Interest Accrues Daily - Change History

Complete History of Interest Accruing Daily Changes (2023-2025)

2023: Initial Development Phase

July-August 2023 - Foundation & Core Implementation

• Dates: July 10 - August 14, 2023
• Changes:
  • Initial development of interest accrues daily functionality
  • Implemented transaction creation for daily interest accrual
  • Added support for unpaid interest tracking
  • Fixed integrity worker for daily interest calculations
  • Renamed fields for clarity (accrual method → interest formula)
• Impact: Core feature development establishing the daily interest system

August 30, 2023 - Year-to-Date Tracking

• Change: Added interest year-to-date tracking for existing loans

December 31, 2023 - Schedule Generation

• Change: Implemented amortization schedule generation for loans with daily interest accrual
• Impact: Major feature adding schedule visibility

2024: Refinement & Bug Fixes

January 3, 2024 - Infinite Loop Fix

• Change: Fixed infinite loop in daily schedule calculations

January 11, 2024 - Portal Exposure

• Change: Exposed interest schedule to client portal

January 19-22, 2024 - Multiple Payments Support

• Changes:
  • Enabled one transaction to apply to multiple payments for daily interest loans
  • Fixed unpaid interest accounting
  • Fixed transaction reversals with unpaid interest
• Impact: Critical functionality for payment allocation

April 3, 2024 - Partial Payments Support

• Change: Enabled partial payments for daily interest loans
• Impact: Major enhancement allowing flexible payment amounts

May 17, 2024 - Payoff Fix

• Change: Fixed payoffs not working on interest follows payment schedule

June 6, 2024 - Transaction Reversal Fix

• Change: Fixed reversing transactions that included unpaid interest

July 3, 2024 - Enhanced Reporting & Clarity

• Changes:
  • Exposed unpaid interest on transaction list reports
  • Added loan balance breakdown to client portal
  • Exposed unpaid interest on amortization schedule
  • Added clarifying language for daily interest and amortization schedules

July 9, 2024 - Historical Data Fix

• Changes:
  • Fixed prior transactions (before April 4th) having incorrect unpaid interest allocation
  • Fixed interest amount allocation when one transaction applies to multiple payments
• Impact: Data correction for historical transactions

August 5-6, 2024 - Payoff Letter Enhancements

• Changes:
  • Fixed payoff calculations having an extra day of interest
  • Added support for daily interest loans in successful payment letters

October 11, 2024 - Reversal Fix

• Change: Fixed transaction reversal incorrectly reversing interest

November 8, 2024 - Critical Calculation Fix

• Changes:
  • Fixed interest amount increasing exponentially with partial payments
  • Improved amortization schedule handling with partial payments
  • Fixed payment allocation calculations
• Impact: Major bug fix preventing exponential interest growth

November 17, 2024 - Code Readability

• Change: Improved readability of interest, principal, and escrow calculations

November 18, 2024 - Track Extra Principal

• Change: Added a dedicated handler to track extra principal paid per expected payment.

November 20, 2024 - Interest Balance Reversal Fix

• Change: Fixed reversing transactions that increased loan's interest balance

2025: Stability & Refinement

January 13, 2025 - Enhanced Reporting

• Change: Exposed separate tracking of regular interest vs unpaid interest in 1098 reporting

August 1-5, 2025 - Multiple Payments Fix

• Changes:
  • Fixed interest calculation when transactions go to multiple payments with daily accrual
  • Included data migration script to fix affected historical loans
• Impact: Comprehensive fix requiring historical data correction

October 7, 2025 - Interest Tracking Overhaul (PR #523, #524)

• Changes:
  • Fixed double-calculating interest due
  • Properly separated regular interest from unpaid interest
  • Added tracking for when recently accrued interest is paid off
  • Fixed retention of unpaid interest after partial payments
  • Renamed transaction fields for clarity
• Impact: Resolved longstanding confusion about interest allocation and double-calculation issues

Summary

The interest accrues daily feature evolved from initial development in mid-2023 through multiple iterations addressing edge cases with partial payments, multiple payment allocation, transaction reversals, and double-calculation issues. The most significant fixes occurred in:

• April 2024 - Partial payments support
• November 2024 - Exponential growth bug fix
• October 2025 - Double-calculation resolution