Adding Interest on Escrow and Interest on Loss Draft Transactions to Batches

Adding Interest on Escrow and Interest on Loss Draft Transactions to Batches

You can automatically create a batch of interest on escrow or interest on loss draft payments, add these transactions to batches and credit borrower accounts.
It is important to remember the following If you are building a batch as part of your year-end processing:
  • Build a batch for each state in which you pay interest on escrow or loss draft
  • For each batch make sure the effective date is December 31 of the current reporting year
  • In the build interest on escrow or interest on loss draft transaction batch, confirm the accrual date is December 31 of the current reporting year
  • Post the batch
Note: If you notice an item within the batch that did not post, review the reject and stop conditions, fix any problems and they try posting again.

To automatically add transactions to a batch
  1. Select the payment processing application.
  2. Select options.
  3. Select an interest type from the interest type field.
  4. Select a state from the drop-down list for the state field.
  5. Select a sale group.
  6. Select the company you are selling service release loans to, in the drop-own for servicing sold to.
  7. Enter the service release sale number in the S/R sale number drop-down list.
  8. Select the investor for the service release loans in the investor field.
  9. Enter the date through which interest on escrow or loss draft has been accrued in the accrued through date field.
  10. Select ok (Servicing Director searches for all loans with criteria matching the information you setup in the batch, and adds them to the batch.
To manually add transactions to a batch
  1. Access the payment processing application.
  2. Select options.
  3. Select build interest on escrow/loss draft batch.
  4. Select manual.
  5. Select add.
  6. Enter loan ID numbers in the loan ID fields.
  7. Select continue to continue adding loan numbers.
  8. Select ok when you have entered all desired loan numbers you want to add to the batch.

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