The program will import data from fields in Encompass ([url removed, login to view]) into QuickBooks (“QB”). The first 2 digits of the loan number will determine which QB class to use.
LP Legacy Phoenix
LW Legacy Wickenburg
PL Platinum Lending
TR Tempe Retail
I have attached a spreadsheet listing certain fields that will need to be exported for one or more of the functions listed below.
Funding - We will need to extract particular data from Encompass which will then be passed through to QB. There will be one value that will have to be calculated based on the figures taken form Encompass, prior to the QB import. This will be on a loan by loan basis.
Purchases – This will be the ‘closing’ QB entry when the loan is purchased by the investor. The data obtained during the Funding entry will be used along with figures that will have to be manually input prior to the QB import. (example attached) We will also need to track any payments due to the firm from the borrower based on the amount received from the investor.
Payment History – Provide us with the ability to track payments for those loans that we own. We will need the borrower contact information as well as the basics regarding the loan (amount, term, rate, payment amount, 1st payment date) This information can be pulled from Encompass, we will need to manually add any payments that we receive. (example attached).
Payoff requests – This is used in conjunction with the payment history. Occasionally we will own a loan that will be paid off by the borrower. We provide them with a report stating what they owe. This is based on the original loan, interest owed, impounds collected, as well as any payments made by the borrower. (example attached)
Commissions – Based on the funding information, we will have to be able to calculate commissions for loan officers. Certain income, based on the branch, is used in the commission calculation. There are different commission schedules for various loan officers. Probably 10 in total, which does not make it easy. We will need a ‘program’ to calculate commissions and allow us to make changes when necessary. In addition, certain data from the Purchase of the loan may be included.
1098 reports – For IRS purposes, the firm will need to track, by loan, the interest paid by the borrower, based on the Funding and Payment History. This needs to be kept in a format (excel) that can be later filed with the IRS. (copy of format attached). We will also need to track Discount points paid (as listed in Encompass)