Loans > Loan Screens > Account Information Screen Group > Consumer Line-of-Credit Screen > Options tab

Use this field group to view and edit auto repay information for the customer line-of-credit (LOC) loan account.

laicloc_autorepay

To learn more about how LOC loans function, see the Line-of-Credit Loan Information help page. The fields in this field group are as follows:

Field

Description

Repay Code

Mnemonic: LNRLRC

Use this field to indicate how automatic repayment of this loan through a deposit account will occur. Possible selections in this field are:

Code	Description of Automatic Repayment

000	No automatic repayment

001	Automatically repay entire loan amount

002	Automatically repay a fixed amount

003	Automatically repay a percentage of the balance of the loan, interest is billed to next due date

004	Automatically repay regular calculated payment

005	Same as 003, but interest is billed to billing date only

If 000 is selected, no repayment attempts are made. If 001 is selected, the system will attempt to make the payment nightly. Codes 002, 003, and 004 take the last two numbers in the Finance Charge Code field and attempt to make the payment that number of days prior to the loan due date. The system will attempt to make the payment each night until the loan is current.

Codes 200 through 230 can be entered in this field, which allow repayment to be made relative to the loan due date. For example, "200" attempts repayment on the loan due date. "201" attempts repayment one day before the loan due date, and so on until "230," which will attempt repayment 30 days before the loan due date. By requesting that GOLDPoint Systems run the auto repay function nightly, an institution can take an automatic payment for a loan as soon as money has been deposited into the transfer account. If the principal balance of the loan is zero, the system will continue to attempt repayment until the Total Finance Charge Due is zero.

This field works in conjunction with the Transfer Account field.

Note: If a payment is set up to post on the same night as the finance charge, the payment will satisfy the finance charge and no bill and receipt will be created. To solve this problem, either set the auto pay to process at least 2 days after the finance charge (allow for weekends, holidays, etc) or Institution Option PBFC will process the payment first, but it will process as a principal decrease rather than a payment. The finance charge will then occur and a bill/receipt will be created.

Repay Percent

Mnemonic: LNRLRP

Use this field to indicate the percentage of the balance your institution wants paid through the automatic repayment feature, rather than an amount. If "003" has been entered in the Repay Code field, this field must be used.

Repay Amount

Mnemonic: LNRLRA

Use this field to indicate an amount of the balance your institution wants paid through the automatic repayment feature, rather than a percentage. If "002" has been entered in the Repay Code field, this field must be used.