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

This help page explains options and features pertaining to Partial Payments.

Update Function 84

Afterhours update function 84 will automatically debit the loan Partial Payments field and post a loan payment. It can be run daily, weekly, or monthly.

When using this update function, the loan must meet the following conditions:

1.	The loan must be payment method 0, 4, or 7.

2.	The loan cannot have any holds that cannot be overridden. (For instance, the loan cannot have a hold code 7--legal hold/foreclosure.)

3.	The loan cannot be “locked in” for a payoff or payment reversal.

4.	There must be enough funds in the Partial Payments field to post at least a full payment.

5.	The due date can be in the past, in the current month, or one month in the future (Refer to OPPP PPPA below).

This process functions as follows:

With update function 84 set (if none of the institution options below are enabled), the system will compare the loan payment (P/I plus reserve 1 and/or 2) with the amount in partial payments during the afterhours process. If there is enough money in partial payments to post a full payment, it will post a loan payment (tran code 600) and then debit partial payments.

Institution Options

Three institution options pertaining to paying late charges and miscellaneous fees, allowing the loan to be paid “in the future,” and processing excess funds as a curtailment are also available. They are as follows:

OPPP PPLF—Partial Payments–Pay Late Charge/Fees?

After the loan is brought current by posting payments, any excess funds will post next to late charges and last to fees (Current means the due date is greater than or equal to today (the run date)).

OPPP PPPA—Partial Payments–Pay Ahead?

This will post full payments due two months in the future if funds are available.

Examples:

A. In July, if a loan has a due date in July or August, the payment would be posted.

B. In July, if a loan has a due date of September or later, the payment would not be posted unless the option to pay ahead is used.

OPPP PPPC—Partial Payments–Pay Curtailment?

After paying all full payments (and fees and late charges if the appropriate options are set), any excess funds will be posted as a principal decrease (only on loans not sold to an investor (PERCENT SOLD equal to zero)). After bringing the loan current, paying the late charges and fees (according to the option), and paying the loan ahead (according to the option), any remaining funds will be posted (Current means the due date is greater than or equal to today (the run date)).

	Note: None of these options will function without at least a full loan payment being posted at the same time. Any or all of these options can be set.

All transactions are posted with an SOV (supervisor override) and as a TORC 61 (partial payments). They are identified in loan history as a payment from partial payments except the loan fees.

All transactions will appear on the Transaction Journal by Tran Origination Code Report (FPSRP041). Any transactions that fail will appear on the Afterhours Processing Exceptions Listing (FPSRP013). A failure of one these transactions may require a manual debit to partial payments.

The Partial Payments Report (FPSRP198) shows all loans that have funds in partial payments.

	WARNING: Prior to using this new function, please contact the GOLDPoint Systems financial team as your Autopost may need to be adjusted for TORC 61.