Navigation:  Loans > Loan Screens > Bankruptcy and Foreclosure Screen Group > Bankruptcy Screen > Claim Information tab > Applied to Payment/Partial Payment details

The Applied Payment or Partial Payment field serves two different purposes, depending on whether the account is a simple interest loan:

 

•If the loan is a payment method 0 (conventional loan) or 7 (ARM), this field contains funds paid toward the loan but not applied to the loan. For these types of loans, the field is called Partial Payment.

 

•If the loan is anything but payment method 0 or 7, this field contains the amount that will be applied toward the next payment due. The name of this field is called Applied To Payment.

 

The details of these two purposes are explained below.

 

Partial Payment

 

This field displays the amount of funds paid but not applied to the loan because it was not a full payment. This field cannot be file maintained and can only be updated using a teller transaction.

 

Funds are credited to partial payments by a teller transaction (Increase Partial Payments, 510-33) in GOLDTeller. The funds remain there until another teller transaction is processed to debit partial payments (Decrease Partial Payments, 500-33) and post the money somewhere else (usually as a payment).

 

This field is generally used by the collection department if less than a full payment is collected. Once the remaining portion of the payment is received, post those funds to Partial Payments, then debit the full payment amount from Partial Payments and credit it as a payment.

 

Funds in this field are not automatically applied as a payment by the system unless you have a certain Institution Option enabled. The Partial Payment Report (FPSRP198) and the Loan Warning Report (FPSRP083) identify accounts that have funds in partial payments. Bill and receipt statements subtract the partial payment amounts from the total due.

 

For more information about partial payments, see the Partial Payment Options help page.

 

Applied To Payment

 

This field can be file maintained by the user and does not require a teller transaction.

 

If the customer account is a simple interest loan, a partial payment can be made and applied to the account. If the amount paid is less than a full payment, the due date will not roll, but the money will be applied to the areas designated by the Payment Application code (such as Principal, Interest, etc).  The amount paid toward the payment due is automatically stored in this field until the full payment is satisfied.  When the due date rolls, this field is cleared out. This field is also used in determining whether a late charge should be assessed when using delinquency grading and collecting late charges before principal and interest.