New Loans |
  
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Navigation: Loans > Loan Screens > Credit Reporting > General Reporting Information >
New Loans |
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Date Opened
The date the loan was opened indicates to the credit repositories if this is a new loan.
The system compares the date opened to the report run date and determines the number of days. If the number of days is less than 90, it determines it is a new loan and places "1" (Newly opened account) in the Consumer Transaction Type field on the Reporting Codes & Original Information tab.
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WARNING: Once the loan has been opened and reported to the credit repositories, the date opened should not be changed. The credit repositories may designate this as another loan if you do so. (Two loans could now show on the borrower’s record.) |
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Maturity Modifier
Balloon payment loans should be coded using maturity modifier 1, action code 1, and the action date as the balloon maturity date.
Single payment loans should be coded using maturity modifier 2, action code 18, and the action date as the single pay maturity date.
