Loan Screens > Account Adjustment Screen > Multiple Payment Applications

Entry: User, checkbox

F/M: Yes

Mnemonic: LNMULP

Screen: Loans > Account Adjustment screen

Checking this box signifies that this loan qualifies for seasonal payments. In other words, the account owner can skip a few months of payments based on the payment applications set up in the Multiple Payment Applications field group.

For example, an account owner may primarily operate a business in the summer time (lawn care), so therefore, they may want a loan where payments are only expected six months of the year (during warmer months).

Not every institution offers seasonal payments. If your institution does offer seasonal payments, this field will likely already be checked when the loan is boarded during loan origination. However, you can make changes to this field accordingly.

•If this field is not checkmarked, only one box appears in the Multiple Payment Applications field group. The payment application code will spread the payment the same each month.

•If this field is checkmarked, the system opens 12 fields in the Multiple Payment Applications field group, one for each month. Each month can have a different payment application code.

Once this field is checked, it should only be unchecked if the Seasonal Payments Promotion is terminated. Reestablishing a Multiple Payment Application schedule will not be allowed once it has been terminated. Once terminated, a new payment amount, term, and rate (see Alter Account field group) should be entered by the user if any modifications are needed. If no changes are made, the system will continue to require monthly payments at the current rate and payment amount and for the current term.

If this field is checked, the Loans > Transactions > EZPay screen will disable the Holiday Coupon, Regular Deferment, and Hardship Deferment fields. All other payment and payoff functions can be used without any additional changes.

Also when this field is checked for Loan Patterns, the system enables GOLDTrak® PC to indicate which months will receive a payment and which months will not be using the Multiple Payment Application schedule. In the months when a payment is expected, this field will contain a payment application code (example: 214 where 2 = interest, 1 = principal, and 4 = late charges) in accordance with your agreement with your customer to collect principal, interest, late charges, etc.