Confirm MINs from Correspondents
Many lenders/investors require their correspondents register MINs under their own org id and then transfer the MIN to the lender. When a MIN is transferred to a lender/investor the MERS transaction is called a Transfer Confirmation.
eRAMP handles 251 Beneficial Transfer Confirmations and 252 Servicing Transfer Confirmations. Part of the daily routine is to run the retrieve report process (File>Confirmation>Retrieve Report) to confirm registrations, transfers and other transactions with MERS. When running the retrieve report process eRAMP also updates Transfer Confirmations coming to the you as the purchasing lender/investor. After running the retrieve report process an onscreen report of all successful and failed transactions will display. Included in the report is a count of the number of Transfer Confirmations received if any. To accept the transfers open the Transfer Confirmation section and change the transaction type from Accepted to Received. A list of all MINs to be transferred to you will be displayed in the left Loans grid. Click the Accept or Accept all button to accept the incoming transfers. Final step is to change the transaction type to accepted, move the MINs to the right and send to MERs. Once MERS confirms your acceptance the MINs will be moved to the Transfer of Rights section so the MINs can be sold and transfer to your investors.
There is a more automated way to use Transfer Confirmation. If you know the loans you are buying you can import a list of all the MINs you have committed to purchase into Transfer Confirmation. Once the MINs have been imported into Transfer Confirmation when eRAMP picks up a transfer confirmation from the retrieve report process and matches to a MIN to purchase eRAMP will automatically move the MIN to Accepted and setup the MIN to send to MERS. In this case all that has to be completed is to open the 251 Transfer Confirmation section and the MINs will be sitting there under the Accepted view waiting to be move to the right and sent to MERS.
Either method confirms you are accepting the MINs. All you have to do is run the retrieve report process everyday and read the download display to see if there are any transfer confirmations to deal with.
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