Navigation:  Loan Screens > Account Information Screen Group > Payment Information Screen > Loan Information tab > Due Date Last Rolled

Entry: User, date

F/M: Yes

Mnemonic: LNROLL

Screen: Loans > Account Information > Payment Information > Loan Information tab

 

This is the date the Due Date was last rolled due to an over payment or the amount in the Applied To Payment field reached a full payment, thereby rolling the Due Date ahead by one frequency.

 

Institution Option LCDR looks at the Due Date Last Rolled. If it is in the current late charge period, then a late charge will not be assessed. If you would like this option set up for your institution, contact your GOLDPoint Systems account specialist.

 

The late charge period is from Due Date + Grace Days to next Due Date + Grace to Due + Grace Days.

 

For example, if a loan has a Due Date of 05-01-13 with 10 Grace Days, late charges would be assessed on 06-11-13 and 07-11-13

 

If the borrower makes a payment anytime after 06-11-13, the 07-10 late charge will not be assessed.

 

(The previous example assumes a monthly payment.)

 

The next example assumes a payment frequency of weekly with a 10-day grace period.

 

•The due date is 08-07-13.

•The late charge would assess on 08-17-13.

•The late charge period for this due date is 08-10-13 to 08-17-13

 

 

If a payment is made on 08-21-13, then the next late charge that could be assessed would be on 08-31-13.

 

08-21 falls in the late period for the 08-14 due date, so a late charge will not be assessed on 08-24.