Enhanced Late Charge Notice
The Enhanced Late Charge Notice is designed to produce a notice, at any given point in time at the request of a financial institution, to be sent to the borrower to inform them of their outstanding late charge balance due in an effort to collect the late charges as soon as possible. The Late Charge Notice application will also generate a summary report for the financial institution listing all loan accounts where a notice was generated.
The Enhanced Late Charge Notice is designed to make it easier for a financial institution to inform a borrower of outstanding late charges, but it also does a multitude of other tasks, including but not limited to:
- Ability to generate a notice to send to Borrowers notifying them of outstanding Late Charges, which fall outside the payment sequence, at any given point in time
- Ability to generate a notice to send to Borrowers notifying them of outstanding Recurring Fees and other types of Charges, which fall outside the payment sequence, at any given point in time
- Capability to exclude the application for a specific loan product or loan account
- Capacity to exclude certain product minors from generating a notice
- Ability for the Financial Institution to designate which Late Charges, specific Charges and/or Recurring Fees generate notices that will be sent to Borrowers
- Ability to define the notices being sent to the Borrower by Major and Minor product types
For notices to be produced, a text file named ‘LATE_CHRG_NOTICE.TXT’ must be created and placed in the text directory defined by the ‘TEXT’ institution option.