AutoPay Amount Types
Lenders' ideal way to collect payments on a loan is to set them up when the loan is created and have the process automatically. LoanPro offers this functionality in a feature we call AutoPays (sometimes called autodraws, schedules, etc.). In addition to the option to withdraw a static dollar amount with each payment, this feature offers several dynamic options for the amount of the AutoPay payments. This article will go over the specifics of each of the payment amount options for an AutoPay.
Payment Amount Options
If this option is selected, you will be required to enter a dollar amount that will be the amount of each payment. For example, if $200 is entered, every payment processed by the AutoPay will be for $200.
P&I Past Due
This amount is the principal and interest that is past due on the loan. That means that the payment will not apply to fees or escrow. If the loan uses a between periods interest application, the interest due will only be interest that has come due with a payment, but has not yet been paid. If the loan uses a between transactions interest application, the payment will apply to all interest that has accrued since the last payment that was made on the loan.
If the P&I past due amount is greater than the normal payment amount, this option will still try to process a payment for the full P&I past due.
Amount Past Due
If this option is selected, the payment amount will equal the amount due on the loan at the time the payment runs. If the amount past due is greater than the normal payment amount, this option will still try to process a payment for the full amount past due.
Next Due Amount
The payment will equal the amount of the next payment that will come due on the loan. This option is often used if the payment will be processed slightly before their due dates.
Note that if daily maintenance hasn't yet run on a loan on the day the payment will be processed, this amount may be wrong.
When the next payment comes due on the loan, this will be the amount needed for the borrower to stay current. This will include the amount past due and the next payment amount. This option will only process an amount that is, at most, equal to the payment amount.
The payment will equal the amount of the due fees on the loan. If the due fees amount is greater than the normal payment amount, this option will still try to process a payment for the full due fees amount.