Loan Boarding

Boarding Summary

A one-look roll-up of the loan's economic and legal spine so a reviewer can confirm the file is boardable before reading the detail.

Loan Identification

The identifiers needed to set the loan up in the system of record and reconcile it to the investor's records, including where the servicing and investor loan numbers differ.

Note Terms

The core repayment terms from the note - principal, note rate, day-count basis, amortization type, and term - which drive interest accrual and payment setup.

Key Dates and Payment Timing

The dates and timing rules that drive accrual and billing, distinguishing origination, funding, accrual start, and first payment, plus interim (stub) interest and business-day conventions.

Interest Rate - Current Schedule

The current contract rate terms - rate type, in-effect rate, day-count basis, and any deferred interest - as of boarding.

Adjustable-Rate (ARM) Terms

The full adjustable-rate mechanic - index, margin, rounding, lookback, adjustment frequencies, and initial/periodic/lifetime caps and floor - modeled on the Regulation Z ARM disclosures.

Default Interest and Late Charges

The default-rate and late-charge terms from the note's failure-to-pay and default provisions, including grace days and any cap.

Payment Schedule

The scheduled payment stream, one row per segment, capturing interest-only, amortizing (P&I), and balloon segments in chronological order.

Escrow and Reserve Accounts

Every escrow and reserve account to set up at boarding - tax, hazard, flood, and any commercial reserves - with balances, deposits, and funding priority.

Borrower, Guarantor, and Servicing Parties

Every party to the loan by role - borrower, guarantor, lender, and servicer - with legal name, address, and tax ID.

Collateral and Secured Property

The collateral securing the loan from the mortgage or deed of trust, with property type, address, county, and lien priority.

Lender and Participation

The debt investor or lender of record and each participant's share of the loan, excluding equity investors.

Interest-Rate Hedging

Any interest-rate swap or cap tied to the loan, with counterparty, rating, notional, strike or cap rate, and term - common on floating-rate commercial loans.

Servicing Transfer and RESPA Notices

The servicing-transfer facts and the RESPA Section 6 goodbye and hello notice dates, confirming the borrower notice met the 15-day advance requirement.

Data-Integrity Validation

The best-practice cross-checks a boarding analyst runs - recomputed P&I, maturity and first-payment date checks, ARM-cap consistency, and escrow footing - each flagged Pass, Fail, or Review.