Teller System > Transactions > Loan Transactions > Loan Transaction Codes

A regular payment transaction is likely the most used transaction. Regular loan payments can come from the Loans > Transactions > Make Loan Payment screen, GOLDPhone, your website, EZPay screen, or from manually processing a loan payment through CIM GOLDTeller.

A descriptor is included in Loan History for each regular loan payment to help identify where the payment came from (e.g., walk-in payment, lockbox payment, recurring payment, etc.), as shown in the following example:

pmthistorydesc_tm

Additionally, many of the special loan payment transactions are recorded in Loan History as a tran code 600, even though in CIM GOLDTeller they begin with a 2, such as Insurance Payment (tran code 2600-01), Collection Payment (tran code 2600-02), Interest-only Payment (tran code 2600-03), and Payment with Promos (tran code 2600-25).

The following table explains all possible loan descriptors for loan payments.

Field Number	Descriptor Code	Description	Tran 600 Description
1		Unknown Descriptor	Regular Payment
2	1	Mailed Payment	Mailed Payment
3	2	Walk-in Payment	Walk-in Payment
4	3	Interest Only Payment	Int Only Payment
5	4	Drop Box Payment
6	5	Payment - Manual Offset	Pmt-Manual Offs
7	9	No Advance Payment	No Advance Pymt
8	10	Agency Payment	Agency Payment
9	11	Used by Waive Late Charge to skip cntrs	Loan Payment
10	12	Allotment Payment	Allotment Pmt
11	13	SteadyPay Payment	SteadyPay Pmt
12	14	3rd Party Payment	3rd Party Pmt
13	15	Recurring Payment	Recurring Pmt
14	19	Internet Payment	WWW Payment
15	20	Guaranteed Payment	Guaranteed Pmt
16	25	Internet Payment by Credit Card	WWW Pmt by CC
17	30	Garnishment Payment	Garnishment Pmt
18	35	Lock Box Mail-in Payment	Lockbox Mail Pmt
19	40	Electronic Lockbox Payment	eLockbox Paymen
20	41	Western Union Lockbox Payment	WesternUn
21	42	MoneyGram Lockbox Payment	MoneyGram
22	43	PayNearMe Lockbox Payment	PayNearMe
23	45	Call-in Payment by Credit Card	Callin Pmt By CC
24	55	Telephone Payment by Credit Card	Phone Pmt By CC
25	65	Internet Payment by Online Check	WWW Pmt By Check
26	75	Telephone Payment by Online Check	Phone Pmt By Check
27	85	Call-in Payment by Online Check	Callin Pmt By Ck
28	95	One-Time Scheduled Payment by Check	1-Time Pmt by Ck
29	96	WWW One-Time Scheduled Payment by ACH	WWW 1-Tm Pmt ACH
30	100	Accident or Health Insurance	A&H Ins Payment
31	110	Unemployment Insurance	Unemployment Pmt
32	120	Property Insurance	Prop Ins Payment
33	130	Credit Life Insurance	Credit Life Pmt
34	140	GAP Insurance	GAP-Auto Pmt
35	141	GAP Insurance	GAP-Mcycle Pmt
36	142	GAP Insurance	GAP-RV Pmt
37	150	User Defined Insurance	Misc Ins Payment
38	165	AD&D Insurance	AD&D Payment
39	171	LPD (Auto) Insurance	LPD Ins Payment
40	172	Property Dual	Prop Dual Pmt
41	173	Property Dual Protected	Prop Dual Pr Pmt
42	175	Collateral Plus	Coll Plus Pmt
43	190	VSI Insurance	VSI Ins Payment
44	191	Non File Insurance	Non File Ins Pmt
45	197	Homegard Insurance	Homegard Ins Pmt
46	198	Flood Insurance	Flood Ins Pmt
47	199	Fire Insurance	Fire Ins Pmt
48	217	Retraction of Promotion	Promo Retraction
49	221	Charge Off Loan	Charge-off Loan
50	222	Reverse Charge Off	Reverse Chrg-off
51	223	Repossession	Repossession
52	224	Reverse Repossession	Rev-Repossession
53	225	Prin / Int Adjustment	Prin/Int Pmt
54	226	Roll Finance Charges	Roll Finance Chg
55	227	Pay Promo to Zero	Pay Promo 2 Zero
56	228	Roll Finance Charge	Roll Finance Chg
57	229	Roll Misc Fees into Balance	Roll MF into Bal
58	250	Postpetition Trustee Payment	Trustee Payment
59	251	Adequate Protection Payment	Adequate Protect
60	252	Postpetition Escrow Payment	Postpet Escrow
61	253	Prepetition Claim Payment	Prepet Claim PMT
62	254	Postpetition Claim Payment	Postpet Claim PM
63	255	Insurance Payment on Bankruptcy	Ins Pmt Bankrupt
64	256	Payment on Bankruptcy	Pmt on Bankrupt
65	257	Increase escrow balance on BK loans	Inc RSV Balance
66	258	Reduce Principal Balance by Arrearage	Reduce Prn on BK
67	259	Waive Late Charges on Bk	Waive Lt Chrg BK
68	260	Write-off On BK Account	W/O BK Account
69	400	Partial Write-off	Prtl W/Off Pmt
70	401	Full Write-off	Full W/Off Pmt
71	402	Repo Write-off	Prtl W/Off Pmt
72	406	Retract Convert to IB	Retract Convert
73	410	Sale of Security	Sale of Sec Pmt
74	419	Interest Adjustment	Int Adjustment
75	500	Collection	Collection Pmt
76	510	Judgment Adjustment	Judgment Payment
77	580	Payoff	Payoff
78	600	Death Claim	Death Claim Pmt
79	601	Payment From Partial	Pmt From Partial
80	602	Curtailment from Partial	Prin To Partial
81	603	Deferment	Deferment
82	604	Convert to IB	Convert to IB
83	605	Advance Payment	Advance Payment
84	606	Stored Value Card	Value Card
85	607	Default/Extension Charge	Default/Ext chrg

