Additional MAX Features
The steps required to establish a new investor pool are as
Investor File Maintenance - Set up an investor record
||Pool Participant Maintenance - Set up require participants
||Pool File Maintenance - Set up the pool master records
||Pool Membership Maintenance - Assign participant to
||Loan Master Maintenance - Assign loans
to a pool by putting the pool number in the "Investor Pool Number"
field in the Optional Information screen.
Participants are the people who own pools or parts of pools. A
participant needs to be set up only once and may be used in one
or more pools. Any number of pools may be established within each
investor. (The use of the word investor here really implies nothing
more than a grouping of loans. In this context, the participant
is really the investor) each pool will have one or more participants
assigned to it and one or more loans included in the pool.
Pool Membership Maintenance allows you to assign a participant
to a specific pool and to specify the percentage or dollar amount
of ownership he has in the pool. You will use this function one
or more times per pool, depending on how may people have a stake
in the pool.
FNMA Processing - LASER is a system designed by FNMA to
expedite reporting of FNMA backed loans. Most of the information
needed for reporting is already maintained in standard MAX Servicing.
We have added functions to MAX for retrieving and reporting this
information in the standard format designed by FNMA.
Credit Bureau Reporting - MAX uses the METRO 272 format
for consumer credit reporting which Associated Credit Bureaus, an
industry trade group, to allow for uniform credit reporting, developed.
MAX creates the file that can be transmitted to your credit bureau
over the phone or sent to your credit bureau on diskette. Most credit
bureaus will accept your data on 3 1/2 inch diskettes.
The credit bureau ID numbers are assigned to you by your credit
bureaus to identify your entity for automated credit bureau reporting.
In automated reporting you create a file for diskette or modem transmission
to each of your credit bureaus on a monthly basis. Up to three credit
bureau ids can be specified.