This DNApp offers a Collateral Protection Insurance (CPI) premium processing module for loan Accounts. Premium and refunds transactions can be posted on accounts regardless of payment type. Accounts with a payment type of Fixed Due-Calc Interest on Pmt (FDUE) or Fixed Principal and Interest (FBI) can have premium and refund transaction activity trigger payment recalculations.
This DNAapp will offer the import process for following Vendors:
State National CUNA Mutual Southwest Business Corporation (SWBC) Allied (using the SWBC file format)
For Financial Institutions using Collateral Protection Insurance (CPI) for their loan accounts, this application will directly import the premium and refund files provided by various insurance organizations like State National, CUNA Mutual, and SWBC etc. to process premium and refund transactions on respective accounts.
The collateral protection insurance premium and refund processing utilizes a financed insurance balance type. The import module supports the posting of premiums and refunds to loan accounts. Optionally, payments can be recalculated to allow for premiums and refunds using different repayment periods.
Accounts eligible for processing will have a current account status of either Active (ACT) or Non-Accrual (NPFM). Transaction processing on non-accrual accounts will depend on the settings of the runtime parameter in conjunction with transaction exception 117-Loan is Non Performing.
Read the User Guide on the "Docs" tab for required Institution, Product and Account level settings.
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