Late Fee Enrollment

General

In LoanPro, you have the ability to enroll loans, based on the loan status, to have late fees assessed on them or not. For example, if a loan is repossessed or closed out in another way, you may not want late fees being assessed on this account. You have the ability to specify this within LoanPro.

How To

To turn late fee assessment on or off loans in specific loan statuses, navigate to Settings > Loan > Charges > Late Fee by Status.

On this page, the first column shows all of the loan statuses currently in LoanPro. The second column shows any rules associated with the assessment of late fees for a certain status. The third column specifies if the specific loan status is currently active or not. You can set a loan status as active/inactive by going to Settings > Loan > Labeling > Loan Status. The final column is a slide button that allows you to enroll that specific status to have late fees assessed or not. If you want a specific loan status to be enrolled, simply click the button so it is on the right side and has the blue color. If you wish to un-enroll a specific status, click the button so that is is on the left side and is greyed out. 

Adding a Rule

If you wish to make the enrollment more specific, you have the ability to add a rule to the loan status. For example, if you want loans with an 'Active - Current Loan' status and that have an amount past due greater than 30 to be enrolled to receive late fees, you would first click the button on the right side to turn the enrollment on. Then you would click on the Empty button under the 'Rule' column. 

This will bring up the formula editor box. You can choose to load an existing rule or create your own rule. If you only want loans that have an amount past due greater than 30 to be enrolled, you would enter this formula into the text box (> status-amount-due 30). Validate the rule and then save it. 

For more information regarding rules and rule creation, you can view this article: Creating Your First Computation Rule.



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