Refinancing Loans and Assessing Fees

To refinance a loan, click the Note Number down arrow to select the loan note number. Then, click Calculate to display the amount of the loan to be paid off and the net amount of the loan proceeds to be disbursed.

The principal amount due on the loan.

Length: 12 numeric including decimal

The amount of interest due on the loan. The interest is calculated from the interest-paid-to date to the effective date of the transaction plus the FCCBNC amount. The interest amount on payoff transactions is calculated as follows:

365 DAY CALCULATION: (does not simulate payments) Current balance times rate divided by 365 days times the number of days based on the interest-paid-to date plus FCCBNC

360 DAY CALCULATION: (simulates payments) Current balance times rate divided by 12 months plus FCCBNC (The interest-paid-to date is not used in the calculation.) If the effective date of the payoff is the first of the month, another month's interest will be included in the payoff amount.

Keyword: IA

Length: 10 numeric including decimal

The amount to be assessed as a late charge. The late charge is automatically calculated based on options specified on the Loan Profiles tabs.

If the Exclude from Late Charges check box is selected on the Loans - General tab, the system will not calculate a late charge for the member.

Keyword: LC

Length: 8 numeric including decimal

When the Defer Late Charges check box is selected on the Loan Profiles - Collections/Late Charges tab, this field indicates the total amount of late charges that have been deferred on the loan. This field is updated by Portico when the late charge for a loan type is deferred at the time of the loan payment.

When the Late Charges Calculation Method field on the Loan Profiles - Collections/Late Charges tab is set to A - Late charges are assessed in the back-office cycle the loan is eligible for the fee, this field indicates the total amount of late charges that have been assessed on the loan. This field is updated by Portico when the late charge for a payment type 7 loan type is assessed in the back-office cycle the loan is eligible for the fee. Loans that have late charges assessed in the back-office cycle may also have late charges deferred when a payment is applied.

When the Rule 1 field on the Loan Profiles - Collections/Late Charges tab is W - Wisconsin late charges, this field indicates the total amount of late charges that were calculated but not collected when a payment was applied. This amount, plus any newly calculated late charges, will automatically be collected if enough funds are paid with the next applied payment.

Length: 8 numeric including decimal

Keyword: DL

The daily interest amount assessed on the loan.

Click the Product down arrow and select the product code or general ledger that will be credited.

Keyword: GL

Length: 6 numeric for GL or 2 alphanumeric for product code

The fee amount to be assessed. The valid value must be greater than zero and less than $ 999,999,999.99.

Length: 12 numeric including decimal

Select the Do Not Rpt as Fee check box to deposit loan funds to a general ledger, but not have the amount reported in the FEES section on the statement for open-end loans.