Setting Up Participation Loans
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To activate participation loans, Portico Customer Service will select the Participation Loans check box in the Loan Options section on the Credit Union Profile - Loans tab.
Once you have activated participation loans at the credit union-level, you will need to decide which loan types can be participation loans. The Participation Loan Servicing check box on the Loan Profiles – Account Information tab indicates if loan type supports participation loans.
Participation loans are available for loan types with rate option N and payment type 001, 002, 003, 004 or 006 where the unpaid interest option is selected. Participation loans are not available for escrow loans, student loans, credit cards, loan types with 360-day interest, loan types with the unpaid interest option not selected, loan types with the charge off indicator selected, or split-rate loans. Payment type 004 is being discontinued and no longer available for new loan types.
You can use the Customized Fields - List window to customize the Code and Method fields in the Participant Contact group box on the Participant Information dialog box.
The Participant Loan Remittance Report 659 displays the remittance amount due to each participant. The remittance amount includes the participant's portion of principal, loan interest, late charges, and insurance. The report will detail all financial activity on the loan from the last time the participant was reported to the current report date. The 659 Report Rules let you define how accrued interest, days delinquent, late charges, and uncollected interest will be displayed on the 659 Report. Refer to the 659 Report documentation for more details on setting up and using the 659 Report.
You may also wish to add the Participant Loan Remittance Report 659 to the My Reports dialog box for your credit union employees. To associate multiple reports to a single user ID, select the user on the Users – List window, then click the report icon button. On the My Reports window, select one or more reports from the User can not view these reports list and click the left arrow. Then, click Save.
Access to the tabs and windows supporting participation loans is controlled by the following security permissions and security groups. Users must be assigned to the security group listed or you can add the permissions to a credit union-defined security group using the Security Group Permissions – Update window.
| Permission | Security Group |
|---|---|
| Loans – Tab – Participation – View Only |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Loans – Tab – Participation – Maintain |
Lending – Administrator Lending – Manager Lending – Officer |
| Loans – Field – Participant Correction - Button |
Lending – Administrator |
| Lending – Participation Loans – Menu Option |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participants – Menu Option |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participants – View |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participants – Maintain |
Lending – Administrator Lending – Manager Lending – Officer |
| Lending – Participation Loans – New Participant – Menu Option | Lending – Administrator |
| Lending – Participation Loans – Participant Information – Menu Option |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participant Information – View |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participant Information – Maintain |
Lending – Administrator Lending – Manager Lending – Officer |
| Lending – Participation Loans – Check Disbursal – Menu Option |
Lending – Administrator Lending – Manager Lending – Officer |
| Lending – Participation Loans – Check Disbursal – Maintain |
Lending – Administrator Lending – Manager Lending – Officer |
| Lending – Participation Loans – Participant Disbursal History – Menu Option |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
| Lending – Participation Loans – Participant Disbursal History – View |
Lending – Administrator Lending – Manager Lending – Officer Lending – Clerk |
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Lending – Participation Loans – Participant Disbursal History - Maintain |
Lending – Administrator Lending – Manager Lending – Officer |
| Lending – Participation Loans – Loans Associated to Participant – View Only |
Lending – Administrator Lending – Manager Lending - Officer |