Servicing Director Interest Accrual Processing for Daily Simple Interest

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, bi-weekly, etc.
This update should be scheduled to run daily, with a priority prior to the GL transaction Update event but after the Pmt Scheduled Generation Update Event. If amortizing loans are to have interest accrued on a daily basis, the criteria for the update should be set to Use Current Transpost Date, All Loans, and Accrue.

Environment:

Event Manager

ArticleNumber:

000053872

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