Generate Payment Schedule Algorithm Types

The core of the pay plan recommendation rule is the Generate Payment Schedule plug-in. The base package provides two general methods for calculating a payment schedule: fixed amount and fixed duration.

One set of base-package algorithms assume that P&I controls are applicable to the pay plan’s covered obligations. These algorithms include penalty and interest charges in the calculated scheduled payments:

Another set of base-package algorithms assume that the covered obligations do not have P&I controls. These algorithms calculate the scheduled payments based on simple obligation balances: