We were written up in a Loan Ops audit for a random "Investor" code on our File Maintenance report for new loans, under the Note Holder Code. All of our loans are in house loans and we have nothing to do with Investors. We have searched all of our set up on our lending platform (we use LaserPro), we have contacted our lending platform company (Finastra), we have contacted our core processor and no one can seem to tell us where this code is coming from, and we didn't enter it or have it defaulted anywhere. Has anyone experienced anything like this? We are pretty much at the end of what we know to do.

May I ask why this code is even important if you don't sell any loans? What impact does this have?

If that code is irrelevant why is it even on the report at all? Just remove it as a field. If you don't have investors you don't need an investor code on the report.

Our external auditors have made it important and relevant since it is a code that showed up in our reports that we can't explain. We have tried to delete the field and have tried to remove it from the report, but it can't be found by us, Fiserv or Finastra so far where we can do anything with it. it is just there, which is the frustration......

my response to audit:

"regarding the finding for the investor code on the report, that is a field the bank does not use as we do not sell loans and have asked our software provider to determine how to remove this from the report. We consider this a minor issue that has no bearing on the safety or soundness of our loan portfolio or our ability to service our clients."

I like Happy's response and would take it even a step further by adding: "Please explain in detail any regulatory or risk issues that justify listing this as an exception."

Thank you for the input, I appreciate it.