[Deprecated] Purchase reports
After the loan is funded, it is either sold back to the MPL, sold to an investor (directly), sold to the MPL on behalf of an investor (indirectly), or retained by CR.
When the loan completes the seasoning period it is Ready to Sell to the MPL or an investor. CR produces a pre-purchase report, which is an invoice.
The pre-purchase reports are sent to the MPL or investors before the sale. The invoice reports:
- The list of the loans ready to be purchased
- The loans retained by the bank
- Accrued interest
- The volume fee (if relevant)
- The sum total of funds to be paid to CR
The purchaser sends the funds to CR on loan origination day, or in the case of an ACH transfer, the day before.
The sum of the funds equals the total amount of the loans + the accrued interest + any bank fees (if relevant).
The pre-purchase reports are available at 0600 Eastern on the SFTP location provisioned by CR at the following location: \Prod\MPL\DailyReports\PreLoanSaleReports\PreSale_LoanSales_PlatformName_yyyy-mm-dd.csv (comma delimiter)
After the MPL or the investor funds CR for the purchase, a post-purchase report, a receipt, is sent. The report confirms receipt of the funds and that the account has been reconciled.
The post-purchase reports contains:
- A list of the loans sold to them
- Fees and Interest paid to the bank
The post-purchase reports are made available immediately post sell on the SFTP location provisioned by CR at the following location: \Prod\MPL\DailyReports\PostLoanSaleReports\PostSale_LoanSales_PlatformName_yyyy-mm-dd.csv (comma delimiter)
Accrued interest is the interest that accumulated on the loan since the loan was funded. The approach to accrued interest and how to calculate it is negotiated with all partners.
The volume fee (or origination fee), is calculated based on the cost charged for loan origination and the volume of loans made over a specified amount of time. The volume fee is negotiated with all partners.
CR collects volume fee at the time of funding.
- At funding - estimated volume fee is collected
- Purchase = Par + accrued Interest
- Day - Calendar day. Purchases take place on the 1st business day following a 3-day seasoning period.
- If ACH is used for purchases, settlement is T+1. Wires settle the same day.
- Purchase account – A CR account to be provided, post board approval. The Routing # is 021214891.
- For MPLs - File name format: LoanSales_PlatformName_yyyymmdd.xlsx
- For Investors - File name format: LoanSales_InvestorName_yyyymmdd.xlsx