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The Loan Charge Off Automation application automates the loan charge off process by processing the charge off on eligible accounts.
Key Benefits:
The Loan Charge Off Automation, application automates the loan charge off process for financial institutions by processing the charge off transaction on eligible accounts. Prior to charge off the application locates right of offset funds, waives non capitalized late charges, and rebates collateral protection financed insurance. After the charge off is completed the application changes the account status, assigns account lockout flags and person and organization warning flags and sets the account mail type to hold all mail.
A csv file will be provided that will identify the accounts eligible for charge off. The application reads in the file and prior to charging off the account, the following validation takes place. If one or more of the checks fail, the account is not processed and an exception is generated for review:
- Check for any completed Regular Payment (SPMT) or External Loan Payment (XPMT) transactions in the last 30 days.
- Account is past due. The Use Grace Days parameter (GRCE) will determine if grace days should be used in the past due determination
- The following balances are all zero on the input account:
- Escrow
- Forbearance
- Loan-In-Process
- Fee or Cost
- Buydown
- Negative Amortization
- Subsidy
- Unapplied
Please refer to the user guide for further details.
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Version Information: 1.0.0.0 published to store in October 2018
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