Payment Information Screen

The Payment Information screen (found under Loans > Account Information in the left tree navigation in CIM GOLD) allows you to view all payment information for a given loan. Additionally, for interest-bearing loans (payment method 6), you can change the payment frequency of a loan and recalculate the principal and interest payments based on the new frequency.

You can also set up recurring payments using this screen, or by clicking the EZPay link at the bottom of the screen and setting up recurring payments from there.

Note: You can also change the frequency of a signature loan (payment method 16), but it must be done on the Loans > Account Information > Signature Loan Detail screen.

When you change the frequency of a loan, you must first click before you can save changes. The principal and interest payment will change based on the payment frequency you select from the Frequency field.

Example è

A customer has a P/I payment of $200.00, with a loan frequency of one monthly payment. The customer wants to change the frequency to bi-weekly payments that are more in accordance with the customer's paycheck. When you select "Bi-Weekly Payment-26" from the Frequency field, and then click

, the P/I is recalculated at the bi-weekly payment of $100.00 for each bi-weekly payment.

When recalculating the principal and interest payment based on a new payment frequency, the system takes into account the number of days interest and the number of days in the payment period, as well as the remaining balance on the loan (Principal Balance) and the number of payments remaining until the loan reaches maturity.

Additionally, the Due Date will be affected accordingly when changing the loan frequency, as will the Total Amount Due and Monthly Payment fields on the EZPay screen.

The Current Installment Number field will either decrease or increase according to the frequency that was selected. For example, if the Current Installment Number is 100 for monthly payments, and the Frequency is changed to weekly, the Current Installment Number is increased to 400.

The Last Day checkbox is also important if using the Floating payment frequency (13).

Also, the Remaining Payments til Maturity on the Loans > Transactions > CP2 screen, Payment Schedule tab will also change based on the Frequency you select. (For example, if a loan has 5 payments left and you change the Frequency from monthly to weekly, the Remaining Payments til Maturity will increase to 20.)

For more detailed information concerning each payment frequency, see the Frequency field description on the Loan Information tab.

If your institution does not have the FPRA option (Use FPRA for Recurring ACH Payments) set, then the Recurring Information tab is not displayed, and instead, the Recurring field group on the Loan Information tab is used to set up recurring payments. See those sections for detailed information concerning each of the fields on those tabs.