IMPORTANT Note About the Upcoming Release (version 5.1.0)
As soon as you receive the CAMS-ii 5.1.0 software release you must make some
changes to the General Ledger Interface. It is required that these interface changes
be made prior to the upcoming month-end / quarter-end batch processing session
(which will be September 30, 2014 for most customers). The Consumer Financial
Protection Bureau (CFPB) rulings concerning financing Credit Life and Credit Disability
Insurance, which are now referred to as Loan Protection, have necessitated
these changes. The loan protection costs will now be calculated and accrued during
each month-end batch processing. All subsequent loan payments will collect any
accrued loan protection costs before allocating any of the payment towards escrow,
late charges, principal and interest.
- Go to GL > System Tasks > Redefine/Rebuild Interface.
- Navigate through the interface questions/answers section until you locate the
following Loan Protection entries and then associate the appropriate general
ledger account number to each item.
- Loan Protection Cost Receivable
- Loan Protection Cost (Life)
- Loan Protection Cost (Disability)
Please consult the CAMS-ii HELP for information on Rebuilding and Redefining
the G/L Interface. Please contact your Support Center with any questions
concerning this posting.