Loan/Receivable Maintenance

Loan/Receivable Maintenance

Financial

Loan/Receivable Maintenance Screen Sample

Description

This screen is displayed when selecting the Finance component in the Loan/Receivable Maintenance List screen. This function provides access to detailed repayment and Loan/Receivable balance information for the selected Loan/Receivable. This includes payment method and due date, payment plan information (principal, interest, late charge and collection costs details), and Loan/Receivable balance details. The latter shows amounts, amounts paid, cancelled and defaulted, and balances (broken out by principal, interest, late charge, collection costs, and origination).

PLEASE NOTE: Extreme care should be taken when using this function. Because this function directly edits data within the CRC database, its use may have unintended or unanticipated results. It is strongly suggested that access to the Administration functions be restricted to reduce the chance of system problems.

When the Financial item is selected, the Loan/Receivable Maintenance – Financial screen opens that contains the following:

· An update form that is populated with information from the associated Loan/Receivable Financial record.

· A function Bar that contains Add, Save, Delete and Reset icons. The Add and Delete icons are disabled.

To Edit Loan/Receivable Maintenance, follow the Data Entry below. To Delete, follow the Save, Delete Reset, Cancel Guidelines.

Data Entry

General Payment Information
Payment Plan Information
- Installments
- Interest
- Late Charges
- Collection Costs
Balance Details
- Installments
- Interest
- Late Charges
- Collection Costs
- Origination

