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If there is an adjustment or correction necessary to reduce accrued interest, the activity total should be zero, and the same negative number (ex: -53.45) should be entered into both ‘current interest’ and ‘accrued interest’. All other dollar fields should be blank. This will result in no impact on the loan balance, and once recorded, will appear on the loan history as a negative in accrued interest only.
Likewise, if there is an adjustment or correction necessary to increase accrued interest,the activity total should be zero, and a positive number (ex: 53.45) should be entered into ‘accrued interest’. All other dollar fields should be blank. This also will have no impact on the loan balance, and will appear on the loan history as a positive number in accrued interest only. In both of these activities, be certain to use the same dates as were used for the last activity recorded to the loan history. |