- Overview
- Specs
- Reviews
- Requirements
- Docs
The Unapplied Balance Notice informs the borrower that a partial payment has not been applied to the loan account balances (interest, principal, etc.) and instead has been applied to the unapplied balance on the loan account. The Unapplied Balance Notice batch application is designed to produce a notice whenever a payment is made to a loan account where partial payments are not allowed and the funds are then applied to the unapplied balance on the loan account, as opposed to going to late charges, interest, principal, etc. This DNAapp will also generate a summary report for the financial institution listing all loan accounts where a notice was generated.
Key Benefits:
The Unapplied Balance Notice application provides the Financial Institution with several benefits, including:
- Ability to generate a notice to send to borrowers notifying them that their partial payment is in an unapplied balance until a full payment amount is made.
- Ability to generate notices for delinquent loan accounts exclusively or both delinquent and non-delinquent loan accounts.
- Capacity for adjusting date ranges to accommodate a business practice of generating notices daily, weekly, or any date range specified by the financial institution.
- Ability to exclude the application for a specific loan product or account.
The Unapplied Balance Notice batch application allows the financial institution to generate notices to borrowers to inform them of payments that were not applied to their loan accounts expected balances (i.e. interest, principal, etc.). In addition, the batch application also generates a report to summarize all the notices generated. This DNAapp is a batch application that can be run daily or weekly, or with any dates defined by the financial institution.
In order to use the Unapplied Balance Notice application, the following setup items must be reviewed by the financial institution:
1. Partial Payments Allowed setting. The loan account must not allow partial payments. The partial payments option must be unchecked for the loan account.
2.Exclude Application setting. The Unapplied Balance Notice must be set to ‘Available’ for the account by setting the Exclude Application setting.
Note: The Unapplied Balance Notice can be excluded for specific products and/or accounts. If it should be excluded for a product, the navigation path to exclude the Unapplied Notice batch application for the product can be found at:
(Navigation: Services > System > Product and Pricing > Manage Product > (choose Major and Minor) Associate > Exclude Applications > Unapplied Balance Notice)
As an alternative, if the Financial Institution would like to exclude a product from receiving this notice, the Financial Institution can input the product minor code into the Product Minor to Exclude batch parameter (EMNR) during the batch application queue setup and would not have to use the Exclude Application setting for the product minor.
The Unapplied Balance Notice can be generated for products with the CML, CNS, and MTG Major types, and can also be excluded for certain products within those Major types. The Unapplied Balance Notice can also be excluded at the Account Level. For example, if a Borrower’s loan account is in bankruptcy and should not be receiving the notice, the Exclude Application option can be set at the account level to prevent the notice from generating.
The Unapplied Balance Notice batch application will generate notices for account types that have a status of Active (ACT) or Non-Accrual (NPFM), and the User can further filter what notices can be generated by selecting whether notices are generated for delinquent accounts only or for both delinquent and non-delinquent accounts. The notices are always generated for the Tax Reported for Owner.
Please refer to the documentation for detailed processing instructions.
Write Your Own Review
Only registered users can write reviews. Please, log in
- The installation of DNA 4.2 or higher is required.
- For notices to be produced, a text file named ‘UNAP_BAL_NOTICE.TXT’ must be created and placed in the text directory defined by the ‘TEXT’ institution option
- The completion of all the Financial Institution’s nightly update processing is required prior to the Unapplied Balance Notice batch application being run
- A default notice is required in the text file. If using the \\When command to designate a notice for specific products, there must also be a default notice in the UNAP_BAL_NOTICE.TXT file
Version Information: 1.0.0.1 published to DNAappstore in February 2018
Explore DNAappstore
- By Category
