

(9)1) This is the current outstanding premium or discount for the security/treasury. This is not the original premium or discount that was purchased. If this number is positive, it means the security/treasury was bought at premium; if the number is negative (ie, enclosed in parentheses), it means it was bought at discount. To calculate the Original Premium or Discount:

#CodeBlock[Original Premium or (Discount) = Purchase Price - Original/Face]#

Amortization Amount

(10) This is the amount of premium or discount that will be amortized when you click on the button [Post Amortization to GL] on the Main Menu. This number must be updated each month prior to posting the amortization to the GL so that the correct amount is posted and amortized.

Purchase Date

(11) This is the date that the loan was put on the books. This date is used to determine whether the loan shows up on historical reports. In other words, if the As Of date of a report is prior to the Purchase Date of the loan, then the loan will not be included on the report.

This date may also be used to differentiate two or more items with the same CUSIP.

Purchase Price

(12)2) For MBS and USGA, this is the price that was paid for the security/treasury. This amount is greater than the Original/Face value for those items bought at premium and less than the Original/Face value for those items bought at discount.

This field may be filled in for other investment types but the value will not actually be used by the program to perform any calculations.

Purchased Interest

(13) This is the amount of interest that has already accrued on the item as of the purchase date. If a Cash Account for Purchases G/L account has been specified for this loan type, then the purchased interest amount entered will be used to create a Purchase G/L batch when a new loan is added.

For example, a $1,000,000 USGA treasury with an Issue Date of 1/1/2009 and a 12% interest rate purchased on 4/30/09 will have about $4,000 in purchased interest. This $4,000 is the amount of interest that would have accrued as of the purchase date. This $4,000 would actually be received on 7/1/2009 as part of a $6,000 interest payment ($4,000 for the interest accrued between 1/1/09 and 4/30/09 and purchased on 4/30/09 and $2,000 for the interest accrued between 5/1/09 and 6/30/09 after the treasury was purchased).

Original/Issue Date

(14) This is the date the item was originally issued. It is used along with the Term to calculate the Maturity Date.

Original/Face

(15)3) For MBS and USGA, this is the original, or face, value of the security/treasury at the time of purchase (not the time of issue). This amount is less than the Purchase Price for those items bought at premium and greater than the Purchase Price for those items bought at discount.

This field may be filled in for other investment types but the value will not actually be used by the program to perform any calculations.

Principal Balance

(16) Non-USGA investment types: This is the current principal balance remaining on the item. The program automatically updates this number when receipts with principal payments are posted. However, the number can be manually changed if exceptional circumstances require it.

Amortized Cost

(16) USGA investment type only: The amortized cost for treasuries is equal to the purchase price plus the sum of all premium/(discount) amortizations.

#CodeBlock[Amortized Cost = Purchase Price + ∑(Amortizations)]#

The program automatically updates this number when amortizations are posted for USGAs. However, the number can be manually changed if exceptional circumstances require it.

EXAMPLE

Consider an MBS issued on 11/1/2015 at $1,500,000. The bank purchases the security on 3/28/2016. Several principal payments have been made to the underlying mortgages, leaving an outstanding principal balance of $1,422,960.08 at the time of purchase (3/28/2016). The security has 27 days of accrued interest for a total of $2,668.05. The security is purchased at premium with a price at the time of purchase of 103.34375. The actual amount paid at closing for the security is a sum of Principal + Premium + Interest: $1,422,960.08 + $47,580.23 + $2,668.05 = $1,473,208.36.

The following values would get filled in on the loan detail form:

  • Purchase Date: 3/28/2016 (Settlement Date)
  • Purchase Price: $1,470,540.31 (Principal + Premium)
  • Purchased Interest: $2,668.05
  • Original/Issue Date: 11/1/2015
  • Original/Face: $1,422,960.08 (remaining principal at time of purchase)
  • Principal Balance: $1,422,960.08
  • Int Paid: 3/1/2016 (must be prior to settlement date because there is purchased interest)

Fixed/Adjust

(17) This pulldown indicates whether the item has a fixed interest rate, adjustable interest rate, or something in between. If any option other than Fixed Rate is selected, the Adj Rate Info Tab will be visible. The current options are:

  • Fixed Rate: the interest rate is fixed for the life of the item; the Adj Rate Info tab is hidden
  • Adjustable: the item has a traditional adjustable interest rate; ie, the item adjusts on a regular schedule (usually annually) for the life of the item
  • Step-up: the item has a coupon that increases ("steps up"), usually at regular intervals, while the item is outstanding; often, it is callable at the time of the scheduled step-up %fineprint{(See this article at InvestingAnswers.com for more information)}%
  • Hybrid: the item has an initial fixed term that is longer than the number of months between future interest rate resets; for example, the item may be issued on 10/1/2009 with an interest rate that remains fixed for three years then adjusts annually will have interest rate reset dates of 10/1/2012, 10/1/2013, 10/1/2014, etc.

Accrue Interest?

(18) Indicates whether or not this item should accrue interest.

If set to 'No', this item will not be included when running any of the following processes:

If this is set to 'Yes' then the Int Paid To box must be filled in.

