Residual Loan Reports and Notices

Portico creates reports and notices for the credit union to notify you and your member of the final payment amount and due date. There are two reports and two sets of notices that can be generated.

Residual Payment Notices Report 645/646

The 645 Report specifies all members who received the first residual payment notice. The 646 Report generates the residual payment notices for members whose residual loans mature within a credit union defined period. The 645 Report is generated for credit unions at the same time as the Residual Payment Notices Report 646.

Second Residual Payment Notices Report 647/648

The 647 Report lists all members who received the second residual payment notice. The 648 Report generates the second residual payment notices for members whose residual loans mature within a credit union defined period. The 647 Report is always generated at the same time as the Second Residual Payment Notices Report 648.

After the first notice is generated using the 646 Report, the 1st Notice Generated check box is selected on the Residual Payment Information dialog box. If necessary, a second notice can be distributed using the 648 Report. After the second notice is generated, the 2nd Notice Generated check box is selected on the Residual Payment Information dialog box.