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By Suzanne Foley, MRIS Compliance CoordinatorMRIS, September 17, 2007–From time to time the Compliance Department receives requests to correct information that has been recorded incorrectly on Sold properties in the MRIS database.

An error that has significant impact on our data is the incorrect recordation of the contract sales price. The recordation of the appropriate information is extremely important, as it impacts the statistics that are vital to our business.

The Sold price should be recorded as the contract sales price indicated on the HUD 1 and the sales contract. Any seller subsidy or contribution from the seller to the borrowers must NOT added to the contract sales price. The seller subsidy and the contributions from the seller should be recorded in the Seller’s Subsidy field in Keystone.

As always, please feel free to contact the Compliance Department at 301-838-7140 with any questions or concerns.

If you would like to share feedback on this article, or the Weekly eNews Update, send it to: Communications@mris.net.

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