Servicer report

In a trade receivables securitization the seller usually acts as servicer, collecting its own receivables on behalf of the funding vehicle. The servicer report is how the lender sees inside the pool. It is not a courtesy update. The ratios in it feed the reserve formulas, and the trigger tests in it can stop new funding or start early amortization if they breach. A wrong number in the report is a wrong funding amount, and a missed delivery deadline is typically itself a default under most agreements.

• Roll-forward of the pool: beginning receivables, sales, collections, dilution, write-offs, ending receivables.
• Aging of the ending balance by bucket, with delinquency and default ratios calculated per the agreement's definitions.
• Dilution detail: credit memos, rebates, and adjustments for the period and the resulting dilution ratio.
• Eligibility walk from gross receivables to net receivables balance, including excess concentration.
• Reserve calculations: loss reserve, dilution reserve, yield and servicing reserve, and required credit enhancement.
• Trigger and covenant tests, commonly 3 month average delinquency, default, and dilution ratios against their trigger levels.
• Funding math: net receivables balance less reserves, compared to the amount outstanding.

As a concrete anchor: a report might show beginning receivables of $42,000,000, sales of $30,500,000, collections of $29,200,000, dilution of $1,150,000, and write-offs of $150,000, giving ending receivables of $42,000,000, then walk that down to a $38,300,000 net receivables balance and a $27,000,000 funding base after 29.5 percent of total reserves.

• Definition drift: the ERP's aging and the agreement's aging differ, and the spreadsheet quietly uses the ERP's.
• The roll-forward does not tie: collections plus dilution plus write-offs do not explain the change in the balance, which invites a field exam finding.
• Ratio memory: peak ratios over trailing windows are miscomputed when a prior month gets restated and nobody reruns history.
• Key person risk: one analyst owns the workbook, and the close stalls when they are out.

Olycor builds the servicer report from invoice level source data using the ratio and bucket definitions configured for your facility. Every ratio recomputes deterministically, the roll-forward ties by construction, and each line of the report traces back to the underlying records, so review time goes into judgment instead of reconciliation.