LMS Ops has leveraged LMS’ front office loan functionality to create a module to handle the middle to back office operational functions required to process loan transactions securely and accurately directly into the General Ledger. LMS Ops' loan-level sub ledger along with the streamlined P&I payment reconciliation functionality has simplified the monthly process of reconciling loans serviced by others.  The payment reconciliation engine automatically identify your cash and data discrepancies, you will spend less time reconciling spreadsheets and more time providing the front office with the critical P&L details required to manage their loan position


What's in the box? 

Shadow Servicing

  • Track servicer activity and store servicer data on a time series basis
  • Load servicer remittance tapes and run remittance validations
  • Ability to run P&I payments for monthly remittance reconciliation
  • Capture loss mitigation, foreclosure, and REO activity at a detailed level
  • Ability to query servicing history at both the loan-level and on an aggregate basis
  • Reporting on servicing remittance and surveillance data, both at loan level and at an aggregate level
  • Question servicers on their data based on payment reconciliation and analysis of variances
  • Ability to reconcile advances and expense to servicer remittance

 

Cash Receipt Management

  • Apply cash receipt process to incoming wires to pair off with P&I remittance files
  • Apply cash receipt process to incoming wires to pair off with expenses and advances
  • Manage open cash receipts to ensure all cash has been processed
  • Create pool level cash receipts to better manage incoming wires
  • Assign specific cash receipts by analyst
  • Process journal entries for initial receipt of incoming wires
  • Client specified month end tie out reports

Loan Accounting

  • Maintain sub ledger chart of accounts
  • Integrate with client’s GL accounts with our loan-level sub ledger to maintain loan level details
  • Ability to roll up loan level cash details for transaction level journal entries 
  • Process daily interest accruals and possible interest accrual reversals
  • Post expense and advance journal entries
  • Create journal entries for purchase transactions
  • Process sale of loans including gain and loss on sale and all associated journal entries
  • Book authorized manual journals if necessary
  • Feed client’s GL all necessary journal entry details


What does it do for me? 

Reduce time spent on P&I reconciliation

  • Automated P&I reconciliation
  • Correct servicer data instantly
  • Direct feed into general ledger

Identify follow-up items faster

  • System generated remittance record quickly identifies items that need follow-up
  • Notify servicer of problems earlier in the month

Better cash control

  • Calculates what servicer should remit each month
  • Differences can be immediately addressed with servicer

Provides tools for income and expense analysis

  • Can categorize income and expense items
  • Balance tracking to general ledger
  • Export into MS Excel

Maintain surveillance data

  • Integrated with Servicing Surveillance product (LMS Insight)
  • Maintain hundreds of non-financial fields
  • Update the non-financial fields in the database as information is received