Hold Code Descriptions |
  
|
Navigation: Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group >
Hold Code Descriptions |
|
This help page contains a list of hold codes that are set up by GOLDPoint Systems and are available for use. If this list of hold codes is incomplete for your institution, please send in a work order requesting a new hold code be set up.
| CODE | DESCRIPTION OF HOLD CODE |
| 01* ¤ § | Foreclosure completed (cannot override). Stops late charge notices. |
| 02* ¤ § | Charge-off (unpaid balance reported as loss by credit grantor) (cannot override). Stops late charge notices. (Note: To stop late charges from assessing, be sure to change the general category code to 80-89.) An institution option, OP03 ACCO, is available which, when set, will allow a principal increase on charged-off loans. Institution option OP02 APCO allows the following transactions to be posted without an override: loan payment (tran code 600/608), waive late charge (tran code 570/578), pay late charge (tran code 550/558), waive misc fee (tran code 670/678), pay loan fee (tran code 850/858), VSI Add (tran code 870/878), VSI Cancel (tran code 890/898), assess miscellaneous fees (tran code 660/668), and autopayments. |
| 04* + § | Bankruptcy - Chapter 7 or 11 - stops late charge notices, still assesses (cannot override), stops auto payments. Sorts reserve analysis statements to the top. Institution option BKPM allows the following transactions to be posted without an override: payments (tran code 600/608), partial payments (tran code 510/518 to field 33), principal increase (tran code 510/518 to field 47), teller spread payments (690/698), waive late charge (tran code 570/578), pay late charge (tran code 550/558), waive misc fee (tran code 670/678), pay loan fee (tran code 850/858), VSI Add (tran code 870/878), VSI Cancel (tran code 890/898), assess miscellaneous fees (tran code 660/668), and autopayments. |
| 05* + § | Bankruptcy - Chapter 13 - stops late charge notices, still assesses (cannot override), stops auto payments. Sorts reserve analysis statements to the top. Institution option BKPM allows the following transactions to be posted without an override: payments (tran code 600/608), partial payments (tran code 510/518 to field 33), principal decrease (tran code 500/508 to field 47), teller spread payments (690/698), waive late charge (tran code 570/578), pay late charge (tran code 550/558), waive misc fee (tran code 670/678), pay loan fee (tran code 850/858), VSI Add (tran code 870/878), VSI Cancel (tran code 890/898), assess miscellaneous fees (tran code 660/668), and autopayments. Institution option OP05 LTBK will stop assessment of late charges on Chapter 13 bankruptcy accounts. |
| 06* ¤ § | Deed in lieu of foreclosure - shows on GNMA report as a finance charge (cannot override), stops auto payments. Stops late charge notices. |
| 07* + § | Legal hold (cannot override) - foreclosure. 1) Affects FHLMC inactive loans. This hold code automatically creates an action code 155 and action date. The action date matches the date the hold code is entered. The date in the Action Date field needs to match the FHLMC inactivation date. This affects FHLMC loan level reporting. If there is an action date in the current investor cycle, then the FHLMC Loan Level Report will show one month's net interest. If there is an action date in the prior investor cycle, then the FHLMC Loan Level Report will show no net interest to be remitted. 2) Shows on GNMA, FHLMC Loan Level, and FHLMC Midanet reports as a foreclosure. 3) Allows late charges to assess. 4) Stops late charge notices. Note: Action code 155 and the action date need to be removed manually if foreclosure is canceled. 5) Stops auto payments. 6) For loans with this code, the Bill and Receipt Statement (FPSRP003) can be prevented from being generated. (See FPSRP003 in the Loan Reports manual.) 7) Sorts reserve analysis statements to the top. |
| 08 | Reinstatement plan in effect - (supervisory override required). Stops auto payments. |
| 09* + § | Legal hold (cannot override) - foreclosure. Stops late charge notices, still assesses, stops auto payments. Shows on GNMA report as a foreclosure. For loans with this code, the Bill and Receipt Statement (FPSRP003) can be prevented from being generated. (See FPSRP003 in the Loan Reports manual.) Sorts reserve analysis statements to the top. |
| 10 | Military indulgence. |
| 11** | A message will appear on the screen at the time a transaction is performed. Refer to Collection/REO (cannot override). |
| 12 | LIP open for this account. |
| 14 | Reserve deficiency exists on this account (teller override required). |
| 15 | Reserve deficiency - loan servicing (no override). |
| 16 | Reserve deficiency - Insurance Department (cannot override). |
| 17 | Life insurance - stops payment of life insurance. |
| 18 | Property tax hold, will not allow property taxes to be paid from tax service tapes. (This has no effect on teller transactions.) |
| 19 | Unsecured student loan. |
| 20 | Refer late charge to Loan Department (teller override required). |
| 21 | Need federal ID or social security number (also see hold code 71). |
| 22 | Insurance loss claim on loan. |
| 23# | Prepayment penalty applies - 1 year (SOV required when more than the regular payment attempts to be posted. This hold code does not work with payment method 5, 9, or 10 loans, or LIP payment method 1 or 101.) |
| 24# | Prepayment penalty applies - 2 years (SOV required when more than the regular payment attempts to be posted. This hold code does not work with payment method 5, 9, or 10 loans, or LIP payment method 1 or 101.) |
| 25# | Prepayment penalty applies - 3 years (SOV required when more than the regular payment attempts to be posted. This hold code does not work with payment method 5, 9, or 10 loans, or LIP payment method 1 or 101.) |
| 26 | Do not report 1098 to IRS but does create a year-end statement. |
| 27+ | Loan in default (cannot override). Stops auto payments and late charge notices. |
| 28 | Refer to loan service department (supervisory override required). Auto payment, etc. will not be stopped. Allows late charges to assess regardless of hold codes. |
