Setting Up Different Mortgages Portfolios

Em,

Per Diem is set in the project file. 
then in $MK/default/mg 
BB_DATE can be set to either WRITTEN,FULLDOWN,30, or left blank (today's date)

Jim Forte - +40735224025050 
Magna Timeshare Software, Florida

KT,

Your Beginning Balance records are coming after the payments are made. That is not good. The initialization process must be setup AND you have to decide if you are going to use Monthly Slice or Per Diem interest methods. 
http://magnoogle.com/wiki/Per_Diem_Interest

I think this has most of that in there. We need to setup what your default Accruement Date is going to be. If you use Monthly Slice it is not an important decision and should be the Full Down date. Accruement Date is the date the interest starts to run on Per Diem, so that makes a big difference there.

We need to know 
1.) Interest Accruement date 
2.) Default date for Accruement Date, the date the loan becomes a receivable.

Jim Forte - +40735224025050 
Magna Timeshare Software, Florida

Correct, the codes are open fields. Just make sure you have a set 2 character code for each lender so that you can keep it consistent.

BB stands for Beginning Balance. A BB transaction is generated once the account is initialized. It is the initial Mortgage amount.

For K# 849 & 863, it seems it was initialized yesterday but past payments were entered. (I fixed them) If you are entering past data you will have to change the BB date once you initialize it so that it appears at the top. To change the BB date after initializing the contract you can go to:

Finance (Developer) 
-Mortgages 
--Account Look-up and Entries 
---File Maintenance (use with care) 
----Beginning Balance

Enter in the K# you need to fix, and then you can scroll thru the transactions by using your PG UP or PG DOWN keys. **Be sure to check the Contract Number that appears on the Top Middle of the screen in Red/Yellow to make sure you haven't scrolled upon a different contract before you make any changes.

You will want to change the Entry Date & the Accrument/Tran Date

Thanks, 
Emily

Emily Mazzaro - 407-352-2402 Ext 5005 
Magna Timeshare Software, Florida

Emily,

Thank You for clarifying. This is a Big Help!

Just so I'm clear, The codes for Ownshp, Fund Code, Num, and Service Agent do not have to be set up in the system. We would choose the codes that we want to use and simply start entering them in the appropriate fields?

Lastly, What does BB stand for regarding the mortgages? Most of the older sales that were uploaded have this code assigned somehow. There have been 2 accounts where we have tried to post payments and for some reason Magna is showing a large payment coming in on the day we were entering the previous payments. The one mortgage is K#863 and the other one is K#849 which I completely messed up by going in and trying to delete what I had done. Is there no way to delete a transaction made in mortgages?

I see that some accounts have been initialized, so that's good. Just to recap though, to initialize an account in Mortgages:

Finance (Developer) 
-Mortgages 
--Account Look-up and Entries 
---Account Look-up and Posting 
----If you procede you will be initializing this account into the recievables system. Do you wish to proceed? YES

Once you have it initialized you can then designate who is funding the account:

"OWNSHP" field is a 2 character code that designates who the Mortgage/Note holder is. (AKA Lendor Code) Who owns the paper? This can be any two characters, just keep it consistent.

"FUND CODE" field is a 2 character code for Future Funding. If you have sent the note to a Lendor in hopes of it obtaining funding, you will put that code here. If it is approved, this code will become the OWNSHP field code also.

"NUM" field is referencing the 5 character funding batch number that the account was submitted in. This data will pull from the Funding module should the Fund Code be used.

"SERVICE AGENT" field is referencing the two character Mortgage Payment Servicing Company assigned to an account. The system will not print an invoice for an account that has a value in this field.

Also, once an account has been funded elsewhere, you can pay it off in the system:

Finance (Developer) 
-Mortgages 
--Account Look-up and Entries 
---Account Look-up and Posting 
----F4 to Post 
-----ZS transaction code (Account Sold)

If you have any further questions, or would like to be walked through all of this over the phone, please do not hesitate to call us at 407-352-2402.

Thanks, 
Emily

Emily Mazzaro - 407-352-2402 Ext 5005 
Magna Timeshare Software, Florida

I need help setting up different portfolios where we can place mortgages that we're updating. Some of the portfolios are funded while others are kept in-house and some are serviced elsewhere but still owned by us.