Loan Payment Recalculation

This DNAapp provides the flexibility for loan accounts to have the contractual payment amounts recalculated either on advance, on rate change, on advance and/or rate change, or on demand.

0
In stock
SKU
SOFTAPP0054
Developed By: Fiserv
Version: 1.2.1.7 - Published October 2020

This application provides the flexibility for loan accounts to have the contractual payment amounts recalculated either on advance, on rate change, on advance and/or rate change, or on demand. The calculations can vary by product and payment amounts can be calculated using percentages, varying terms, and multiple types of tiered processes. Additionally, minimum payment amounts may also fluctuate. This application supports the use of an alternate payment amount and also considers Non Financed Debit Protection Premiums (SINS) included in the calculated total monthly payment.  

 

Benefits

This application enables financial institutions to configure payment recalculations using a variety of methods for simple interest loans based on product/account settings.

DNAapp Type: Batch Application

Developed with DNAcreator™

Technical Name - PS_LOANPMTRECALC

DNAX File Name: ps_loanpmtrecalc.dnax 

  • Requires DNA® 4.0 or higher
  • This process will not create or edit receivables. DNA® processing will continue to generate all necessary receivables based on the Next Payment to Be Billed at the account level (if calendar period receivable generation) and/or the Cycle (if On Cycle receivable generation) using the billing receivable lead days on the product. Also, this process will not reset the Next Payment to Be Billed on a paid ahead account when the payment is recalculated
  • This application does not produce notices
  • This is an updating application that cannot be run back in time
  • The capability to suppress a third biweekly transfer in a month is not included
  • No changes are being made to DNA® payment processing thru any channels

 

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