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Avoiding Common Edits – Part 1

EditDescriptionQuick Fix
Edit 600 Interest due is calculated incorrectly.
  • Verify the accuracy of the loan data you added to your servicing system, such as note rate, service fee, beginning balance and accuracy of payment application.
  • Make sure adjustable rate variables are correct, including the index, margin, adjustment period, periodic cap, look back period, and interest change date. Then, round to the nearest 1/8, and use the right calculation for ARM products.
  • Confirm the interest due calculations prior to transmitting, since interest is required for all reinstatement transactions.
Edit 700 Principal due is calculated incorrectly.
  • For newly funded loans, verify the accuracy of the unpaid principal balance (UPB), and, for seasoned loans, verify the prior cycle UPB.
  • Consolidate multiple payments into a single transaction.
  • Review the prior cycle loan history to account for returned payments for non-sufficient funds.
  • Make sure all principal payments are included with the UPB payoff.

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