Redemption Statement Logging Process

Overview

• Redemption statements are crucial for processing mortgage redemptions.
• They must be correctly logged in the system's history.

Initial Steps

• Access History: Go to the history section of the system.
• **Handling Email Attachments: **
  • Do not drag the email directly.
  • Save the PDF attachment to your desktop.
  • Drag the PDF from your desktop into the system.

Logging the Redemption Statement

• Selecting the Correct Form:
  • Choose "MS1R" where "R" stands for redemption and "S" stands for sale.
  • Select "Mortgage Sale Redemption" from the dropdown.
  • Options:
    • Initial figure (default selection)
    • Revised or final figures (use different mail phrases).

Email Notification

• Automatic Email Generation:
  • The system generates an email to notify the fee earner of the redemption figure.
  • In test cases, this email process is simulated.
  • If processed through LMS or lender exchange, a bot logs the figure and notifies the fee earner.

Inquiry Screen

• Logging Initial Forms:
  • Navigate to "Inquiry" and log the initial forms.
  • Enter the redemption figure, ensuring it matches the redemption statement.

Verification

• Redemption Figure:
  • Verify the mortgage account number is correct.
  • Check the redemption figure to ensure it aligns with the initial statement.
  • System will flag negative equity cases (redemption figure > sale price).

Printing and Emailing

• **Print Instructions: **
  • The system will prompt for a letter printout, which is unnecessary due to automatic email generation.
  • Email to the client includes:
    • Notification of redemption figure receipt.
    • Instructions to contact the lender if figures are disputed.
    • Reminder of the estimated figure on their instruction form.

Additional Notes

• Review any notes provided in the system regarding the redemption process separately.