What are the funding field mappings?

Field Name:

Description:

Loan Account

Enter the loan account number to which this funding applies to. (Maximum of 10 alpha-numeric characters including "-" and ".")

TIP: The loan account is required.

Lender_Account

Enter the lender account number to which this funding applies to. (Maximum of 10 alpha-numeric characters including "-" and ".")

TIP: The loan account is required.

TransDate

Enter the date of the funding. Default is today's date.

Reference

Enter a reference number. (Maximum of 10 characters)

Amount

Enter the total amount of the funding.

BrokerFee_Pct

Enter the annualized rate to use against the lender's portion of the loan's principal balance.

EXAMPLE: For example, 1.000% fee for a lender owning a $10,000 investment on a monthly loan is calculated as follows:

Servicing Fee = $10,000 x .01 / 12 = $8.33

BrokerFee_Flat

Enter an additional flat dollar amount to be charge as a servicing fee.

BrokerFee_Min

Enter a dollar amount as the minimum servicing fee this lender will pay.

TIP: To charge a flat servicing fee of $5.00, enter zero for the two previous fields and $5.00 as a Minimum fee.

Vendor_Account

Enter the vendor account number to which additional servicing fees are paid. (Maximum of 10 alpha-numeric characters including "-" and ".")

VendorFee_Pct

Enter the annualized rate to use against the lender's portion of the loan's principal balance.

EXAMPLE: For example, 1.000% fee for a lender owning a $10,000 investment on a monthly loan is calculated as follows:

Servicing Fee = $10,000 x .01 / 12 = $8.33

VendorFee_Flat

Enter an additional flat dollar amount to be charge as a servicing fee.

VendorFee_Min

Enter a dollar amount as the minimum servicing fee this lender will pay.

TIP: To charge a flat servicing fee of $5.00, enter zero for the two previous fields and $5.00 as a Minimum fee.

EffRateType

This value is used to determine how the EffRateValue is used to arrive at the lender's effective rate. Acceptable values are:

0 = Sold Rate. The lender's effective rate is the loan Sold Rate as entered in the Terms window.

1 = Rate Modifier. The lender's effective rate is the loan Sold Rate plus the EffRateValue.

2 = Fix Rate.  The lender's effective rate is the  EffRateValue.

EffRateValue

Enter a numeric value which is used to calculate the lender's effective rate based on the EffRateType selected.

PennyError

Enter 1 to adjust this lender if a rounding adjustment is necessary during payment distribution; otherwise enter 0.

TIP: When loans are funded by more than one lenders, there may come a time when the amount of the payment cannot be distributed completely due to rounding errors. For example, if you have a $9,000.00 loan which is funded equally by three lenders ($3,000.00 each), then each lender owns a third of the loan. The problem arises, if the borrower makes a $100.00 payment. Two lenders will receive $33.33, and the one with this option selected will receive $33.34.

TIP: Only one lender at a time can have this option selected.

GSTUse

Enter 1 to charge goods and services tax (GST) on the total servicing fees paid by this lender.

TIP: This option is only available if you have selected Canada in Tools>Options>User Preferences>Regional.

TIP: You must also enter the tax rate and GST vendor account in Tools>Options>Loan Servicing.