i-power SR System Update Phase I & II December 4, 2017 December 12, 2017

Transcription

1 i-power SR System Update Phase I & II December 4, 2017 December 12, 2017

2 Agenda Phase I Includes the E.O.Y. Compliance Features Form 1042-S Foreign Alien Reporting Instructions for 2017 Form 1098 Mortgage Interest Statement Form 1099-C Cancellation of Debt Form 1099 INT Interest Income

3 Agenda SR System Update Phase II LENDING Credit Reporting Bankruptcy Reporting on Co-Borrower Credit Reporting: Date of First Delinquency Add MLA Fields for Credit Cards GENERAL CORRECTIONS

4 Compliance Form 1042-S Foreign Alien Reporting Instructions for 2017 For all Forms, Payment Year, Field Positions 2-5, must be incremented to update the four-digit reporting year (2016 to 2017), unless reporting prior year data. Transmitter T Record Record Name: Transmitter T Record Field Positions Field Title Length Description and Remarks 1 Record Type 1 Required. Enter T. 2-5 Tax Year 4 Required. Enter the four-digit tax year for which income and withholding are being reported. Numeric characters only

5 Compliance Form 1042-S Foreign Alien Reporting Instructions for For all Forms, Payment Year, Field Positions 2-5, must be incremented to update the four-digit reporting year (2016 to 2017), unless reporting prior year data. 2. Pro-rata reporting. The Pro-Rata Reporting box was moved from the top of the form (below the title) down to new box 15.Field Positions 3 Transmitter W Record Field Positions 3 Pro Rata Basis Reporting Record Name: Withholding Agent W Record Field Title Length Description and Remarks EPL s info 1 Required. Enter the one position value below Reporting to identify if reporting on a Pro Rata Basis. Acceptable Values are: 0 (Zero) = Not Pro Rata 1= Pro Rata Basis Reporting 0 (Box 15) Note: New Box on Form for

6 Compliance Form 1042-S Foreign Alien Reporting Instructions for For all Forms, Payment Year, Field Positions 2-5, must be incremented to update the four-digit reporting year (2016 to 2017), unless reporting prior year data. 2. Unique form identifier. Beginning in 2017, withholding agents will be required to assign a unique identifying number to each Form 1042-S they file. This identifying number is used, for example, to identify which information return is being corrected or amended when multiple information returns are filed by a withholding agent with respect to the same recipient. The unique identifying number cannot be the recipient's U.S. or foreign TIN. The unique identifying number must be numeric. The length of a given identifying number must be exactly 10 digits. The identifying number must be unique to each original Form 1042 S filed for the current year. The identifying number can be used on a new original form in a subsequent year. 3. A new box has been added for withholding agents to indicate the number of amendments that have been made to the same Form 1042-S (as determined by the form s UFI)

7 Compliance Form 1042-S Foreign Alien Reporting Instructions for 2017 Transmitter Q Record Record Name: Recipient Q Record Field Positions Field Title Length Description and Remarks EPL s info Recipient s Name Line-1 40 Required. Enter the complete name of the recipient. If the recipient has a U.S. TIN, enter the name as established when applying for the TIN. 21 is used enter UNKNOWN or UNKNOWN RECIPIENT. Recipient s Name Lines 2 and 3 must be blank. See the Instructions for Form 1042-S for specific information about Unknown Recipients and Withholding Rate Pools. Refer to Valid Characters section of the Record Format. Left justify the information and fill unused positions with blanks. (2017 Note: Changed Recipient Code from 24 to 21) Member s Name (client name) (Box 13a) 358 Reserved 1 Enter Blanks Blanks Withholding by other agents 12 Required. For withholding agents reporting income that has already been subject to withholding by another withholding agent, enter the amount withheld by the other withholding agent in whole dollars only, rounding to the nearest dollar (do not enter cents). Enter all 0s (Box 8) Right-justify the information and fill unused positions with zeros. If there was no withholding, enter all zeros. Numeric characters only. Note: If claiming a credit on Form 1042 (line 66) because of withholding by other agents, attach a copy of the Form 1042-S to Form 1042 to support the credit. For additional guidance, please review the Instructions for Form

8 Compliance Transmitter Q Record 761 Reserved 1 Enter Blanks Blanks Reserved 12 Enter Blanks Blanks Record Sequence 8 Required. Enter the number of the record as it appears within the file. The record sequence number for the T Record will always be 1 (one), since it is the first record on the file and there can only be one T Record in a file. Each record, thereafter, must be increased by one in ascending numerical sequence, that is, 2, 3, 4, etc. Right justify numbers with leading zeros in the field. For example, the T Record sequence number would appear as in the field, the first W Record would be , the first Q Record, , the second Q Record, , and so on until the final record of the file, the F Record. Numeric characters only. See instructions to the left Blank or Carriage Return Line Feed 2 Enter blanks or carriage return line feed (CR/LF) characters

