Running the Daily Interest on Escrow Accrual Update

This update calculates the amount of interest on escrow accrual for each loan that accrues interest on escrow. The update also calculates the amount of interest on loss draft accrual for each loan that accrues interest on loss draft. It is recommended this update be run daily (if you service loans that are required to pay interest on escrow or interest on loss draft).

If the update event skips a day, the current accrual will update the next time the update is run.

Note: If you have an interest payment that is due, servicing director will not accrue past the scheduled payment date.

To run the Daily Interest on Escrow Accrual Update:

Select the system administration application.
Select and run the change posting date update, if you have not already done so.
Select system admin under the available events.
Select end of day updates.
Select and drag the daily interest on escrow to the scheduled instances.
Select criteria.
Use current transaction date: select this option to use the current transaction posting date (if you are running the event daily, select this option.
Use entered date: select this option to enter a date in the control date field.
Select ok.
Highlight the daily interest on escrow accrual update.
Select run.
Select ok (after the event is finished running).

ArticleNumber:

000050543