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#358465 - 05/11/05 10:05 PM loan numbers
wavewatcher Offline
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wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
We are changing the numbering of our loan numbers from a 8 digit number to a 6 digit number (to order checks less expensively). The issue that the depts are having is how to identify the loans which have documents in both loan numbers. We need a simple solution.

My suggestion, since it's not a compliance issue, is to have a page (like the AKA page on mortgage docs) listing all the loan numbers for the particular loan. That way we can track the various numbers (only 2, the 8 digit and 6 digit). Any other suggestions?

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Lending Compliance
#358466 - 05/11/05 10:19 PM Re: loan numbers
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,619
SC
I'm confused. Are you converting the existing loan numbers to 6 digits or will just the new ones be 6 and leave the existing ones as 8? When you say "how to identify the loans which have documents in both loan numbers" are you talking about loans that are cross collateralized?
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#358467 - 05/11/05 10:44 PM Re: loan numbers
wavewatcher Offline
Diamond Poster
wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
The loans that are "confusing" are the ones that are in process and we ordered docs with the identifying 8 digit loan identifier number. We are converting those loans to a 6 digit number. Some of the loans are also cross-collateralized.

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#358468 - 05/11/05 10:56 PM Re: loan numbers
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,619
SC
If it's too late to change the loan number on the pending loans, you could always send the customers the same letter that you're sending the existing ones informing them of their new account number and make sure your loan file reflects both numbers very clearly.
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