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BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule Prepaid Interest and Accrued Interest
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#2181823 - 06/14/18 04:58 PM Prepaid Interest and Accrued Interest
Comply Offline
Junior Member
Joined: Jul 2015
Posts: 33
Hello: I am trying to confirm the setup and structure of our mortgage loan on our LOS.

Mortgage consummation date: 05/25/18
First Payment Date: 07/01/2018

How many days of Prepaid interest should we collect?
When does interest begin accruing on our LOS, the 25th or 26th?

Thanks
Last edited by Comply; 06/14/18 05:27 PM.
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TRID - TILA/RESPA Integrated Disclosures Rule
#2181826 - 06/14/18 05:20 PM Re: Prepaid Interest and Accrued Interest Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,368
Galveston, TX
Questions about your LOS need to be directed to them. Typically, a loan that closes on 5/25 would have 6 days of odd interest.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2181844 - 06/14/18 06:42 PM Re: Prepaid Interest and Accrued Interest Comply
Comply Offline
Junior Member
Joined: Jul 2015
Posts: 33
Our LOS is collecting 7 days, and when I input into APRWin, I get 7 days (unless I'm doing something wrong, which can definitely be the case).
However, we are not accruing until 5/26 on our loan system.

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#2181869 - 06/14/18 07:46 PM Re: Prepaid Interest and Accrued Interest Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,368
Galveston, TX
I'm sorry, it would be 7 days - May has 31 days - duh frown
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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