Periodic Billing Statement Explanation of Amount Due box
The Principal and Interest breakdown for the Periodic Billing statements Explanation of Amount Due box
Principal
Note for all "Regular" payment amounts, these amounts are the amounts due for the Bill Due Date shown on the statement. The Monthly Billing Statement update stores all the payment due records in specific tables when the update is run (contact support for more details). The bill due date is used for these dollar amounts, initially from the PmtDue.PrincipalAmount except for Daily Simple Interest (DSI) loans not marked as Post as Billed. Note that if the loan is prepaid, all Regular amounts will be $0 as the payment being billed.
For DSI loans, the principal amount will be calculated as if all the past due payments were made on the Bill Due Date. The interest for the Bill Due is calculated, and then subtracted from the P&I payment to get the principal amount. This will differ from the payment due amount. Also for DSI loans that allow APPLIED partial payments, any amounts already applied to Interest and/or Principal and/or Escrow will be deducted dorm the amounts shown.
Interest
Initially form the PmtDue.InterestAmount except for DSI loans not marked post as Billed. For DSI loan the Interest amount will be calculated as if all past due payments were made on the bill due date. The calculation will be based on the interest already accrued, and what would accrue before the billing date based on the interest rate calculation and current principal balance. From the total interest due all past due payments will be subtracted leaving the amount of interest due for the Bill Due Date.
Environment:
Event Manager Letters
ArticleNumber:
000055168