The Warehouse Lenders dialog box is used to create the Warehouse Lender dropdown list options on the Banker > Warehouse & Purchase Advice screen.
To create the Warehouse Lender dropdown list:
- Select Utilities > Company Defaults > Warehouse Lenders.
- Click Add (or select an existing warehouse lender and click Edit) to access the Warehouse Lender Setup dialog box.
- Enter the warehouse lender address and contact information.
- Describe any restrictions the lender has in the Warehouse Lender Restrictions field.
- Select the Mark as Inactive check box to retain the warehouse lender information but exclude the it from the dropdown list on the Warehouse & Purchase Advice screen. Remove the check mark to include the warehouse lender in the list.
- Complete the Advance Rate section.
- Select the Use Fixed Rate or Use Variable Rate check box.
Use Fixed Rate is the default selection.
- Select the Index Type from the dropdown list.
- If a variable rate, enter the Days on Line and the Margin for each increment of days on line.
Important: The Days on Line and Margin fields are disabled when Use Fixed Rate is selected.
- Complete the Wiring Instructions section.
- Enter the unique 9-digit warehouse lender routing number that was assigned by the American Banker’s Association in the ABA No field.
- Enter the name of the financial services entity that receives the warehouse advance from the warehouse lender in the Credit To Name field.
- Enter the lender’s account number where the warehouse advance will be deposited when the warehouse lender wires the funds in the Account No field.
- Enter the name of the individual who should be notified when the funds from the warehouse lender are deposited in the bank account in the To the Attention of field.
- Enter the name of the person who is authorized to sign on the lender account in the Authorized Signer field.
- Click OK to close the Warehouse Lender Setup dialog box and return to the Warehouse Lender dialog box.
- Select an option to Add or Edit a lender or click OK to exit the dialog box.