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Determine the day of the week the borrower wants the payment due. Select the date interest will be paid to. If the date
selected is the same date that is currently in Field 24 Interest Paid To, then skip Steps II and III. |
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Compute the number of days from the date currently in Field 24 Interest Paid To, to the date selected for the new interest paid to
date. Use Finance I to compute the odd days interest to be collected from the borrower. |
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Post the odd days interest using Transaction Code 06, then enter the new Interest Paid To date in Field 24. |
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Change Field 19 Repayment Code, to be a code "8" for Biweekly payment. This will automatically compute the
first payment in Field 25 Next Payment Date, to be 14 days from the date in Field 24. The payment will always be the same day of the week. |
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Change the last box in Field 20 Late Charge Code, to be a 12 or less to indicate how many days after the due date for a late charge to
be assessed and a notice printed. |
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Change Field 63 Interest Days-Calc, to a 5 (365). |
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Change Field 65 P&I Payment, to be ½ of the amount currently in that field. Round up to cents. |
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Change Field 138 Number of Payments Remaining, to be two times the number currently in Field 138. |
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If you are collecting reserves for escrows, you MUST enter each Escrow Record and merely key through Field 4 Annual
Amount. The program will compute the new constant amount by dividing the annual amount by 26 (which is the number of biweekly payments that
will be made during a year). |
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Lastly, you'll need to remove and rebuild the Interest Due Schedule. Make sure you select "D" for paid to
date when rebuilding the Interest Due Schedule. |
