Navigation:  Loans > Loan Screens > Loan Assumption Screen > Buyer Information tab >

Automatic Payment Fields field group

Navigation:  Loans > Loan Screens > Loan Assumption Screen > Buyer Information tab >

Automatic Payment Fields field group

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Use this field group to view and edit information about automatic payments for the loan assumption.

 

These fields correspond to the buyer, not the seller. Once the assumption is processed, these fields update all automatic (recurring) payments as displayed on the Loans > Account Information > Payment Information screen.

 

las_autopayfields

 

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WARNING: Buyer Information must be set up before entering information on any other tabs on this screen.

 

The fields in this field group are as follows:

 

Field

Description

Type

 

Mnemonic: LAACCK

Use this field to indicate the type of account being used in automatic payments by the buyer. Possible selections in this field are Checking and Savings

Cycle

 

Mnemonic: LAACYC

Use this field to indicate the auto-payment cycle number for automatic loan payments by the buyer. At assumption, this field will overwrite the existing cycle code if the previous owner (seller) set up automatic payments on the Payment Information screen.

Source Account

 

Mnemonic: LAANBR

Use this field to indicate the auto-payment bank account number for automatic loan payments by the buyer. At assumption, this field will overwrite the existing source account number if the previous owner (seller) set up automatic payments on the Payment Information screen.

Source Routing/Transit

 

Mnemonic: LAABNK

Use this field to indicate the auto-payment bank routing and transit number for automatic loan payments by the buyer. At assumption, this field will overwrite existing routing/transit information if the previous owner (seller) set up automatic payments on the Payment Information screen.

 

If valid Source Account and Source Routing/Transit numbers are indicated, the name of the financial institution associated with the numbers will appear at the bottom of this field group.

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