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Origination/Opt Out tab

Navigation:  Loans > Loan Screens > Account Information Screen Group > Signature Loan Details Screen >

Origination/Opt Out tab

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Use this tab (on the Loans > Account Information > Signature Loan Details screen) to view origination information (and indicate opt-out information) about the customer signature loan (payment method 16).

 

Loans > Account Information > Signature Loan Details Screen, Origination/Opt-Out Tab

Loans > Account Information > Signature Loan Details Screen, Origination/Opt-Out Tab

 

Use the list view on the right side of this screen to indicate whether the person selected in the Names list view wants to opt out of email or SMS (text) solicitations by your institution. This information is usually entered when the loan is originated, but if your institution allows it, you can make changes here. If you check the Opt Out boxes, the customer will not receive any emails or text solicitation messages through the Notification System. They may, however, still receive alerts in regards to their account, such as the balance being low, a payment needing to be made, etc. See the Notification System manual for more information.

 

The fields on this tab are as follows:

 

Field

Description

Original Balance

 

Mnemonic: LNOBAL

The Principal Balance of the loan at its creation.

Original Interest Charge

 

Mnemonic: OTOINT

The calculated interest charge (as a dollar amount) for the loan at its creation.

Prepaid Fees

 

Mnemonic: OTPPF1-OTPPF5

The amount, if any, of charges and fees previously paid by the customer at the time of the loan's creation.

First Payment

 

Mnemonic: OTPFAM

The first amount paid by the customer on the loan.

Original PI

 

Mnemonic: LNOPIC

The PI Constant calculated on the loan at its creation

Last Payment

 

Mnemonic: OTLPAM

The most recent amount paid by the customer on the loan.

Date Opened

 

Mnemonic: LNOPND

The date of the loan's creation.

Funded Posting Date

 

Mnemonic: MRFUND

The date loan funds were available to the customer following the loan's creation.

First Due Date

 

Mnemonic: LN1DUE

The Due Date of the first scheduled payment on the loan.

Original Maturity Date

 

Mnemonic: MLOMAT

The initial Maturity Date of the loan indicated at the loan's creation.

Original Term

 

Mnemonic: LNTRMO

The initial Term of the loan indicated at the loan's creation

Original APR

 

Mnemonic: LNAPRO

The initial APR of the loan indicated at the loan's creation.

Original Rate

 

Mnemonic: LNORTE

The initial Interest Rate of the loan indicated at the loan's creation.

Frequency

 

Mnemonic: LNFREQ

The Frequency of the loan indicated at the loan's creation.

Number of Days Delinquent to Charge-Off

 

Mnemonic: N/A

The amount of time (in days) a customer account is allowed to be delinquent before the charge-off transaction is processed. Charge-off transactions are processed on the Loans > Transactions > Charge Off Transactions screen.

Optional Semi Monthly

 

Mnemonic: LNOO24

Check this option to indicate that your institution uses an alternate version of the regular semi-monthly payment Frequency. See below for more information.

 

•If this field is marked and the Due Date is set to the first day of the month, you are given a choice of a 1-15-1-15 pattern or a 1-16-1-16 pattern. Institution option OPTN CH24 must also be set. When the institution option and this option are set, and a user changes an account's Due Date to the first day of a given month, the system displays a small dialog asking if the customer wants the next payment date going forward to be on the 15th or 16th day of the month. The user then selects the 1st and 15th or 1st and 16th radio button and that becomes the Next Due Date, as shown below.

 

instoptch24

 

•If this field is marked and the Due Date or Due Date Day value is “15,” the due date of the loan will fall on the 15th and the last day of each month.

•If this field is marked and the Due Date or Due Date Day is “31,” the due date of the loan will fall on the last day of the month, and then on the 15th of the next month.

 

If the Due Date or Due Date Day is any other value than “1,” “15,” or “31,” the due date will be determined normally. See the Semi-monthly description on the Frequency field for more information. Note: The Due Date or Due Date Day field cannot be left blank.

 

If your institution wants to use this field but it is grayed out in CIM GOLD, contact GOLDPoint Systems.

Within Due Date Day

 

Mnemonic: LNWIDY

This option is available for customers who are set up to make automatic recurring payments (see ACH Information field group on the Late Fees/ACH tab) but who also want to make additional payments within the same frequency. This option affects the number of times the system rolls the Due Date for payments. See below for more information.

 

When this option is set, the Due Date should only roll once, even though more than one payment is made. This option cannot be set to zero.

 

For example, the system processes an automatic payment on the same date as the Due Date. The value in this field is “2” (meaning two days before the Due Date). The customer makes a walk-in payment two days before the Due Date. Therefore, the system would roll the Due Date when the walk-in payment is made, but it would not roll the due date when the automatic payment is processed two days later.

 

Furthermore, if a customer makes a payment five days before the Due Date (and the value in this field is “2,” meaning two days before the Due Date), the system will not roll the due date, because the payment was not made within the number of days indicated in this field. However, when the automatic payment is processed five days later on the Due Date, the Due Date is rolled to the next payment frequency.

 

This field works best if it is set to “2” or “3” (meaning two or three days before the Due Date) and the Cycle By Due Date - Days Before field is set to zero. This field determines when the system processes the automatic payment and rolls the Due Date.

 

If your institution wants to use this field but it does not appear in CIM GOLD, contact GOLDPoint Systems.

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