When Should the Servicing Director New FHA Defaults Event be Scheduled to Run?

When Should the Servicing Director New FHA Defaults Event be Scheduled to Run?

The New FHA Defaults event automatically creates a default tracking record and adds a comment for the FHA loans that are at least one month delinquent.
Which day of the month should it be run?

Environment:

New FHA Defaults Event

Workaround:

The New FHA Defaults Event is dependent on the fact that when it is run, the current transaction date (TransPostDate) needs to be greater than the 1st of the month in order to accurately discern delinquency. This event should be run after the 1st of the month.

The recommendation is to schedule the New FHA Defaults Event to run on the 2nd day of the month, and if the 2nd is a holiday, to allow it to run on the following business day.

ArticleNumber:

000069672