*Required Fields

Field Name	Purpose/Usage
General Payment Information	Back to Data Entry
Payment Method	A read-only field. The current payment method for the Loan/Receivable. This value is maintained via the Customer Services/Loan/Receivables/Payment Method function.
ACH ID	A read-only field. An internal CRC identifier for the ACH account used to pay the Loan/Receivable (if any). This value is maintained via the Customer Services/Loan/Receivables/Payment Method function.
*Archive Flag	If the record has not been deleted, this field will be read-only.
Due Date	Next Scheduled payment due date.
Interest Paid Through	Represents the date from which interest will be calculated and displayed on the Account grid as amount of interest due.
Current Installment Due?	Represents if a payment is due for the next scheduled due date indicated above.
Past Due Installments	Indicates the number of installments, prior to the current installment, which are past due.
Partial Payment Amount	An amount of payment which has been applied to but not fully satisfied a past due installment.
Late Fees Paid Through	Represents the date from which late fees will be calculated and displayed on the Account grid as amount of late fees due.
Late Fee Limit	Represents the maximum number of late fees that can be assessed..
Interest Adjusts On	If an event is defined on the Loan/Receivable Note, this date is derived from that calculation. Otherwise, this field may be populated with any date at which point a new interest rate should take affect.
Interest Adjusts To	Enter the *new interest rate* which will go into effect as established on the Interest Adjusts parameter. Numeric/decimal value greater than 0; Ex: 5, 5.25
Payment Plan Information	Default values from Note Maintenance; May be amended per Loan/Receivable. See also the Customer Services/Loan/Receivables/Payment Plan function. Back to Data Entry
Installments
*Method (Terms)	Value must be from drop-down list. This value identifies that payment terms for the Loan/Receivable.
*Frequency	Value must be from drop-down list. How often the payment is due.
*Amount	Format must be "nnnnn.nn". Scheduled/regular payment amount for this Loan/Receivable.
Interest
*Method	Value must be from drop-down list. How interest is calculated.
*Frequency	Value must be from drop-down list. On what basis interest is assessed.
Amount	Format must be "nnnnn.nn" . A value must be entered if the Interest Method is "Flat Dollar Amount". The dollar amount of interest that is charged per the Frequency criteria. This value will be blank for an Interest Method of "Percentage".
Percentage	Format must be "nn.nn". A value must be entered if the Interest Method is "Percentage". The interest percentage rate that is charged per the Frequency criteria. This value will be blank for an Interest Method of "Flat Dollar Amount".
Late Charges
*Method	Value must be from drop-down list. How late charges are calculated (if any).
*Frequency	Value must be from drop-down list. On what basis late charges are assessed.
Amount	Format must be "nnnnn.nn" . A value must be entered if the Interest Method is "Flat Dollar Amount". The dollar amount of late charges that are assessed for each occurrence. This value will be blank for all Late Charge Methods other than "Flat Dollar Amount".
Percentage	Format must be "nn.nn". A value must be entered if the Interest Method is "Percentage". The percentage rate that is assessed for each occurrence. This value will be blank for all Late Charge Methods other than "Percentage".
Delay	Format is "nnn". The number of days delay before late charges will be assessed. A value should not be entered if the Late Charge Method is "No Late Charges".
Collection Costs	Refers to external agency collection costs.
*Method	Value must be from drop-down list. How collection costs are calculated (if any).
Amount	Not Applicable to External Collection Costs.
Percentage	Format must be "nn.nn". A value must be entered if the Collection Cost Method is "Percentage".
Balance Details	Adjustments will affect the Loan/Receivable’s financial information. No transactions are recorded and no history records are created. Any changes may have a negative effect on the institution’s financial records. Back to Data Entry
Principal
*Amount	Principal amount of the Loan/Receivable. This value is established initially when the Loan/Receivable is originated. Subsequent disbursements will increment this total.
Paid	Amount paid towards the principal amount of the Loan/Receivable.
Cancelled	Dollar amount of any principal that has been cancelled, normally via a Cancellation benefit.
Defaulted	Dollar amount of any principal that has been defaulted (cancelled due to default or disability), normally as the result of an ED 553 assignment.
*Balance	Principal Balance remaining on the Loan/Receivable.
Paid Ahead	A read-only field. Any amounts which have not applied to principal but will be at a future due date.
Net Balance	A read-only field.
Interest
Amount	Represents Interest which had been assessed and paid on the Loan/Receivable. Also included may be ‘unpaid’ interest which was due prior to application of a benefit. This ‘unpaid’ amount will be represented in the ‘Balance’ field.
Paid	Dollar amount of interest which has been paid on the Loan/Receivable.
Cancelled	Dollar amount of any interest that has been cancelled, normally via a Cancellation benefit.
Defaulted	Dollar amount of any interest that has been defaulted (cancelled due to default or disability), normally as the result of an ED 553 assignment.
Balance	Dollar amount of any interest which remained ‘unpaid’ prior to the eligibility of a processed benefit.
Late Charges
Amount	Represents Late Charges which had been assessed and paid on the Loan/Receivable. Also included may be ‘unpaid’ late charges which were due prior to application of a benefit. This ‘unpaid’ amount will be represented in the ‘Balance’ field.
Paid	Dollar amount of late charges paid on the Loan/Receivable.
Cancelled	Dollar amount of any late charges that have been cancelled, normally via a Cancellation benefit.
Defaulted	Dollar amount of any late charges that have been defaulted (cancelled due to default or disability), normally as the result of an ED 553 assignment.
Balance	Dollar amount of any late charges which remained ‘unpaid’ prior to the eligibility of a processed benefit.
Collection Costs
Amount	Defaults to the percentage of Collection Fees which are assessed on payments.
Paid	Defaults to the percentage of Collection Fees which are assessed on payments.
Cancelled	N/A
Defaulted	N/A
Balance	N/A
Origination	Currently not used in CRC functions
Amount	N/A
Paid	N/A
Cancelled	N/A
Defaulted	N/A
Balance	N/A

Back to Data Entry

Save, Delete Reset, Cancel Guidelines

Save Error

Clicking the Save icon will trigger an edit process that validates the user-entered data. If there are any errors, they will be displayed in a pop-up dialog box as shown in this example:

Click on the OK button to acknowledge the errors and return to the entry form. Modify the field(s) in error and again click the Save button. If there are not any edit errors, the updated Loan/Receivable information will be written to the database, and the pop-up update window will be closed. The Loan/Receivable List will be updated (if appropriate) to reflect the revised Loan/Receivable information.

The user can select another Loan/Receivable and perform the previously selected component maintenance function by clicking on the Go button in the Loan/Receivable Maintenance List screen.

Description

Data Entry

Save, Delete Reset, Cancel Guidelines

Save Error

Loan/Receivable Maintenance Financial Edit, Delete Screen Sample