A Guide from MC Customer Support
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| Training | MC has a field in the Loan Servicing Master Record to designate if a loan is to an employee, corporate officer, director, a director of another financial institution, or a financial examiner. | |
| Benefit | Financial institutions are required to provide information on which loans are classified as Employee Loans. Financial institution examiners always want to see loans that are classified as Employee Loans. LS Field 93 Employee Code in the Master Record is where the Employee Code is entered and stored. | |
| Set Up | Employee Codes range from Code 0 Not An Employee, to Code 9 Examiner. Labels are provided by MC but can be modified to meet your financial institution requirements. Path to set up Employee Codes (03.25.05.04). | |
| Report | A report by Employee Code is accessible using path (03.21.10). | |
Auditing Features On the printed Modify Audit Report an asterisk (*) is displayed by any field being modified when the loan is classified as an Employee Loan. This is an auditing feature. In addition, each monetary transaction and modify audit printed page is serial numbered so if an employee made some creative entries and destroyed the printed page, an auditor can readily see a page is missing. MC's auditing features have been well received by company auditors. They remark MC has thought of every aspect of proper servicing and accounting of real estate loans. | ||
Updated August 1, 2006 at 10:06 a.m.
