Audience: Loan Servicer or Collector, Developers, Loan Servicing/Collections Managers
The payment information section of the payment wizard is for the information specific to the payment you are logging. The information you enter here will determine when and how the payment will apply.
The following options are available when logging a payment:
This option will dictate the waterfall application of a payment. Typically, payments apply to fees, then interest, then principal. The waterfall application of the payment type you choose will appear under this selection box. To customize your list of payment types, navigate to Settings > Loan > Payment > Types.
This is the amount of the payment. You can either manually enter an amount or select a dynamic option from the drop down menu.
• Due – The total amount past due on the loan.
• Next forecasted – The amount of the next payment that will come due.
• Next Scheduled – The amount of the next scheduled payment.
• Full – The amount due plus the amount of the next payment.
• Payoff – The entire payoff amount.
This allows you to select the method that will be used to make the payment. You can customize the list of payment methods in Settings > Loan > Payments > Methods.
This is the date the payment will be applied on. However, this is not always true in the case of between periods interest application. In a between periods application, the payment applies on the day the payment was due if the payment was made on time or early. If the payment was made late, it will apply on the date entered in this field. There is also an icon for a drop-down menu with quick access to frequently used dates.
This field lets you enter information to help you remember specifics about the payment. Companies often use this to log check or money order numbers. This field defaults to show today’s date and the method used for the payment.
This option will differ depending on your interest application. This option lets you choose how any amount paid above the amount due on the loan will be applied. See our Extra Towards Options article for a full explanation of what each choice does.
If the agent user logging the payment is associated with a Source Company and has checked out a cash drawer, then it will be shown here. Any cash payments made will be tracked on their cash drawer.
This option is only present if interest application is set to between periods. If you choose 'Yes' for this option then the borrower will pay less interest if the payment is made before the due date.
This page also includes information about the waterfall application. To view it, click Waterfall Application. Some loan information is also shown to help you determine what you want to do with the payment you are logging.
If you haven't yet, you should definitely read Payments 101 and Payment Intermediate, which give context as to how payments work in LMS and Secure Payments, and show you how to log in them in the software.