- Overview
- Specs
- Reviews
- Requirements
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This process offers automated skip or extension payment processing for loans that are:
- Simple Interest
- Calendar Period receivable method
- Cycled receivable method with Fixed Due Calc Int on Pmt (FDUE) payment
This process is comprised of the following components:
- Custom Automated Skip Extension Payment Processing (PS_SKIPEXT) is an application that processes the skip/extension at the account level and can include a fee if desired.
- Custom Automated Skip/Extension Payment Notices (PS_SKIPEXT_LTR) is an application that generates notices to the borrowers when a skip or extension occurs thru this process.
- Skip Extension Inquiry(PS_SKIPEXT_MUBU) is a consolidated skip/extension screen that allows the financial institution to monitor skips and extensions for a borrowers lending relationship.
- Payment Skip/Extension Screen is a DNA® screen that allows the user to check an account for qualification prior to the PS_SKIPEXT application being run.
- Loan Skip Payment Service - Prequalification (PS_SKIPEXT_PREQ_LTR) is an application that provides a prequalification review and the ability to generate a prequalification notice.
Once the Custom Automated Skip Extension Payment Processing application has been run and processed the accounts, the optional Custom Automated Skip/Extension Payment Notices application can be run to produce a notice to be sent to the borrower for the skip/extension process or that the request has been denied. The Skip Extension Inquiry screen is available online to view the accounts to see the statistical information regarding the skips and/or extensions that have occurred on the loan account. The Payment Skip/Extension screen is available online to view qualification.
Benefits
This application along with the User Field Maintenance (PS_USERFIELD) application can increase fee income and/or improve efficiency by automating DNA Skip/Extension functionality if your institution offers this type of program. Eligibility requirements can be set at the Account/Product level to ensure program guidelines are met.
Customer Reviews
1 Item(s)
- Streamlines the process for all parties involvedReview by Charlene Story
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Rating This app allows front office staff the ability to determine if a particular loan qualifies for Skip A Pay program based on criteria set within the app. Once processed, servicing staff are able to work exception items simply by reviewing a report. This app has streamlined what a cumbersome process. It would be great if loan term could be set as an additional parameter, restricting loans with longer terms.
(Posted on 11/26/18)
1 Item(s)
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- Existing financial institutions that need a programmatic method of populating account level user fields to take advantage of this process should speak to their Account Manager about the Custom Solutions process PS_USERFIELD that is also available for purchase. Implementing financial institutions should work with their data conversion team to ensure that all necessary data is converted to DNA® from their existing core system.
- Requires DNA® 4.0 or Higher
Please refer to the User Documentation for installation instructions.
Version Information:
1.8.2.3 Published January 2021