| 29 | Refer to Comm/Cons loan department (supervisory override required). Auto payment, etc. will not be stopped. Allows late charges to assess regardless of hold codes. |
| 33 | Payment deferred by law. |
| 37 | Loan with illegal assumption status (cannot override). |
| 39 | No annual statement or reporting to IRS. Will not create statements or report to IRS. |
| 40 | Graduated payment loan. |
| 41 | Print loan statement, but no reserve analysis at year-end. |
| 42 | Allow reserve analysis to lower payment for account. |
| 43 | Do not print loan statement at year-end but do report 1098 interest to IRS. |
| 44 | Report 1098 interest to IRS regardless of general category or collateral code. (Does not report if less than $600 unless Option R SKCK is set.) |
| 47 | "SPECIAL PROCESSING REQUIRED." Teller override required to process payment or extra principal payment. |
| 48 | Loan to collect cash payment only (teller override required) (supervisory override required to process payment or extra principal payment). Stops auto payments. |
| 49 | Send no advertising or direct mail solicitations. |
| 50 | Pending modification request. You are responsible for the removal of the hold code after modification request processed or when it no longer applies. This code will not display at the teller station or require any overrides. |
| 51 | Modification request. Permanent code on loans that have been modified as to original terms (e.g., principal balance, loan maturity date, interest rate, payment method, etc.). This code will not display in GOLDTeller or require any overrides. |
| 52 | Pending in-house refinance. You are responsible for the removal of the hold code after refinance completed or when it no longer applies. This code will not display at the teller station or require any overrides. |
| 60 | Account frozen (no override). Stops all monetary transactions. In case of ACH transactions, the account will be displayed on the Afterhours Processing Exceptions Listing (FPSRP013). Does not stop assessment of late charges or notices. Does not affect investor reporting or credit bureau reporting. You are responsible for the removal of the hold code when it no longer applies. This hold code message will appear in GOLDTeller when processing transactions on this account. |
| 61 | Lost draft–verify check number (no override). |
| 69 | Officer/director loan. |
| 70 | Employee loan. |
| 71 | Social security number verified - needs to be verified, won't report to credit bureau. |
| 72 | Stops following transactions on LIP loans: 430, 431, and 500 (LIP method code must be greater than 0). No TOV or SOV allowed. |
| 82 | GOLDPhone lockout. This stops a customer from accessing the loan account from GOLDPhone. |
| 83 | Stop ACH–This hold code stops ACH payments from being made on your company's Web site or through the Easy Pay screen. |
| 86 | Loan sold servicing released. Stops ARM rolls (cannot override). |
| 87 | Send prenote on loan auto-payment for ACH. |
| 88 | Issue check to cover loan auto-payment—never ACH. |
| 89 | Assumption in progress. Cannot override. |
| 90 | Judgment awarded. (Also see action code 99.) |
| 91* | Collection account (assigned to collection agency, lawyer, etc.). Reported to credit bureau. |
| 92* ¤ § | Voluntary surrender. Reported to credit bureau. Stops late charge notices. |
| 93* ¤ § | Repossession by grantor. Reported to credit bureau. Stops late charge notices. |
| 94* | Paid account; a foreclosure was started. Reported to credit bureau. |
| 95* | Paid account; was a charge-off. Reported to credit bureau. |
| 96* | Paid account; was a collection. Reported to credit bureau. |
| 97* | Paid account; was a voluntary surrender. Reported to credit bureau. |
| 98* | Paid account; was a repossession. Reported to credit bureau. |
| 99* | Settled; account legally paid in full for less than full balance. Reported to credit bureau. |
* In addition, you must enter action code 94 and a date.
** If the Auto Hold Code 11 field on the Loans > Account Information > Additional Loan Fields screen, Valuation/Billing tab is checked, the system will automatically put a hold code 11 on the account if a late notice type 9 or 10 is produced for that account in the afterhours. If hold code 4, 5, 7, 9, or 27 are already on the loan, the 11 will not be added. The system checks the Hold Code 1-4 fields and places the 11 in one that is blank. If all fields have hold codes, the 11 is placed in the first field. Removal of the hold code must be performed manually by your institution. Note: Update function 67 must be set to "daily." Please submit a work order with your request, if you want to use this function.
+ The system allows file maintenance for the loan Interest Rate field (LNRATE) on the Loans > Account Information > Account Detail screen, Account tab and the Current Rate field (LNAMRT) on the Loans > Account Information > ARM Information screen, ARM Rates & P/I Tables tab, both online and in the afterhours. This is for payment method 7 loans and payment method 4 and 6 loans using the ARM fields (Use ARM Fields field checked on the Loans > Account Information > Account Detail screen, Payment Detail tab.)
# An institution update option (65) is available that will automatically delete the applicable hold code at the end of the 1st , 2nd , or 3rd year. It runs daily. The system compares the Date Opened field to the processing date to determine if the hold code needs to be dropped. If you would like this option, please send in a work order with your request.
¤ If you attempt to enter a hold code 1, 2, 6, 92, or 93, the system will require that a charge-off date be entered on the Loans > Account Information > Additional Loan Fields screen, Valuation/Billing tab before allowing file maintenance. The charge-off date is used by both credit reporting and some regulatory reports. If a charge-off date has not been entered, those reports cannot determine when the charge-off occurred and when to report the charge-off.
§ Stops late notice created through the Past Due Notices and Report (FPSRP018). Past due notices generated through GOLD EventLetters will be created unless the event code is removed from the Event field entered on the Actions, Holds and Event Letters screen.