Reference
Servicing Director Is Not Supported with SQL Replication.
The Servicing Director product has several points of failure in the desktop application, and potential failures (some hidden) in upgrading or updating when the Servicing Director SQL server has replication enabled and active on the Servicing Director ...
Servicing Director 13.2 Delivered In-House Loan Coupons & Regulation Z Requirements
The 2013 Truth In Lending Act (TILA) Mortgage Servicing Rule issued by the Consumer Financial Protection Bureau (effective 1/10/2014) allows creditors to elect to provide a mortgage loan coupon book meeting certain content requirements in lieu of ...
HELOCs that Shift from DSI to Arrears Calculation when Loan Transitions from the Draw Period to the Repay Period
The calculation used with HELOCs in Servicing Director bills for actual accrued interest. As a result, servicers with loans that transition from DSI to arrears will find that they can potentially end up with a period of unbilled interest equal to the ...
Billing Cycles Supported for HELOC Loans in Servicing Director
Servicing Director can calculate and bill for payments that are due monthly on the same day every month. Servicing Director is unable to calculate and/or bill for payment with due dates that vary based on a billing cycle determined by a set number of ...
Servicing Director Plan to Meet Dodd Frank Act (DFA) and Consumer Financial Protection Bureau (CFPB) Compliance Requirements by 2014
All DFA/CFPB requirements are presently under review by the Servicing Director team. Product Development is working closely with the Compliance Legal team in this project. The required forms and functionality will be available in our final 2013 full ...
Servicing Director Credit Bureau Export Account Status is Based on the Delinquent Control Setting
The account status of a loan in the Servicing Director Credit Bureau Export is based on the Delinquent Control setting in the Company table setup. Listed below are the three scenarios for the Delinquent Control settings and the account status that ...
Reducing a Loan to a Zero Balance
Unless the Loan is a Home Equity Line of Credit (HELOC), you Cannot Reduce the Balance to Zero. You must leave .01 on the Balance to Keep the Loan Active. ArticleNumber: 000053666
Explanation of the Servicing Director 206 Periodic Payment Transaction Code Related to Prompt Crediting of Payments Regulation
Regulation Z § 1026.36(c)(1) defines a ‘periodic payment’ for a consumer credit transaction secured by a consumers principal dwelling as a payment sufficient to cover principal, interest, and escrow (if applicable) for a given billing cycle. A ...
NCP Normal Export and NCP Year-End Export - CFPB/DFA Compliant Servicing Director Release 13.2 Layout File and Sample File Now Available upon Request
In Servicing Director release 13.2, NCP Normal export and NCP Year-End export have been updated to meet CFPB/DFA Compliance requirements. Both the NCP Normal export and NCP Year-End export include updated information for coupons and coupon books on ...
For Servicing Director ILS Web customers, upgrading to Servicing Director 7.9 requires that you also upgrade your ILS Web.
For Servicing Director ILS Web customers, upgrading to Servicing Director 7.9 requires that you also upgrade your ILS Web. The previous version of ILS Web was version 2.2. The new version of ILS Web has a new name, and it is known as Customer ...
Servicing Director Periodic Billing Statements
Transaction Activity The following types of transactions are included in the Transaction Activity section on the Periodic Billing Statement (transactions that do not involve payments due or paid by the borrower are not included): Transaction Code ...
Loan Setup Review Messages
Loan Setup review messages are categorized as ‘To Do’, ‘Warning’, and ‘Critical’. Each delivered message is listed below. To Do Messages The ARM flag is set to Yes; the Adjustable Rate information should be set up. The Assistance Balance is greater ...
Servicing Director Balloon Letter
The delivered SD Balloon letter is simply a letter that is produced for all active loans which have been set up as balloons. There is no auto trigger or event or update that generates specific records for this letter. You are expected to use criteria ...
Can Servicing Director Support Variable Line or Multiple Balance Loans?
Servicing Director can support single line fixed or adjustable rate HELOC loans. The ability to service HELOCs with multiple balances that are subject to multiple rates is not included. ArticleNumber: 000053803
How are Payments Calculated for a HELOC?
While in the draw period, a HELOC must use the Daily Simple Interest method. The HELOC Daily Loan Draw Table Update is run daily to calculate the interest due each day based on that day’s balance. When the payment calculation event is run, the system ...
Servicing Director 14.1 SQL Server Required Configuration Settings
Servicing Director requires Microsoft SQL Server for the database server, and the Microsoft SQL Server software must be configured with the settings described below. You must manually install SQL Server and the appropriate service pack before you ...
Servicing Director Encryption Overview
Finastra takes the security of the Non-Public Personal Information (NPPI) data very seriously. The data security put in place for Servicing Director provides very strong encryption of user credentials. This article includes a brief description of the ...
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 Accrual Methodology
Interest Accrual Methodology- the calculation of the actual daily interest accrual amount is determined by the interest method assigned to the loan. Calculations will be done systematically as follows. Arrears Interest Method: Calculations is unpaid ...
Grace Days In the Prepayments Tab Under Payment Rules
Grace Days Enter the number of days after the last paid installment date that an additional principal payment can still be posted. This limit is used in payment processing (the Rapid Entry and Exception Entry screens). It is also used in payment ...
