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How to generate the calculations audit report for an ARM loan?

This article discusses how to generate the Calculations Audit Report for an ARM loan.

This assistant-driven report is an invaluable tool in the process of servicing and managing adjustable rate loans. Although this report can be printed at any time, it is a good idea to print it right after running the Calculate Rate & Payment Adjustments assistant to audit and verify the calculations just made. This enables you to make any manual adjustments to the pending rate & payment modification records before they are applied, or borrower notices are printed.

To generate the Calculations Audit Report:

  • Click on running Loan Servicing in the left panel of The Mortgage Office®.
  • Click on Tasks & Reports.
  • Click on nicer looking printer icon Calculations Audit Report located underneath the Adjustable Rate Mortgages section of the page.
  • Select All Loans or Selected Loans by Account from the drop-down list.

TIP: When you choose Select Loans by Account you must enter starting and ending account numbers in the From and To input fields. You can enter the same starting and ending account number to select a single loan, or you can enter a logical range to select multiple loans. For example, if you enter HBT as the starting and ending accounts, all loans with account numbers starting with HBT will be included.

  • Check Blue Check Box_r Exclude Borrowers on Hold to exclude all calculations from borrowers that have been placed on hold. Otherwise, uncheck this box.
  • Next, use the options found in the Select Calculation Date Range dialog to further restrict the list to a range of dates. The available options are:
    • All Dates
    • Month to Date
    • Quarter to Date
    • Year to Date
    • Last Month
    • Last Quarter
    • Last Year
    • Custom Period

TIP: If you want to enter From: and To: dates, select Custom Period from the drop-down list.

  • If necessary, use the Select Categories to Include or Exclude hyperlinks to filter loans based on their categories.

NOTE: Categories are keywords or phrases that help you create logical loan groups. To learn more read How to Use the Categories Window.

  • Click NEXT blue button without border Next.

TIP: You may, as many times as needed, use the NEXT blue button without border Next and BACK button Back navigation buttons to retrace your steps and make changes.

  • The next step, Select Calculation Audit, presents a list of ARM calculations based on the criteria and options you entered in the prior step.
  • At this point, you may accept the list as-is, or individually check or uncheck loans to be adjusted. To select a record for rate and/or payment adjustment, check the square-check-solid box located to the left of the ACCOUNT column. 

NOTES:

  • You won't be able to proceed to the next and final step unless one or more loans are selected.
  • You may use the Select All and Clear All hyperlinks near the bottom of the window to mass check or uncheck all loans on the list.
  • You may also select the Export to Excel hyperlink to automatically generate and download a report to your computer's Downloads folder.
  • Click NEXT blue button without border Next.
  • Click nicer looking printer icon Preview Report to preview the ARMS CALCULATIONS AUDIT REPORT.
  • You may also print or email this report. For additional information see How to Use the Print Preview Window?
  • Click CLOSE black button with no border Close to exit the report.
  • Click black X Exit Exit or CANCEL Cancel to exit the assistant.

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