Loan Skip Payment Service

This process offers automated skip or extension payment processing for loans that are:

• Simple Interest
• Calendar Period receivable method
• Cycled receivable method with Fixed Due Calc Int on Pmt (FDUE) payment

This process is comprised of the following components: 

• Custom Automated Skip Extension Payment Processing (PS_SKIPEXT) is an application that processes the skip/extension at the account level and can include a fee if desired.

• Custom Automated Skip/Extension Payment Notices (PS_SKIPEXT_LTR) is an application that generates notices to the borrowers when a skip or extension occurs thru this process.

• Skip Extension Inquiry(PS_SKIPEXT_MUBU) is a consolidated skip/extension screen that allows the financial institution to monitor skips and extensions for a borrowers lending relationship.

• Payment Skip/Extension Screen is a DNA® screen that allows the user to check an account for qualification prior to the PS_SKIPEXT application being run.
• Loan Skip Payment Service - Prequalification (PS_SKIPEXT_PREQ_LTR) is an application that provides a prequalification review and the ability to generate a prequalification notice.

Once the Custom Automated Skip Extension Payment Processing application has been run and processed the accounts, the optional Custom Automated Skip/Extension Payment Notices application can be run to produce a notice to be sent to the borrower for the skip/extension process or that the request has been denied. The Skip Extension Inquiry screen is available online to view the accounts to see the statistical information regarding the skips and/or extensions that have occurred on the loan account. The Payment Skip/Extension screen is available online to view qualification.

Benefits

This application along with the User Field Maintenance (PS_USERFIELD) application can increase fee income and/or improve efficiency by automating DNA Skip/Extension functionality if your institution offers this type of program. Eligibility requirements can be set at the Account/Product level to ensure program guidelines are met.