Dick
Tue Jul 13 20:02:21 CDT 2004
Without knowing more details about your mortgage and/or how you set it up,
it is hard to say.
The Principal+Interest payment should have been setup for the loan account
based on the P+I payment on your note and the interest, term, principal,
origination date, and first payment due date. If your mortgage interest is
based on the date payment is due and is not some goofy amortization (rule of
78s or similar) then this should work out FAIRLY closely (+/- several cents
at a time).
If you had to manually adjust the Other Fees to get the P+I to work out,
then something must be wrong. The P+I should work out before you ever setup
the "Other Fee" stuff. One way to get this to work (assuming that any of the
above caveats don't apply) is to specify the principal, term, and P+I
payment to Money and let it figure the interest rate by itself. If the rate
Money figures is way different than the rate quoted on your FHA disclosure
sheet (assuming you are in the US) then something else must still be going
on. Prepaid interest, long interval to first payment, reverse amortization
loans, and lots of other things could be hosing this up but it's hard to say
from my distance what your case is.
The "Other Fees" should be independent. In fact, you may not even want to
try to set it up until you get the P+I situation sorted. You can ALWAYS go
back later and modify the scheduled Loan Payment to add in the Transfer to
escrow account activity and amounts.
You're welcome for the Unofficial FAQ.
"Anne S" <abakerldnospam@cox.net> wrote in message
news:2b78901c46904$e9cf5040$a601280a@phx.gbl...
> Thanks for the unofficial FAQ! I couldn't find my
> problem, though the recent escrow difficulties are
> similar.
>
> Today I thought I'd properly adjusted my brand-new
> mortgage account, but ran into a problem. There are only
> three categories involved in my monthly payments:
> Principal & Interest, property taxes, and homeowner's
> insurance. These last two fall under the category
> of "Other Fees," if I'm not wrong. I had to manually
> adjust the Other Fees to make the interest rate and
> payment schedule jive with what my bank thinks is going
> on. However, once I fixed that, I notice that the
> mortgage account is not tracking my principal and
> interest amounts correctly. Shouldn't my mortgage account
> match my amortization schedule? I think Money [04] is
> heaving my other fees into the mix. Where should they go?
>
> Forgive what is probably a stupid oversight on a newbie's
> part, but I can't seem to find a solution. I'd like to
> fix this soon before I get too many payments into this
> loan.
>
> Anne S
>