9 Compliance 2017 New 1042 S Form 19612

10 Compliance Form 1098 Mortgage Interest Statement Modified form 1098 to comply with IRS Reporting EOY 2017 Expanded Code 4 Mortgage Insurance Premium If section 163(h)(3)(E) applies for 2017, enter the total premiums of $600 or more paid (received) in 2017 If section163(h)(3)(e) does not apply for 2017 leave this box blank. Note: No changes will be made Note: Changes apply to Member and Business Accounts 19531

11 Compliance Form 1098 Mortgage Interest Statement Revised Description Field If more than one property securing the mortgage, enter the total number of properties secured by this mortgage. If less than two (2), enter blanks. Valid values are Box 10: If more than one property secures the loan, show the number of properties mortgaged. If only one property secures the loan, this box may be left blank. Box 11: The interest recipient may use the box to give you other information, such as real estate taxes or insurance paid from escrow. (This was Box 10 in 2016, now Box 11 for 2017) 19531

12 Compliance Form 1098 Mortgage Interest Statement Payee B Record For all Forms, Payment Year, Field Positions 2-5, must be incremented to update the four-digit reporting year (2016 to 2017). Number of Mortgaged Properties (Box 10) (Field positions ). If there is more than one property securing the mortgage, then enter the value in box. If less than two properties secures the loan, leave the box blank

13 Compliance Form 1098 Mortgage Interest Statement Consumer Loans LOS Loan Product Changes Added Total Number of properties securing mortgage Field size: 4 Data Type: Number Read Only 19531

14 Compliance Form 1098 Mortgage Interest Statement Form 1098 Info Maintenance Select the suffix number from the Member Profile Scroll to Form 1098 Info for: Consumer Loans Mortgage Loans 19531

15 Compliance Form 1098 Mortgage Interest Statement Form 1098 Info Maintenance Select the suffix number from the Member Profile Scroll to Form 1098 Info for: Consumer Loans Mortgage Loans 19531

16 Compliance Form 1098 Mortgage Interest Statement New Read Only Field Displays Number of properties securing the mortgage Field size: 4 Data Type: Number Read Only 19531

17 Compliance Form 1099-C Cancellation of Debt Modified form 1099-C to comply with IRS Reporting for EOY 2017 Payee "B" Record - Field Position Renamed Code H: Other actual discharge before identifiable event. Deleted Indicator I. (Old code I is now H.) 19534

18 Compliance Screen Change From the Member Profile Choose the Loan Suffix Number from the Account drop-down Choose the Discharge Debt Option Select Modify/Select Code o Renamed Code H from Discontinued collection activity to other actual discharge before Identifiable event o Removed Code I 19534

19 Compliance Report Change Any changes to this record will be recorded in the File Maintenance History as well as reported on the File Maintenance Journal report RMG Oracle Discoverer Consumer Loans Loans Table: Loan_DS Field # Discoverer Field Field Type & Database Field Description Name Length Name 129 Discharge Code LN_DIS_CHG_CODE Indicates the charged off code 0-Not Discharged A-Bankruptcy B - Other Judicial Debt Relief C - Statute of limitations or expiration of deficiency period D - Foreclosure election E - Debt Relief from probate or similar proceeding F - By Agreement G - Creditor's debt collection policy H - Other actual discharge before Identifiable event 19534

20 Compliance Oracle Discoverer Mortgage Loans Name: Mortgages Table: ML_MASTER_DS Field # Discoverer Field Name Field Type & Length Database Field Name Description 195 Discharge Code ML_DIS_CHG_CODE Indicates the discharge code 0-Not Discharged A-Bankruptcy B - Other Judicial Debt Relief C - Statute of limitations or expiration of deficiency period D - Foreclosure election E - Debt Relief from probate or similar proceeding F - By Agreement G - Creditor's debt collection policy H - Other actual discharge before Identifiable event Note: This change applies to Member Accounts as well as Business Accounts - Consumer and Mortgage Loans 19534

21 Compliance Form 1099-INT Interest Income Modified form 1099-INT to comply with IRS Reporting for EOY 2017 For all Forms, Payment Year, Field Positions 2-5, must be incremented to update the fourdigit reporting year (2016 to 2017). New Rule implemented for INT Reporting A new option has been added to the system to assist credit unions with the 1099-INT reporting. If members have multiple accounts with the credit union under the same social security number, the system would produce individual forms, if the combined dividend paid is equal to or greater than $10.00, even if individually the amount paid on each account is less than $ This would also be added to the IRS File. Report Flag #119 0-OFF (Do Not Combine Accounts for the Person/SSN) Default Setting 1-ON (Combine ALL Accounts for the Person/SSN) Note: Credit Unions should contact Client Support to take advantage of the new option 19620