See Regular Payment Options for information about institution options that affect regular payments.

Loan Payment—Notes:

1.When posting a payment on a loan that is two or more payments past due, the system requires a teller override (TOV).

2.For contract collections, late charges included in the regular payment are shown in the seller history as a separate item. If a correction transaction is processed on the same day and for the same amount as the 600 transaction regular payment, both transactions are canceled. Otherwise, the correction will show on the Afterhours Processing Exceptions Listing (FPSRP013). You must manually retrieve the funds from the seller and reduce the Year-to-Date Disbursements field for that amount (on the Contract Collections screen).

3.When posting a payment on a payment method 5 loan that is higher or lower than the actual amount, the system will require a TOV and display one of the following messages: "TOV AMT TOO LOW -- PMT IS $XXX.XX" or "TOV AMT TOO HIGH -- PMT IS $XXX.XX."

4.For payment methods 0, 1, 2, and 7, when posting a payment on a loan that has received a partial payment, the system requires a teller override (TOV).

5.When making a correction of a Regular Payment (tran code 608), if one or more tran code 500s (field debits) and/or tran code 510s (field credits) were posted after the payment was posted, all the 500s and 510s must be reversed prior to the reversal tran (608). If one or more 500s and/or 510s were posted and you only want to reverse one particular transaction (and not the payment), you don't have to reverse all of the transactions posted after that transaction, just that transaction itself.

6.For payment method 3 (precomputed) and 6 (daily simple interest) loans, if the payment transaction would make the principal balance zero, the system will check the following fields; if they are all zero, it will automatically close the loan at the time the payment is processed.

Late Charges

Reserve 1

Reserve 2

Miscellaneous Funds

LIP Balance

Customer LIP Balance

Subsidy Balance

Fees

Partial Payment

Accrued Interest

Insurance Rebate (Any add-on insurance policies where the borrower is due back a rebate if the loan is paid off early. See the Unearned Premium field on the Loans > Insurance > Policy Detail screen for more information.)

7.The action date for Action Code 28 (curtailment/payoff lockout) must be earlier than or the same as the present day’s date in order to make a payment.

Regular Payment Options

The following institution options are available when loan transactions are posted:

OPT 8 BSOV: Allows you to bypass the supervisor override when posting payments for interest-bearing loans (payment method 6) where the borrower pays more than the scheduled amount (if the loan has not been sold to an investor).

OPT Y CFEE: Requires a teller override (TOV) when posting a payment if miscellaneous fees are due on the loan. (This option is available for all payment methods.)

OPT Y BTOV: Stops the requirement for a TOV when posting a loan payment for an amount greater than the payment amount. This was created for processing mass payments; however, it also works with regular loan payments. (This option is only available with line-of-credit loans (payment method 5).)

OP01 BKPM: Bankruptcy (Hold Code 4 and 5)

Allows a principal decrease (tran code 510/518)

Allows a principal increase (tran code 500/508)

Allows a payoff (tran code 580)

Allows a loan payment (including automatic payments) (tran code 600/608)

Allows a spread payment (tran code 690/698)

Allows payment of late charges (tran code 550/558)

Allows waiving of late charges (tran code 570/578)

Allows VSI Add (tran code 870/878)

Allows VSI Cancel (tran code 890/898)

Allows assessing of miscellaneous fees (tran code 660/668)

Allows a payment of miscellaneous fees (tran code 850/858)

Allows waiving of miscellaneous fees (tran code 670/678)

Allows a partial payment (tran code 510/508 to field 33)

OP01 PIWD: Allows interest to be paid only in full-day increments for interest-bearing loans (payment method 6). If this option is set, when a payment is posted (600 transaction code only), interest will only be paid in full-day increments. For example, if the per diem is $5.50, only multiples of $5.50 would be paid to interest ($5.50, $11.00, $16.50, etc.), up to the full amount of interest owed. Any remaining amount will be applied to principal. If the amount paid is less than the per diem, no interest will be paid.

The result of this option will be a more accurate Date Interest Paid To (LNPDTO).

Example:

Given:

Principal balance: $3,816.10

Loan rate: 30.0000%

Interest base: 365

Per diem: $3.14

Interest for 30 days: $97.34

P/I Constant: $264.00

A payment of $100.00 divided by the per diem of $3.14 will be 31. The per diem multiplied by 31 is $97.34. The remainder of the payment ($2.66) will be applied to the principal.

OP02 APCO: Charge-offs (Hold Code 2)

Allows a loan payment (including auto payments) (tran code 600/608)