Loan Skip Payment Service

As the situation surrounding the Coronavirus (COVID-19) continues to progress, we know the well-being of your staff and the communities you serve is your highest priority. Together we're facing an unprecedented amount of disruption in the way we live and work. We are committed to supporting you in meeting these changing needs.

As many financial institutions are taking action to offer loan payment skip and extension options, the Loan Skip Payment Service DNAapp is available for skip or extension of specific loan types. Through this period of National Emergency concerning the COVID-19 pandemic, you may use this DNAapp at no cost as an extended trial. Simply download the Trial version of this app and install in your production environments using the authkey provided in the order. We will send a new 6 month authkey before the end of the 60 day trial period.

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.

Key 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.

Version Update: This version - 1.8.1.8 has been updated to add 'Product Level Previous Exclusion Months Count (8PMX) variable'

Description (how used) :

When Previous Month Exclusion (8PME) is set to Y this variable can be used to define the number of months to review for a completed Skip/Extension.

If left blank the Previous Month Exclusion will default to the previous month only.