Problem: We want to register loans directly to our investor or parent company but they have a different Org ID from our Org ID. So the MIN number will have a different Org ID number at the beginning of the MIN.
Cause: Some lenders have branch offices or correspondents that have an assigned Org ID that is different than the corporate or main office.
Resolution: In the typical registration (102) scenario an investor closes a loan and registers beneficial and servicing rights to their Org ID. Later when the loan is sold to another investor the registered loan will be transferred to the new investor and or servicer with a transfer of rights transaction (202, 203, 206 or 207).
Some investors prefer to have the loan registered to their parent company or investor directly thereby skipping the transfer step.
eRAMP has a feature that allows the user to register loans under an investor or corporate office’s Org ID. To register loans to a different investor other than the default investor, i.e. the licensed user of eRAMP follow these steps:
Setup new investor by going to Settings>Investor>Add and enter the investors Org ID, investor name and select the type of transfer the investor requires, either 202 or 207. If the investors requires a sub-servicer or servicer select from the drop down list under primary and secondary liens. Enter a document custodian if required. Click Apply to save setup.
After investor setup is complete click Copy and select servicer to copy investor information to servicer setup screen.
Repeat the same process as 1. above for sub-servicers and document custodians by selecting Settings>Others>[sub-servicers or document custodians]
To setup the new investor as the default investor for 102 registration select Settings>Client and uncheck the check box next to Register loans under client Org ID. From the list box select the desired new investor for registrations.
This setup will insert the new investor Org ID and name for beneficiary and servicer fields under the Business Partners tab of 102 Registration.
There is another way to change the investor or servicer on the fly rather than establishing a default investor and servicer for all registered loans. Open the 102 Registration screen. Import all loans to be registered. Click the Business Partner tab and click the Select button to the right of the desired field. Select a new investor from the list and click Apply. To apply the change to all loans click Apply to Group.
Either method simplifies the registering loans to another investor. If the registrations are always to the same business partner the first example above will be the easiest and most complete. If the registrations change from time to time using the Apply to Group feature to update an entire group of loans may be better.