Fusion Servicing Director Was Not on Version 19.4 When the End of Year Rollover Event for 2019 Was Completed
If you were not on version 19.4, and you completed the End of Year Rollover Update Event on a prior version, then the IRS calculations for some loans may be incorrect.
Fusion Servicing Director 19.4 is the only supported version for the End of Year Rollover Event for 2019.
The End of Year Rollover event for 19.4 was revised to include the IRS changes for calculating the Beginning Principal Balances for 2019.
For this reason, version 19.4 was required by 12/31/2019, and no other version is supported for the end of the year for 2019.
Note: The End of Year Rollover Event can only be run once per year, and it cannot be run again for the same year.
If you were not on version 19.4, and you completed the End of Year Rollover Update Event on a prior version, then you can do the unsupported manual procedures below to determine if any Beginning Principle Balances for any loans need to be re-calculated and then update them manually.
Important:
You must upgrade to version 19.4 and complete this manual solution below prior to producing the 1098 forms for borrowers and running any End of Year IRS exports. This must be done prior to 1/31/2020. Version 19.4 is the only version that contains the 2019 1098 forms and the correct 2019 IRS exports.
Workaround:
- Compile a list of all loans with the following activity in 2019:
- Assumed loans
- Newly boarded loans (loans newly added or imported to Servicing Director during 2019)
- Acquired loans
- For each of the loans on your list above, do the following:
- Calculate the beginning principal balance.
- Enter your calculated beginning principal balance in the Beg Prin Bal field on the EOY Balances tab of the End of Year Detail screen in Customer Service.
- Upgrade to version 19.4 prior to producing the 1098 forms for borrowers and running any End of Year IRS exports (before 1/31/2020).
ArticleNumber:
000069512