Reporting Mortgage Loan Outstanding DocumentsOnce the necessary outstanding documents data is available, the investor runs an outstanding documents report that details the total number of outstanding documents by document category type and seller. Outstanding document reports vary depending on the reporting needs of the investor. The outstanding document report detailed in this article is intended to fulfill an investor requirement to report a seller's month end total number of outstanding documents by document category type.
Creating the Report...
Seller's Outstanding Documents by Document Category TypeThe seller's outstanding documents by document category type are a count of the seller's outstanding documents grouped into a document category type bucket. For this example, we will assume that all documents fall into either the "Legal / Compliance" or "Credit" buckets described in the Mortgage Loan Documents Overview section of this article.
Step #1The seller's outstanding documents are retrieved.
The seller's outstanding documents are the missing documents entered into the investor's document tracking database for loans that the seller has delivered to the investor for purchase. A single loan can have many missing documents. For the purposes of calculating the Outstanding Documents by Document Category Type, the report retrieves all outstanding documents for the reporting period.
Step #2The seller's outstanding loan documents are grouped by their document category type - "Legal / Compliance" or "Credit".
In this step the outstanding document report groups each of the outstanding loan documents into a document category type, either "Legal / Compliance" or "Credit". The report sums the total number of outstanding documents for each document category type. The resulting total is the seller's Outstanding Documents by Document Category Type.
A seller outstanding documents report similar to the Sample Mortgage Loan Outstanding Document Report in the Sample Outstanding Document Report section of this article can be generated by the investor for distribution to the seller.
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