Lecture Notes on Logging a Redemption Statement
Overview
This lecture covers the process of logging a redemption statement in the history and the steps involved to ensure it is done correctly.
Key Steps in Logging Redemption Statement
Initial Steps
- Navigate to History in the system.
- Ensure the redemption statement is correctly placed in history and "mail phrased".
Handling Email Attachments
- If received via email, do not drag the email directly.
- Save the PDF attachment to your desktop.
- Drag the PDF from your desktop into the system.
Selecting the Correct Codes
- Choose MS1R code:
- R = Redemption.
- S = Sale.
- Click "Mortgage Sale Redemption".
- Use the drop-down for initial figures (use the correct option for revised or final figures).
Test Cases
- In test cases, some features such as final redemption figures email generation may not execute normally.
- Normally, redemption figures would be sent to the fee earner as a notification.
Bot Automation
- If logged via LMS or lender exchange, a bot automatically files it.
- Generates an email for the fee earner's attention.
Logging Initial Forms
- Navigate to the Inquiry screen and proceed to Log Initial Forms.
- Locate the redemption figure section and input:
- Redemption figure.
- Match the mortgage account number with the redemption statement.
- The system checks for consistency (e.g., initial request must match with correct figures).
Verification and Notifications
- Verify the redemption figure against the initial statement.
- System flags potential negative equity cases (when redemption figure > sale price).
- Proceed with confirming the figures.
Client Communications
- An automated email is generated for the client:
- Confirms receipt of redemption figures.
- Advises client to contact lender directly if they disagree with the figures.
- Reminds them of the estimated figure from the instruction form.
Additional Notes
- Printing is not necessary as emails are automatically attached.
- Review of estimated figures and instructions can be done separately.