Current Interest Rate

(19) This is the current interest rate. This should not change for the life of a fixed-rate item. For all other non-fixed-rate items, this number will get updated automatically when changes are made in the Adj Rate Info Tab

Int Paid To

(20) This is the date that the interest payments are paid through. This date gets updated automatically to the Int Paid To column when posting receipts.

For items with purchased interest, this field should be set to the date when the last payment would have been received (or the origin date if no interest payments would have been received).

For example, consider a USGA treasury with a purchase date of 7/15/2014, an original value of $1,000,000, an interest rate of 2.00%, an original/issue date of 2/7/2012, and purchased interest of $8,777.78. These securities generally pay interest every six months. The "Int Paid To:" date for this security should be initially set to 2/7/2014, as that is the date when the last interest payment would have been received had the bank owned it at the time.

If the above treasury had an original/issue date of 2/7/2014, then that is that date that would be entered into the "Int Paid To:" field.

Original Term

(21) Number of months between the original issue date and the scheduled maturity date. For example, a 30-year mortgage would have a term of 360 months.

Maturity

(22) The scheduled maturity date. This gets calculated automatically* using the following formula: %InlineCode{Maturity = Original Issue Date + Original Term months}%

*%fineprint{This is only calculated when the Original Term gets filled in and only if the Maturity box is blank and the original Issue Date is already filled in. }%

Change Date

(23) This is the date that the item converts from long-term to short-term. It is equal to exactly one year prior to the maturity date.

You cannot change this field directly. However, any change you make to the Maturity will result in a corresponding change to the Change Date.

Payment Due Day

(24) This is the day of the month that payment is due from the borrower to the servicer. It is not the day of the month that payment will be received by Citizens. It should be a number between 1 and 31. For mortgages and mortgage-backed securities this should almost always be 1. For USGA treasuries, it will be whatever day of the month the treasury pays out.

When entering receipts, if you try to enter an apply date using a different day of the month than is entered here the system will display a warning.

First Due

(25) This is the first payment due date for the item.

Next Pmt Due Date

(26) This is the next date that payment is due from the borrower to the servicer. This is the date that is used to calculate delinquencies.

Disposition

(27) The current status of the item:

Disposition Date

For items with a status other than active, this is the date the item became non-active. It is a calculated field. The date is equal to the date of the last (ie, most recent) receipt for this item.

Sale Amt

If the item was sold, this is the amount the item was sold for.

The information in this section is used to categorize items on the Consolidated Maturity & Rate (CMR) report.

Building Type

(28) Indicates what type of building is securing the mortgage(s). From the 2009 THRIFT FINANCIAL REPORT INSTRUCTION MANUAL:

Single Family Mortgages: Single-family mortgages include all permanent loans and combination construction-permanent loans where the permanent financing interest rate has already been set. They may be secured by any of the following types of properties:

  1. One-family dwellings in detached or semi-detached structures.
  2. Individual permanently financed units in a condominium, cooperative, or timesharing arrangement where the owner of each unit has an undivided proportional interest in the underlying real estate and common elements of the structure.
  3. Structures consisting of two- to four-dwelling units.

Multifamily Mortgages: Multifamily mortgages include all permanent loans and combination construction-permanent loans where the permanent financing interest rate has already been set. They are secured by residential property containing five or more dwelling units and include the following types of properties:

  1. Mortgages on fraternity or sorority houses offering sleeping accommodations.
  2. Living accommodations for students or staff of a college or hospital.
  3. Retirement homes with sleeping and eating accommodations that are not condominiums or cooperatives.

In these cases, the number of bedrooms determines the number of dwelling units.

Nonresidential Mortgages: Nonresidential mortgages include all permanent loans and combination construction-permanent loans where the permanent financing interest rate has already been set. They are secured by properties not covered by the definition of single-family dwelling units, multifamily dwelling units, or land loans. This category includes the following types of properties regardless of the incidental use of the property as a dwelling unit:

  1. Mobile home parks.
  2. Hospitals.
  3. Nursing homes.
  4. Churches.
  5. Stores.
  6. Other commercial property.
  7. Properties used for farming.

Conv/FHA/VA

(29) For mortgages, if this is set to either FHA or VA, then the mortgage balance is reported on CMR lines CMR016 through CMR020 (mortgage balances that are FHA or VA guaranteed).

This setting has no effect on Mortgage-Backed Securities. Those are assigned to CMR lines based on their Inv Code. GNMA's are assigned to lines CMR046 through CMR060: Securities Backed by FHA or VA Mortages. All other MBS's are assigned to lines CMR026 Through CMR040: Securities Backed by Conventional Mortgages.

Balloon?

(30) Balloon payment mortgages. Fixed-rate balloon mortgages are fixed-rate mortgages with a remaining maturity at least ten years shorter than the remaining time to full amortization. For example, a fixed-rate mortgage that matures in four years and that would require 14 years to amortize fully is a balloon mortgage.

Notes

(31) The notes are for informational purposes only.

Zoom Button for Notes

(32)


1) , 2) , 3)
Whenever this field is updated on a USGA or MBS, the Premium/Discount is recalculated as follows: %InlineCode{Premium/(Discount) = Purchase Price - Face Value + ∑(Amortizations)}%
  • loan_mgmt/loan_form/loan_detail_tab.txt
  • Last modified: 2016/07/08 21:32 UTC
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