Running the Daily Interest on Escrow Accrual Update

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

ArticleNumber:

000050543

    • Related Articles

    • Interest on Escrow Report

      This report summarizes interest amounts accrued for each loan that accrues interest on escrow. Delivered location: System administration>end of day reports File name: Dlyioe.rpt Delivered criteria: ...

    • Year End Process for Running the Daily Simple Interest Accrual Update Event

      On December 31st or your last business day and you service Daily Simple Interest loans, you will need the accrued through date to be the last day of the year; example: 12/31/2017. Open Event Manager, select view Select recurring instance From ...

    • Servicing Director Interest Accrual Processing for Daily Simple Interest

      The Daily Simple Interest Accrual Update Event computes the amount of interest to accrue for two types of loans: Loans that are daily simple interest loans. Amortizing loans that accrue interest daily even though the payment method is monthly, ...

    • Interest on Escrow Calculations

      Servicing Director calculates interest on escrow as follows: Monthly Calculation Method This calculation determines the day of the month on which the accrual is based and then on that day, computes the accrual. If State.IOECalcMethod = "3" (monthly) ...

    • Monthly Interest on Escrow Accrual Calculations

      Servicing Director Monthly Interest on Escrow Accrues 1/12 of the annual amount every month, regardless of what date is selected for the monthly accrual day in the State Table and regardless of the number of days between closing and the first payment ...