Taxpayer First Act: December 28, 2019 Taxpayer Consent Required Pursuant to Taxpayer First Act
Effective December 28, 2019, a new requirement enacted in Section 2202 of the Taxpayer First Act (https://www.congress.gov/bill/116th-congress/house-bill/3151) will go into effect. That section added the following language to 26 U.S.C. 6103(c): ...
Servicing Director Applications Program Interface (API)
The Servicing Director and related Customer Self-Service products do not have an Applications Program Interface (API). The products are designed for interactive user control. There are no automation or programmatic controls, and no document of API ...
Viewing Billing Activity for a Master Servicer
To view billing activity for a Master Servicer: Select Subservicing. Select Bill Activity. Choose Bill then select details. Environment: Subservicing ArticleNumber: 000053938
Reconciling Pool Security Balances
You can use the Security Balance Reconciliation view to help reconcile pool security balances. You can also run the following reports, which provide more detail: The Security Balance Reconciliation report (which corresponds to the Security Balance ...
Servicing Director Fannie Mae MI Discontinuance Export - Reporting Mortgage Insurance Discontinuance
Effective February 1, 2017 Fannie Mae will introduce the new transaction type 89 (Mortgage Insurance Discontinuance Record), reporting the termination or cancellation of mortgage insurance coverage for summary/detail reporting loans. Servicers must ...
Servicemembers Civil Relief Act (SCRA) Functionality in Servicing Director
In Release 15.2, Servicing Director added some functionality for the Servicemembers Civil Relief Act (SCRA). These 15.2 features consist of a SCRA Notice Disclosure letter, and a check box to allow you to mark a loan as SCRA eligible on the Loan ...
Explanation Of Monthly Delinquent Indicator And How It Is Used In Servicing Director Credit Bureau Reporting
This serves as an explanation of the Monthly Delinquent Indicator field, and about how it is used in the Servicing Director credit bureau reporting process. The Monthly Delinquent Indicator field is found in the Customer Service application, Payment, ...
Early Intervention Report
The Early Intervention report is located in Event manager under Available Events > Collections > Reports. This letter will display delinquent loans and indicates whether verbal contact has been made with a borrower and whether the Early Intervention ...
Early Intervention Letter
Early Intervention is required on certain delinquent loans pursuant to Regulation X 1024.39. The Early Intervention Letter encourages borrowers to contact you and provide information about the foreclosure process, housing counselors, and loss ...
What is the Amount Drafted not Posted field in the ACH screen
The Information in the Amount Drafted not posted field is Informational; this comes from running the ACH Export Event. If there is a Balance in this field, it will clear to zero when the ACH Batch is posted. If the ACH batch posts, but the balance in ...
Differences Between the Servicing Director Delivered MortgageBot Loan Import and the Professional Services Custom MortgageBot Loan Import
For current versions of Servicing Director, there can be one or two Mortgagebot Loan Imports, and they both can work side-by-side. Before Servicing Director version 16.1, there was only one Servicing Director Mortgagebot Loan Import available, the ...
Finalizing a Proof of Claim Zeroes Out the Current Escrow Payment
When you finalize a proof of claim, the current escrow payment is zeroed-out by design. The escrow payments are updated in the payment change table in the Bankruptcy module to ensure your future analysis statements are correct. Environment: ...
What Do Servicing Director Pay Counters Represent?
In Servicing Director, Pay Counters are found in the Collections application, Contact screen, and on the Statistics tab. They are a series of 12 numbers, one for each month January through December. Each displays the total number of payments made in ...
Servicing Director Export Disbursements To Quicken Event Has Been Replaced By The Ultradata Disbursements Export Event
The 'Export Disbursements to Quicken' was the original, old event used for this process to transfer disbursement information to Ultradata for the purpose of check printing. A defect was found, and we developed a new event called 'Ultradata ...
Modified Investor Reporting Types as of 16.3
Servicing Director has enhanced Investor Reporting Types to support Fannie Mae Investor requirements effective February 1, 2017. The description for Investor Reporting Type is as follows: MBS changed to MBS - Obsolete MRS changed to Laser - SS - Use ...
Borrower Name Formatting In The Servicing Director Release 16.3 IRS 1098/1099 Export File
The Servicing Director Release 16.3 IRS 1098/1099 Export event handles the formatting of borrower names based on the IRS Publication 1220. There are two borrower name fields. If Last Name + First Name is equal to or less than 40 characters, they are ...
What is Interest on Escrow or Interest on Loss Draft Withholding?
Interest on escrow (IOE) or interest on loss draft (IOLD) withholding is an amount withheld from IOE or IOLD payments made to the borrowers, similar to taxes withheld from employment income. Withholding is rare and is only used if the federal ...
Servicing Director Legal Statuses And Warning Statuses
These are lists of codes and definitions of the Legal statuses and Warning statuses delivered in Servicing Director, as of Release 16.3. Both Legal statuses and Warning statuses are also user defined, and custom statuses may be added or removed. This ...
Servicing Director Primary Statuses
This is a list of the codes and definitions of the Servicing Director primary statuses, as of Servicing Director release 16.3. The primary status code value in Servicing Director is stored at the loan level in the Status table. The SQL system view ...
Servicing Director API Guide for the CSS Single Sign-On Feature
Click the link below to view the Servicing Director API Guide for the CSS Single Sign-On Feature. ArticleNumber: 000054249
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