Updating Summit / BI Database - Post Funding

Learn how to settle loan pools on the BI format tape by reconciling data from settlement memos, updating loan attributes, and verifying IDs.

May 28, 2026 By Eddy Kup

This guide explains how to settle pools on the BI format tape using funding schedules and settlement memos. Completing this workflow ensures that loan balances, closing dates, and entity IDs are accurately updated and formatted for securitization.

This guide applies to secondary marketing analysts, settlement teams, and capital markets personnel responsible for finalizing loan pool acquisitions and data reconciliation.

Open Settlement Documents

Step #1: Open the settlement email from the investor or seller (e.g., "Ares Settlement // Angel Oak") to access the relevant funding statistics. — Open the settlement email from the investor or seller (e.g., "Ares Settlement // Angel Oak") to access the relevant funding statistics.

Step #2: Open the attached funding schedule memo to view the settlement schedule. — Open the attached funding schedule memo to view the settlement schedule.

Filter the BI Format Tape

Step #3: In your BI format tape, filter the data by the specific seller and closing dates associated with the settlement. — In your BI format tape, filter the data by the specific seller and closing dates associated with the settlement.

Always count the filtered results to ensure the number of loans in the tape perfectly matches the total on the settlement schedule.

Update Loan Attributes

4

Copy the interest paid-through date from the settlement schedule and paste it into the corresponding column of the BI tape.

5

Copy the loan balance and the actual purchased dollar amount (after price adjustments) from the schedule, and paste them into the appropriate columns in the tape.

6

Update the investor fund allocation (e.g., Morgan Stanley PF2) and the anticipated closing date. Apply this to all relevant loans, overriding any previous warehouse lender allocations.

7

Update the dynamic As of Date field to reflect the actual settlement date.

8

Update the due date to exactly one month after the closing Interest Payment Date (IPD) by utilizing the =EDATE([Cell], 1) formula.

9

Change the transaction stage column to Acquired - Pend to mark the loans as acquired but pending activation.

Map Identifying Data

Step #10: Open the supplemental loan IDs spreadsheet attached to the settlement email. — Open the supplemental loan IDs spreadsheet attached to the settlement email.

Step #11: In the BI tape, write an XLOOKUP formula referencing the Seller ID to pull in the corresponding M3 ID. Multiply the result by 1 or append an empty string (&"") within the formula to force the correct text or number formatting. — In the BI tape, write an `XLOOKUP` formula referencing the Seller ID to pull in the corresponding **M3 ID**. Multiply the result by 1 or append an empty string (`&""`) within the formula to force the correct text or number formatting.

12

Copy the XLOOKUP formula to adjacent columns to pull in the Servicer ID and TPR ID.

13

Clear all active filters on the tape, select the entirety of your updated data, and copy and paste it as values to finalize and lock the data.

Q: What should I do if loans are marked for a different warehouse lender on the tape?

A: Override the previous allocation and update the investor fund to the new buyer (e.g., Morgan Stanley) since all the filtered loans are being consolidated into the same securitization.

Q: Do I need to update the tape with TPR data during this step?

A: No, this specific settlement workflow assumes that the closed loans have already been updated with the post-diligence TPR (Third-Party Review) data prior to settlement.

Term	Definition
BI format tape	A master Excel data spreadsheet used to standardize, aggregate, and review loan pool attributes for settlement.
TPR (Third-Party Review)	An independent audit of loan files to verify compliance, credit guidelines, and data integrity before securitization.
IPD (Interest Payment Date)	The scheduled date on which interest payments are due to be paid by the borrower or remitted to investors.
Securitization	The process of pooling financial assets, like mortgages, and repackaging them into interest-bearing securities sold to investors.
M3 ID	A unique identification number assigned to a loan to ensure accurate tracking across different servicing platforms.