How to enter a regular payment in a loan?

Field:

Description:

Enter the loan account number. The primary borrower's full name will display in the field below.

TIP: Click to open a lookup window that allows you to select a record from a list of existing records. For more details see How to use lookup windows.

Principal Balance

The loan's principal balance. This field is read-only.

Reserve Balance

The loan's reserve (trust) account balance. This field is read-only.

Impound Balance

The loan's impound (trust) account balance. This field is read-only.

The loan's unpaid interest balance. This field is read-only.

TIP: The system displays an alert () next to this field if the loan has a non-zero unpaid interest balance.

The amount of the scheduled regular payment. This field is read-only.

TIP: This amount is the sum of P&I, Trust/Escrow and Other Payments.

The date interest is paid to. This field is read-only.  

TIP: This date is always in arrears, and generally a period earlier than the Next Payment Due date.

Next Payment Due

The loan's next payment due date. This is the default value used as Due Date in the Payment Information section of this window. This field is read-only.

The loan's next scheduled revision. This field is read-only.

TIP: The system displays an alert () next to this field if the revision date has expired.

The loan's maturity date. This field is read-only.

TIP: The system displays an alert () next to this field if the maturity date has passed.

TIP: The system won't prevent you from posting a payment to a loan with a past due maturity date.

The loan's interest rate. This field is read-only.

Enter the amount of the late charge you want to add for this payment.

TIP: By default, the system automatically adds a late charge if the number of days between the due date and the received date exceeds the late charge grace period for this loan. 

Description:

 Select a payment method from the list. The available choices are:

• Cash
• Check
• Cashier's Check
• Credit Card
• EFT (credit cards or electronic fund transfers)
• Electronic Payment
• Money Order
• MoneyGram
• Other

TIP: Select Electronic Payment to process credit cards or electronic funds transfers (EFT). 

This read-only field shows the date the payment is due. By default, this is the loan's current payment due date.

TIP: After posting the payment, the system will set the next payment due date as this date plus the payment frequency.

Enter the date the payment was received. The system defaults to today's date.

TIP: The received date of the payment is used to calculate accrued late charges.

TIP: For loans with the Periodic Interest Accrual Method set to Actual Days (Received Date to Received Date), accrued interest is calculated on the actual number of days between the loan's paid-to date and the payment received date entered here.

TIP: This date is used to calculate interest due on interest-bearing charges being paid.

Enter the date that you want the distributions from this payment to be available for the lenders and vendors. The system defaults to the Date Received plus the number of days that you hold checks.

TIP: If you change the Date Received the Release Date is automatically recalculated, but you are able to manually enter an arbitrary value in this field. 

 Select one of following three choices from the list:

• Release. Distributions from this payment will be available on or after the release date.
• Hold. Distributions from this payment will not be available until the hold is removed.
• Immediate. Distributions from this payment are immediately available, and checks can be printed at any time.

Field:

Description:

From Borrower

Enter the amount received from the borrower. The system defaults to the loan's regular payment amount.

From Reserve

If all or part of the payment amount is from the borrower's reserve (trust) account, then enter the amount here.

From Impound

If all or part of the payment amount is from the borrower's impound (trust) account, then enter the amount here.

This is the total amount of money to be applied as payment and represents the sum of the prior fields. This is a read-only field.

TIP: Any changes in the total received amount triggers a recalculation of the payment distribution.

Field:

Description:

This is the amount of the payment to be applied to principal. This is a read-only field.

TIP: Any undistributed portion of the payment is automatically applied to principal.

The amount of interest due is automatically calculated by the system. You can update this field if necessary.

TIP: The system displays an alert () next to this field if the interest calculation resulted from an irregular period fundings. If the alert is visible, you may click the preceding Interest hyperlink to preview and print a detail audit of the calculations.

Late Charges

Enter the portion of the payment that you want to apply towards late charges.

Reserve

Enter the portion of the payment that you want to apply towards the borrower's reserve (trust) account.

NOTE: The system defaults to the amount entered in the Regular Payment section, Reserve field, of the loan's General Terms. 

Impound

Enter the portion of the payment that you want to apply towards the borrower's impound (trust) account.

NOTE: The system defaults to the amount entered in the Regular Payment section, Impound field, of the loan's General Terms. 

Enter the portion of the payment that you want to apply to unpaid interest. Generally, unpaid interest results when the amount of the borrower's payment is insufficient to cover the amount of interest due, and you selected to add negative amortization to unpaid interest. 

TIP: If the loan has prior unpaid interest balance, and you selected Pay Automatically in the Unpaid Interest Handling section in the Options tab of the loan Terms, the system will try to pay as much as possible towards the unpaid interest balance.

Click the hyperlink to open the Other Payments window. The system defaults to the amount entered in the Regular Payment section, Other Payments field, of the loan's General Terms. 

TIPS:

• You can add, edit or delete the items from the Other Payments window. Any changes or additions made here only apply to this payment and do not affect the recurring amounts setup for this loan.
• Other payments to be paid by the lenders are not included in this amount.

Enter the amount of additional lender fees you want to collect from this payment.

TIPS:

• The amount you enter here is distributed among the funding lenders according to their ownership.
• The system assumes this fee is taxable income to the lenders and will be reported on the lenders 1099-INT. This is a one-time charge for this payment only.
• You may want to document this additional fee in the Notes section of this payment for future reference.

Enter the amount of additional broker (Company) fees you want to collect from this payment.

TIPS:

• The system assumes this fee is taxable income to the Company and will be reported on the 1099-MISC. This is a one-time charge for this payment only.
• You may want to document this additional fee in the Notes section of this payment for future reference.

Field:

Description:

Enter text to add notes to this payment.

TIP: These notes are attached to the payment record and can be viewed and edited in the loan history window.

Click to clear the window and start again.

Click to send a text message about this payment. 

NOTE: This field is uncheckable if the borrower has not opted into the SMS delivery option in the General tab of the borrower page.