Original Payment

This is the original payment amount (per loan frequency) for this loan before the force-placed policy was processed on the account.

Plus Adjustments of

This displays the sum of all active policies. This is calculated by taking the policy premium amount, plus any finance charges, and dividing it across the number of payment frequencies during the term of the insurance policy. This is the amount for one frequency, not the total amount of the premium.

For example, if loan payments are made monthly, the amount of the insurance policy and finance charges is $550, and the term of the policy is 12 months, then this amount would be calculated as:

$550 / 12 = $45.83

Interest does not accrues on force-placed insurance policies.

Maximum Payment

This is a calculated field by adding the total amount of all policies to the original payment amount.

Payments by Policy

These fields break down the payments according to individual policies. The above fields are for total policies, if more than one force-placed policy is active on this loan.

Policy Sequence

This is a sequence counter for all force-placed insurance policies. It only counts active policies. The first force-placed policy processed on this account is given sequence 1; the next policy is given sequence 2; etc.

Start Date

This is the date the policy became effective. This date is selected when the force-placed insurance transaction is processed for this account. This field is used with the No. of Pmts field to calculate the ending date of the policy.

Change Amount

This displays the change amount of the payment when the force-placed insurance is in effect. This is calculated by taking the policy premium amount, plus any finance charges, and dividing it across the number of payment frequencies during the term of the insurance policy. This is the amount for one frequency, not the total amount of the premium.

For example, if loan payments are made monthly, the amount of the insurance policy and finance charges is $550, and the term of the policy is 12 months, then this amount would be calculated as:

$550 / 12 = $45.83

Interest does not accrues on force-placed insurance policies.

Payment

This calculated field is the payment amount during the policy term. It is calculated by adding the Change Amount to the Original Payment.

No. of Pmts

This is the number of payments between the payment start date and end date. This is dependent on the loan frequency and policy term.

End Date

This is calculated using the open date of the policy plus the term of the policy at the time it was processed. The day of the month is adjusted to match the due date day of the loan.