Selling System Security Wire Instructions

Transcription

1 Overview Security wire instructins are assigned at a cntract level and indicate where t send the security that is assciated with all f the lans in a Guarantr r Multilender cntract. Since security wires include Par amunts that are specific t the cntract, assigning wire instructins must be cmpleted fr each individual cntract. Creating security wire instructins is a tw-step prcess. In rder t prvide different levels f cntrl, multiple user rles are required t perfrm distinct functinalities. The Setup Administratr must setup the security wire instructins and the Setup Manager must apprve them. Freddie Mac requires that yu designate different peple fr each f these user rles t increase security and risk cntrls. Once the wire instructins are created and apprved, the Security Wire Assigner may assign them. The fllwing diagram explains the Security Wire Instructins prcess flw and which user rles are required t perfrm these actins. Security Wire Instructins Prcess Flw Create security wire instructins Apprve r reject security wire instructins A p p r Assign wire instructins Setup Administratr Setup Manager Security Wire Assigner Reject v Edit, expire, and delete wire instructins e Edit r remve wire assignment amunt Setup Administratr Security Wire Assigner Wire instructins must be assigned by 8:00 pm ET n the final delivery date in rder fr the cntract t mve int a ready t fund state. Hwever, changes may be cmpleted up until 8:00 pm ET n the last business day befre the settlement date. If wire instructins r the Frm 996E need t change n the funding date, cntact (800) FREDDIE. These three user rles prvide access t view the wire ready status f a cntract n the Cntract Details screen. July

2 Security Wire Instructin Data Field Descriptins Use the table t determine what infrmatin is required fr the selling system t create wire instructins. Wire Instructin Data Field Descriptins Screen Identifier Selling System Data Field Name Selling System Data Field Descriptin 1 Security Wire Instructins Name Identifier assigned by Seller/Servicer. This field is required. Tip: The name in this field is fr the Seller/Servicer s internal use t help identify the security wire instructins. This name shuld be unique. 2 ABA Ruting Number 9-digit American Banking Assciatin (ABA) Ruting Number. Must be eligible fr Bk-Entry Securities. This is a required field. Fr mre infrmatin visit: 3 Abbreviated Bank Name This infrmatin is aut-ppulated. This is the receiving bank s Telegraphic Abbreviatin (Bank Shrt Name) assciated with the ABA ruting number. 4 Third Party/FRB Sub Accunt Name This is the receiving bank s Federal Reserve Bank bk-entry accunt cmmnly referred t as Third Party accunt. Enter nly the Third Party/Sub Accunt name that is generally the Accunt Type (CUST, TRUST, INV, 1010, 1020, etc.) r a Dealer Abbreviatin (BEARSMBS, MSMPI, GSMBS). This is a required field. Cautin: D nt use punctuatin r special characters. Examples include /,\, (,), %. Enter Beneficiary Name, Accunt Number, Cntact Name and phne number, and any ther data in the Further Instructins data field. 5 Effective Date Date the wire instructins are created. The current date shuld be entered. 6 Expiratin Date This is the date the wire instructins expire. Defaults t Indefinite. Only enter a date if yu need t assign an expiratin date t the instructins in rder t delete it. 7 Further Instructins Yu may enter infrmatin that wuld fllw the Third Party/FRB Sub- Accunt Name. This may include: Beneficiary Name Beneficiary Accunt Number Cntact Name and Phne Number Cautin: When entering data, allw text wrap. D nt use the carriage return (Enter key) and d nt enter punctuatin. Use nly spaces t separate entries. July Page 2

3 Use the screen identifier number in the table abve t lcate the selling system data fields. July Page 3

4 Instructins The fllwing sets f prcedures will assist yu with yur security wire instructins. Setup Security Wire Instructins The Setup Administratr must set-up the security wire instructins and then the instructins must be apprved by the Setup Manager. 1. Frm the Welcme f the Selling System screen, click the Admin tab in the tp menu bar. The Custmer Setup Hme screen appears. 3. Click Create New. The Edit Security Wire Instructins screen displays. 4. Cmplete the fllwing required fields: Security Wire Instructins Name, ABA Ruting number, and Third Party/FRB Sub Accunt Name. Cautin: D nt use punctuatin r special characters fr the Third Party/FRB Sub Accunt Name. Examples include /,\, (,), % 5. Cmplete additinal data fields as necessary. 6. Click Save. The View Security Wire Instructins screen displays the set f wire instructins yu created. 7. Click X in the upper right hand crner f this screen t clse the windw and return t the Welcme t the Selling System screen r click <<Back t Setup Security Wire Instructins t add anther wire instructin. Edit Security Wire Instructins Befre Apprval The Setup Administratr can edit the security wire instructins and then the Setup Manager must apprve the edits. 1. Frm the Welcme t the Selling System screen, click the Admin tab. The Custmer Setup Hme screen displays. 3. Click the instructins yu want t edit by selecting the radi buttn next t it. 4. Click the Edit buttn. The Edit Security Wire Instructins screen displays. 5. Make necessary mdificatins. Yu can nly make changes t the fllwing fields: Security Wire Instructins Name Third Party/FRB Sub Accunt Name Effective Date Expiratin Date Further Instructins If yu need t make changes t any f the required data fields such as the ABA ruting number, yu must expire the wire instructins first, and then create a new set f instructins. 6. When finished, click Save. The View Security Wire Instructins screen displays. 7. Click X in the upper right hand crner f this screen t clse the windw and return t the Welcme t the Selling System screen r click <<Back t Setup Security Wire Instructins t add anther wire instructin. July Page 4

