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Tran Code 2600-20, Hardship Deferment |
  
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Navigation: Teller System > Transactions > Loan Transactions > Loan Transaction Codes > Deferment Transactions >
Tran Code 2600-20, Hardship Deferment
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Tran Code 2600-20, Hardship Deferment |
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The Hardship Deferment (tran code 2600-20) can be run from within CIM GOLDTeller or from the Loans > Transactions > EZPay screen. There is no charge/fee for running the Hardship Deferment on an account. Your institution's policies will need to be followed regarding which accounts are allowed Hardship Deferments, as well as how many Hardship Deferments are allowed per year or lifetime of loan.
If you do not see the Hardship Deferment in your teller menu, it means your institution doesn't allow Hardship Deferments and you can disregard this help.
The following is an example of this transaction in CIM GOLDTeller:
Hardship Deferment (tran code 2600-20)
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This is the Hardship Deferment in EZPay:
Hardship Deferment in Loans > Transactions > EZPay Screen
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In order to run Hardship Deferments from EZPay, your institution must be set up correctly. Your GOLDPoint Systems account manager can help you set up those options. See the Deferment Types topic in the EZPay help for more information.
Once you run the Hardship Deferment, the following information is updated on the account:
•Advances the Due Date (LNDUDT) by one frequency (weekly, monthly, etc.)
•Increases Installments Made (LININNO) by one.
•For interest-bearing loans (payment method 6), the Date Last Accrued (LNDLAC) is updated to the Effective Date entered on the Hardship Deferment transaction.
•For precomputed loans (payment method 3), the Date Interest Paid To (LNPDTO) field is updated to the Effective Date entered on the Hardship Deferment transaction.
•Current Installment Number (LNCINO) is increased by one.
•The Last Payment Amount (LNLPMA) is updated with the date the transaction is run.
•The Deferred Due Date (D0DUDT) is updated with the date the transaction is run.
•The Effective Date (D0DTEF) of the deferment is updated with the date the deferment is run.
•The Loan Term (LNTERM) advances by one.
•The Maturity Date (LNMATD) will advance forward based on the loan frequency. (Note: Only if institution option RMTD is set to “Y.”)
•Updates credit reporting fields, as described in the Credit Reporting section below.
This deferment transaction can be used with all loans except the following:
•Closed Loans (LNCLSD)
•Released Loans (LNRLSD)
•Unopened Loans (LNUNOP)
•Frozen Loans (Hold Code (LNHLD1 through LNHLD4) = 60)
•Loans Locked for Payoff (LNACCD, LNA2CD-LNA9CD, LNA10C = 23)
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Note
After the Hardship Deferment is run, the system applies Deferment Reason Code 2 to the deferment. Make sure the Deferment Reason description is set up for Code 2 accordingly on the Loans > System Setup Screens > Deferment Reasons screen. We suggest you give Deferment Reason Code 2 the description of "Hardship." See the following example:
 Click to expand.
Deferment Code 2 will affect the Special Comments Codes reported during monthend Credit Reporting. See Credit Reporting below for more information. |
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If you want to use this transaction, you must add it to your menu in CIM GOLDTeller. For more information on how to add transactions to the menu see the Menu Design topic in the CIM GOLDTeller User’s Guide.
If a Hardship Deferment is run on the account, the K4 Segment will be included in the Credit Report transmission (FPSRP184) and the account will be reported as follows:
•The Terms Frequency (Base field 14) field will be “D” (deferred) if no payments are due during the forebearance. •The Scheduled Monthly Payment Amount (Base field 15) will be the new payment amount or zero. •The current Payment History Profile (Base field 18) will reflect a “D” if no payments are due. •Special Comment Code (Base field 22) will be “CP” (account in forebearance). •The K4 Segment for Specialized Payment Information will be included in the transmission. It will be populated as follows: oThe Segment Identifier (Field 1) will be included. oThe Specialized Payment Indicator (Field 2) will be “02” (deferred payment). oThe Deferred Payment Start Date (Field 3) will be the date when the deferment period starts (uses mnemonic BUSTRP). The Deferred Due Date (D0DUDT) on the Loans > Deferments screen will be the date reported for the Deferred Payment Start Date for Credit Reporting. oThe Payment Due Date (Field 4) will be the date when the deferment period ends and the next payment is due (uses mnemonic BUSTDF). The Next Due Date (D0DUNX) on the Loans > Deferments screen will be the date reported for the Payment Due Date for Credit Reporting. oThe balloon Payment Amount (Field 5) will be blank. |
The Hardship Deferment transaction is correctable, but only through CIM GOLDTeller (not through EZPay). You can correct it by completing the following steps:
1.Open CIM GOLDTeller and select tran code 2600-20 from the CIM GOLDTeller menu.
2.Enter the Account Number and Effective Date the Hardship Deferment was run in the applicable fields.
3.Check the Correction box.
4.Click <Send>.
The system will reverse all the information from the account that was originally established when the Hardship Deferment transaction was run.
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