8.12.2 Repayment Sub Tab

This topic provides information on the Repayment section, which records and manages repayment details such as due dates, amounts, and completion status to support financial oversight.

The Repayment sub screen records the application’s advance information, repayment schedule, and skipped repayment months for variable rate Loan.

To complete the Repayment sub tab
  1. On the Origination, click Origination. Under Origination, click Funding.
  2. Under Funding, click Funding tab. Under Funding tab, click Contract. Under Contract, click Repayment.
  3. In this section, user can perform any of the Basic Operations mentioned in Preface.
    A brief description of the fields is given below:

    Table 8-3 Repayment

    Field Description
    Repayment Displays the Repayment section.
    Flexible Repayment Allowed If this display only check box is selected, then the flexible repayment functionality is set up and allowed for this application's product type.
    Type

    Select the flexible repayment schedule user want to use from the following: SKIP PERIOD, USER DEFINED, UNDEFINED.

    If user select the repayment schedule type of SKIP PERIOD, user then select the months for which borrower won't make any payments in the Skip Months section.

    If user select the repayment schedule type of USER DEFINED, user then enter the repayment schedule requested by borrower in the Schedule section; for example, $300.00 for first 12 months, $350.00 for next 18 months, and so on.

    Note: The borrower may not provide a complete repayment schedule with the contract. Provisions are available with the system to compute the repayment schedule for remaining periods at a later time, if borrower provides partial repayment schedule.

    Skip Months Displays the skip months section.
    Jan If selected, indicates that repayment is skipped for January.
    Feb If selected, indicates that repayment is skipped for February.
    Mar If selected, indicates that repayment is skipped for March.
    Apr If selected, indicates that repayment is skipped for April.
    May If selected, indicates that repayment is skipped for May.
    Jun If selected, indicates that repayment is skipped for June.
    Jul If selected, indicates that repayment is skipped for July.
    Aug If selected, indicates that repayment is skipped for August.
    Sep If selected, indicates that repayment is skipped for September.
    Oct If selected, indicates that repayment is skipped for October.
    Nov If selected, indicates that repayment is skipped for November.
    Dec If selected, indicates that repayment is skipped for December.
    Extendable Balloon Displays the extendable balloon section.
    Max Term Specify maximum number of payments.
  4. Perform any of the Basic Actions mentioned in Preface.
  5. In the Repayment Schedule section, click View.
  6. View the following information:

    Table 8-4 Repayment Schedule

    Field Description
    Repayment Schedule Displays the repayment schedule section.

    Note: Complete the Schedule section only, if user have entered USER DEFINED in the Repayment section’s Type field. Click Add to make new entries.

    Seq Specify the sequence number of the repayment schedule.
    Pmt Amt Specify the repayment amount borrower agreed to pay during the schedule.
    # of Pmts Specify the number of payments borrower agreed to pay for stated repayment amount during this schedule.
    Generated If selected, indicates that the schedule is system generated.
    Enabled If selected, indicates that the schedule is enabled.
  7. In the Payment Change Schedule section, click View.
  8. View the following information:

    Table 8-5 Payment Change Schedule

    Field Description
    Payment Change Schedule Displays the payment change schedule section.
    Seq Specify the payment sequence number.
    Option Type Select the option type.
    Frequency Specify the payment change frequency.
    Period Specify the period.
    # of Adj Specify the number of adjustments.
    Value Specify the adjustment value.

Parent topic: Contract Tab