Mississippi Administrative Code
Title 25 - Military and Veterans - Veterans' Home Purchase Board
Part 202 - Loan Policies
Chapter 13 - Policy for Handling Loss Draft Funds
Rule 25-202-13.2 - Receipt of Loss Draft Monies

Universal Citation: MS Code of Rules 25-202-13.2

Current through September 24, 2024

A. When Loss Draft checks are received at the agency, they will be given to the Executive Director or Loan Servicing Manager. They will print a screen print from the servicing system of the individual's account with instructions on how to post the money on the bottom of the screen print. The checks along with the screen print will then be forwarded to the Payment Processing Department to post to the Servicing system. Each person performing a task will initial the screen print beside the step that they performed and forward to next individual listed in the instructions, or, if no other instructions, then it will be given back to the initiating manager.

B. After the Payment Processing Department posts the check to the homeowners' account in the Servicing system:

1. The check will then be forwarded to the Accounting Department and the screen print with the instructions will be given to the Loan Servicing Department if disbursement is required. Once the transaction is complete in the Servicing system, the screen print will be given to the Accounting Department for filing.

2. The individual who forwards these checks going to the Accounting Department will identify the check as Loss Draft.

3. The Accounting Department will prepare the deposit slip and will make the deposit to the Loss Draft Bank Account.

Miss. Code Ann. § 35-7-7

Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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