5 Security Wire Instructins Apprval The Setup Manager must apprve security wire instructins befre they can be assigned t a security. 1. Frm the Welcme t the Selling System screen, click the Admin tab in the tp menu bar. The Custmer Setup Hme screen displays. 2. Click Apprve Security Wire Instructins. The Security Wire Instructins Pending Apprval screen displays. 3. Click n the Security Wire Instructins Name yu want t apprve. The View Security Wire Instructins screen displays. 4. T apprve the security wire instructins, click Apprve Wire Instructins. The Security Wire Instructins Pending Apprval screen re-displays with any remaining wire instructins t apprve. 5. If there are n mre wire instructin t apprve, click << Custmer Setup Hme t return t the Custmer Setup Hme screen r click X in the upper right hand crner f the windw t return t the Welcme t the Selling System screen. Edit Security Wire Instructins After Apprval The Setup Administratr can edit the security wire instructins and the Setup Manager must apprve the edits. 1. Frm the Welcme t the Selling System screen click the Admin tab in the tp menu bar. The Custmer Setup Hme screen displays. 3. Click the set f wire instructins yu want t edit by selecting the radi buttn next t it. 4. Click Edit. The Edit Security Wire Instructins screen displays. 5. Make necessary mdificatins. Yu can nly make changes t the fllwing fields: Effective Date Expiratin Date If yu need t make changes t any f the remaining data fields, yu must expire the wire instructins first, and then create a new set f instructins. 6. Click Save. The View Security Wire Instructins screen displays. 7. Click X in the upper right hand crner f this screen t clse the windw and return t the Welcme t the Selling System screen r click <<Back t Setup Security Wire Instructins t add anther wire instructin. Expire Security Wire Instructins 1. Frm the Welcme t the Selling System screen, click the Admin tab in the tp menu bar. The Custmer Setup Hme screen displays. 3. Click the set f wire instructins yu want t expire by selecting the radi buttn next t it. 4. Click Edit. The Edit Security Wire Instructins screen displays. 5. Enter the current date r a future date in the Expiratin Date field. The expiratin becmes effective the day after the expiratin date. 6. Click Save. July Page 5

6 Delete Security Wire Instructins 1. Frm the Welcme t the Selling System screen, click the Admin tab in the tp menu bar. The Custmer Setup Hme screen displays. 3. Click the set f wire instructins yu want t delete by selecting the radi buttn next t it. The set f wire instructins yu select must have an expiratin date f at least ne day earlier than the current date. If a wire instructin has been previusly assigned t a PC Pl, remember t remve the wire instructin frm the PC Pl befre deleting. 4. Click Delete. A cnfirmatin message appears: Are yu sure yu want t permanently remve this set f wire instructins? 5. Click OK. The security wire instructins are permanently deleted. View Security Wire Instructins 1. Frm the Welcme t the Selling System screen click the Admin tab in the tp menu bar. The Custmer Setup hme page appears. 3. Click the radi buttn next t the set f security wire instructins yu want t view. 4. Click View. The View Security Wire Instructins screen displays. 5. Yu may als edit these wire instructins, by clicking Edit r click <<Back t Setup Security Wire Instructins t view anther wire instructin. If the security wiring instructins have nt been apprved, yu may change any f the data fields except the ABA ruting number. If the wire instructins have been apprved, yu may change the dates, but if yu need t change any f the remaining data fields, yu must first expire the wire instructins, and then create a new set f instructins. 6. When finished, click X in the upper right hand crner f this screen t clse the windw and return t the Welcme t the Selling System screen. July Page 6

7 Assign Security Wire Instructins 1. Frm the Cntract Details screen click the View/Assign Wire Instructins link in the Cntract Optins bx. The Assign Security Wire Instructins screen displays. 2. Click n the Wire Instructins drp dwn menu t select the wire instructins yu want t assign t this cntract. 3. Enter the wire amunt in the Wire Amunt data field r click the check bx Set wire amunt t the final allcated lan UPB. Yu can view the allcated lan UPB in the Wire Amunt Infrmatin bx displayed n the screen. The sum f the security wire amunts must be less than r equal t the security amunt. 4. Click Add Wire. The Assign Security Instructins screen re-displays with the wire yu just added. 5. Click Save Security Wire Instructins. The Security Wire Instructins Cnfirmatin screen displays a cnfirmatin message the wire instructins have been successfully saved. The entire unpaid principal balance f the PC Pl (Security) must be assigned befre the cntract and lans can enter a Ready t Fund status. Remve r Edit a Security Wire Instructin Assignment 1. Frm the Cntract Details Screen click the View/Assign Wire Instructins link in the Cntract Optins bx. The Assign Security Wire Instructins screen displays. 2. Select the wire instructins yu want t remve r edit frm the Wire Instructins drp dwn menu. T Remve: Click Remve. The Assign Security Wire Instructins screen re-displays with the selected wire assignment remved frm the cntract. T Edit: Enter the wire amunt in the Wire Amunt data field r click the check bx Set wire amunt t the final allcated lan UPB. Yu can view the allcated lan UPB in the Wire Amunt Infrmatin bx displayed n the screen. The sum f the security wire amunts must be less than r equal t the security amunt. Click Add Wire. Click Save Security Wire Instructins. The Security Wire Instructins Cnfirmatin screen displays a cnfirmatin message the wire instructins have been successfully saved. Legal disclaimer: This dcument is nt a replacement r substitute fr the infrmatin fund in the Single-Family Seller/Servicer Guide, and /r terms f yur Master Agreement and/r Master Cmmitment. Freddie Mac July Page 7