22 Compliance Form 1099-INT Interest Income Detail Layout SYSTEM_OPTION_ID OPTION_CAT OPTION_DESC OPTION_VALUE 119 REPORT FLAG Combine ALL Accounts for the Primary SSN for 1099-INT Reporting 0-OFF, Do Not Combine Accounts for the Person/SSN (Default) Produce ONE 1099-INT when ACCOUNT meets the $10 interest threshold Example: Acct 1: Interest $9.00 Acct 2: Interest $1.00 No 1099-INTs will be produced 1-ON, Combine ALL Accounts for the Person/SSN Combine Interest for ALL accounts the person/ssn (taxpayer) is the Primary Owner of in order to determine if the $10 has been met. The system will produce a 1099-INT for each account Example: Acct 1: Interest $9.00 Acct 2: Interest $ INTs will be produced 19620

23 Lending Credit Reporting Bankruptcy Reporting on Co-Borrower Previously when reporting a negative comment on a borrower such as bankruptcy, i-power reported this negative comment on all borrowers associated with the loan, even though a co-borrower may not have filed for bankruptcy. With the release of SR enhancements were made to i-power that now allows for a negative comment to reflect only on the borrower in which it applies

24 Lending The Consumer Information Indicator has been moved from the Credit Bureau Selection under the Loan Suffix to the Borrowers Selection Screen

25 Lending Now that the Consumer Information Indicator is located on the Borrowers screen, the negative comment will only attach to the borrower for which it was intended. Note: Credit Unions should review all borrowers and correct the CII for co-borrowers that should not have the same status as the primary borrower 14435

26 Lending Changes have been made to the Consumer Information Indicator drop down options in order to bring the CII options current. Obsolete Codes Deleted: W Chapter 11 Reaffirmation of Debt Rescinded X Chapter 12 Reaffirmation of Debt Rescinded Y Chapter 13 Reaffirmation of Debt Rescinded Added: Z Bankruptcy Undesignated Chapter 1A Personal Receivership 2A Lease Assumption 14435

27 Lending Credit Bureau Option Additional Changes Loan Suffix/Credit Bureau 14435

28 Lending Special Comments: Obsolete Codes Deleted AG Simple Interest Loan AJ Payroll Deduction Special Comments: Added Codes CP Account in Forbearance CS Delinquent or Collection Accts with Child Support Agencies 14435

29 Lending Compliance Condition Codes: Added Codes XJ Account closed at consumer request and in dispute under FCBA 14435

30 Lending Credit Reporting: Date of First Delinquency Currently when an account is current and a bankruptcy notice is received, the user is unable to report the date the bankruptcy notice was received. With the release of SR 5.5.3, we have added a field that will permit the entry of this information into the loan maintenance record. Select General Loan Info Option 12236

31 Lending Scroll to Delinquency Section The new field applies to all types of Consumer and Mortgage Loans and exist under the Delinquency Section for all loan types. New Field Added Bankruptcy/Pers Receivership Notice Date: 12236

32 Lending Add MLA Fields for Credit Cards Added the link to the MLA Website from the LOS Applicant Screen If the member qualifies for MLA, select the Edit Icon to update the applicant record Select Yes Input the MLA Verify Date 17798

33 Lending Once the information is input on the Applicant Screen, a Check Mark will display in the MLA Column of the Applicants Section 17798

34 Lending Once the information is input on the Applicant Screen, a Check Mark will display in the MLA Column of the Applicants Section The Owners & Signers Info has been updated to reflect MLA Mouse over the Check Mark to see a pop up of the Verify Date 17798

35 Lending The MLA Fields have been added to the Owners & Signers Screens within the CC Maintenance Screens. Note: If a co-borrower or guarantor is deleted from a non-business credit card, all MLA data will be deleted from the Loan table for only that borrower 17798

36 Lending General Credit Card Info Screen Additions Added the following MLA Fields under the Loan Information Section: 1. MLA Covered Drop Down Box Answers Yes/No Information will be brought over from IHCC system when verified each month 2. MAPR Numeric text box Information will be brought over from IHCC system when verified each month 3. MAPR Date Format MM/DD/YYYY Information will be brought over from IHCC system when verified each month 17798

37 17798 Lending

38 General Corrections Feature ID Description Updated the ECOA Code in the General Loan Info area to coincide with any changes to the Primary Borrower s ECOA code IHCC Payment reversal issue affecting card balance updates Changed the share account balance range to accommodate the call report requirement for the Management Stat Report, VCI Permits payments to a zero balance credit card in IHCC Unable to perform a Transfer From transaction when funds are being transferred to a credit card as a payment JAVA Errors received when searching by VIN Multi Trans showing incorrect info on the receipt Issues with Branch Checking, the Save button not working properly Added the ALL POINT ATM Network for MDC The Lock out value being updated in error as a Code 96 on all new OLB Users

39 General Corrections