Configure Settlement Calculation Routine (2)
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Screen ID: Screen Title: Panel Number: |
UPLSTCL-02 Configure Settlement Calculation Routine 4123 |
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Access this screen afterselecting a Settlement calculation routine and Settlement type from the first screen.
This screen is used to configure the Settlement Calculation Routines for the credit union. This routine determines how a participation loan is handled during the settlement process.
For government agencies, i.e. FNMA,FHMC, FHLB, you are required to enter a Monthly settlement day. The Monthly interest accrual date will default to one day after the Monthly settlement day.
The configuration also contains free form fields that can be used to enter tips specific to the Settlement calculation routine.
Field Descriptions
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Field Name |
Description |
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Settlement calculation routine |
The routine that determines how the settlement gets calculated when a work file is processed. Valid settlement calculation routines are FNMA (Fannie Mae), FHMC (Freddie Mac), FHLB (Federal Home Loan Bank), PART (standard participation loans), and P360 (other 360 mortgage loans). |
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Settlement type |
The method used for determining how funds are paid to the investor: either by AA (Actual/Actual), taking into account actual activity on the loan or SA (Scheduled/Actual), taking into account scheduled interest and actual principal collected from the member. Note: The SS(Scheduled/Scheduled) settlement type is not available for use at this time. |
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Monthly settlement day |
The processing day of the month for the required monthly settlement. For FNMA and FHLB this is 31 which indicates end of month. For FHMC, this is 15 for the mid month cycle. For P360, this is user defined. This field is not applicable for PART loans. |
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Monthly interest accrual day |
The day of the month that the interest should be accrued for the monthly settlement file. This will default to one day after the Monthly settlement day. This field is not applicable for PART loans. |
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Settlement Tips |
Settlement tips associated with the Settlement calculation routine. This information is user defined and not required. These tips appear on the “Create/Post Work File” screen (Tool #314). |
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URL |
The URL associated with the Settlement calculation routine. This field is user defined and not required. It is generally used for government investors (FNMA, FHMC, FHLB). The URL displays on the Create/Post Work File screen (Tool #314). |
Buttons
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Button |
Description |
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Add/Update (F6) |
Use this to add/update a settlement calculation routine. |