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Post Interest Reserve Payment, Link Payment to Charge, Update Current IR Balance

Primary Departments Supported: Servicing/Accounting

Description: Manually post an Interest Reserve payment, link it to the correct loan charge, and update the Current Interest Reserve balance

Super Powers Needed? - YES

Developer Support Needed - YES

Common Situations

  • A requester needs an Interest Reserve Payment manually posted to the Loan History.
    • When interest reserve conditions are met after the traditional posting dates
    • Special permission has been provided to utilize interest reserve

Important Considerations & Best Practices

  • Because the payment is posted manually, the Current Interest Reserve Balance (located on the Servicing Tab) will also need to be updated.
    • Developers will Post the Payment and link it to the charge; Product Support will update the Current Interest Reserve Balance
  • Always have accounting leadership review and approve the effective dates of manual IR payment.
    • While MOST IR payments posted by the system match the effective date of their charge, accounting may require that the effective date of the manual payment have a different date

Instructions

1.  Submit a task to the developers for the payment(s) that need posted and linked

Asana Task Guidelines:

  1. Task Name (should match the name of the HubSpot Ticket): An easy way to name the ticket for identification (include loan number or numbers when applicable)

    1. Tip: Change the Name of the HubSpot Ticket before marking it for Dev Support

  2. Developer Description: Where/What: Specific instructions ask the developer for exactly what is needed and should always include screenshots of exactly what items you are referring to

  3. Repro/Pathaway: Step by step instructions for the developers to get to the section in LMS where the changes are to be completed.

NOTE: There should always be URLs included in the description or in the Repro/Pathway that direct the developers to the correct location in LMS

Dev Ticket Visual:

2. Validate Developer Changes in the Loan History

  1. Go to the Loan History in question and make sure the payment has posted

  2. Click into the payment for details and make sure the correct transaction linked/ listed

3. Update Current Interest Reserve Balance on the Servicing Tab

From LMS Menu:

  1. Select Loans
  2. Loan Details
  3. Servicing
  4. Enable Super Powers
  5. Click Edit
  6. Subtract the amount of the payment posted by the devs from the current interest reserve balance – enter that amount into the Current Interest Reserve field.
  7. Click Save and Close
Dev Ticket Template:

Task Name: [Loan #] - Post Interest Reserve Payment and Link to Charge

Description:

Please Post an interest reserve payment and link to the corresponding charge as shown below:

- Interest Reserve Payment for $xxx.xx, effective date MM/DD/YY

- Link to corresponding charge for $xxx.xx, effective date MM/DD/YY

{screenshot of the Loan History that highlights the corresponding charge)

Repro/Pathway: {URL/Link to the Loan History of the loan}

Loan

Details

Loan History