Setup Automated Reconciliation
To simplify the reconciliation process eRAMP has an automated reconciliation program. Automated Reconciliation downloads the Consolidated Transaction Report Data File (OD) report from MERS. This report contains details for all loans processed using the SFTP batch overnight process. Using the OD report eRAMP matches loans by MIN number to update the status of each loans submitted to MERS and listed on the confirmation screen. All loans that successfully registered are automatically confirmed and moved forward for use with transfers, deactivations, reversals, etc. and displayed on the Confirm Transaction screen. Loans that failed are moved back to the screen where they started and displayed by clicking the Reject radio button. From the Reject view the user can correct the problem and resubmit to MERS or delete the loan if appropriate. Be sure to review the reason the loan failed by clicking the Error Message button located under the Reset button. Automated Reconciliation eliminates the need to manually match loans to MERS reports one by one.
Confirmation status displayed on the Confirmation screen include N=received by MERS but not processed or H=on hold awaiting for the investor to accept the transfer of rights. Loans with the status H may remain on the Confirmation screen for one day or more, until the investor accepts the loan. Loans with the status H with a sent date greater than 30 days will not be processed and should manually be rejected. Loans rejected should be researched to determine why the loan process was not completed. Typically the loan should be resubmitted or use the manual reconciliation process by clicking the Succeed button.
Use the search options at the bottom of the Confirmation screen to quickly see loans that might need a follow up review. Select the 30 day option to see loans where MERS has stopped processing loan transactions.
Before using Automated Reconciliation the user must go online to the MERS website and activate the Consolidated Report Data File (OD). This is not a standard report, but is available upon request. Allow 24 hours for MERS to activate this report.
To setup the Automated Reconciliation feature MERS OD report must have been activated. To order the Consolidated Report Data File (OD) report follow these steps:
Open your web browser and go to:
- From the Main menu, select the Administration menu option
- Select the Member information menu option
- Select the Reports menu option
- Scroll all the way down to the bottom of the page to * Consolidated Report Data File:
- Make sure to check the box to select the OD report and then hit the 'update' button at the bottom of the page.
This report only has to be setup one time.
The Consolidated Transaction Report Data File (OD) report will be available the next business day.
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