how do banks receive and record your mortgage payments? do they type it by hand? do they use a machine do to scan and record it automatically?
Ricky
On a regular payment it is automatic. If you just send in a check without a payment ticket a manual ticket is made and processed. It is automatic only on these payments because the payment date and paid to date are known…. and the P+I is automatically calculated.
Irregular payments, where you pay more than is due is a problem unless you tell then how you want it to be credited. Do you want the excess credited to the next months payment, do you want it credited to the principal balance as a reduction. If you do not tell them they will process the payment as it seems to best fit.
Should you disagree with the way the excess payment is credited, you can advise them. They will reverse and reapply as told.
If you pay less than is due…. if they accept the payment at all… will normally be credited to interest first, and any excess to principal.
As for the processing of the item it can be via key punch, scanning, or micro encoding, or all of the above depending on the point of acceptance.
Hope this helped.
Soccerref
could be any or all of those possibilities
References :
Ricky
On a regular payment it is automatic. If you just send in a check without a payment ticket a manual ticket is made and processed. It is automatic only on these payments because the payment date and paid to date are known…. and the P+I is automatically calculated.
Irregular payments, where you pay more than is due is a problem unless you tell then how you want it to be credited. Do you want the excess credited to the next months payment, do you want it credited to the principal balance as a reduction. If you do not tell them they will process the payment as it seems to best fit.
Should you disagree with the way the excess payment is credited, you can advise them. They will reverse and reapply as told.
If you pay less than is due…. if they accept the payment at all… will normally be credited to interest first, and any excess to principal.
As for the processing of the item it can be via key punch, scanning, or micro encoding, or all of the above depending on the point of acceptance.
Hope this helped.
Soccerref
References :