Reversing a Disbursement in Servicing Director
You posted a disbursement in error and it needs to be reversed.
Currently there is no way to reverse a posted disbursement batch in Servicing Director. A Work Around is shown below.
Work Around:
It is up to the institution what transaction code is chosen based on the type of payment disbursed and if they want the year to date screen to be automatically updated. This will be a business decision.
- Payment Processing > New > Create a batch > Add the loan to the batch via rapid entry > and post one of the following transactions:
- Transaction 241 - Tax Refund Report - this transaction will also reverse the YTD field
- Transaction 242 - Tax Refund No Report - No reversal of YTD field
- Transaction 243 - Insurance refund
It is recommended you process one of the transactions above rather then the Escrow only Payment (tran 240), which can possibly have a negative affect on the Escrow Analysis. Then, you will need to correct the tracking record. See step 2.
- Servicing Director > Tracking Module, manually fix the Tax or Insurance record by changing to the due date back to what is was prior to the disbursement, set the OK to pay box and make sure the disbursement amount is correct.
ArticleNumber:
000050577