One frequent question we receive is, "Why aren't my loan payments being booked automatically anymore?" The REI Hub loan payment template can help automate the booking and breakdown of your monthly loan payment into principal, interest, and escrow (if applicable) components.
If your loan payments are no longer being booked automatically as expected, it is most likely because your total payment amount has changed. The loan payment template works by looking for the exact amount of your mortgage payment in your bank account feed. The payment will not be auto-booked if the amount doesn't match exactly.
Changes in total loan payment amount are typically caused either because the amount of your monthly escrow contribution changed or because you are paying additional principal. Simply updating the loan payment templates with these new numbers should get the loan payment automation back up and running!
To Update Your Loan Payment Template
1) Visit the Loans page and click the edit pencil next to the loan account you want to update
2) Adjust the amounts in the loan template
Edit the monthly payment amount and the monthly escrow transfer.
Those are the only changes you need to make (you do not need to update the current loan balance amount) and make sure to click 'Save Account' at the bottom of the Edit Loan screen. You should be good to go from there!
When you save the update, it will also automatically book the outstanding payments in your import feed.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.