3.8.3.1 Billing Account
This topic provides the detail for loan payment and closure of a billing account.
If a customer pays an excess amount, and the liquidation order supports
collecting unbilled interest and principal, the excess funds will be used to mark future
bills as paid. To prevent this behavior, support for Future Payoff and Partial
Payoff is regulated.
Figure 3-96 Excess Amount Process Flow Diagram
Table 3-57 Payment Type Code
| paymentTypeCode | Description |
|---|---|
| NORMAL | This is the default value if the payment amount is less than or equal to the outstanding arrears. |
| FULLPAYMENT | This is the default value if the payment amount is equal to or greater than payoff amount. |
| PARTIALPAYOFF | This is the default value if the payment amount is greater than the arrears raised and less than payoff amount. In this customer pays excess as partial payment and expects next bill to raised. As part of this customer will get principal benefit and expedite on loan closure. |
| FUTURE | This value is required during the payment process and is applicable only when the payment amount is greater than the raised arrears but less than the payoff amount. Enable Future Payment by checking the Consider for Future checkbox. |
| ADVANCE | This is the default value if the payment amount falls between the raised arrears and the payoff amount, but the liquidation order results in an excess. |
This topic contains the following subtopics:
- Payment and Closure Details for Billing Accounts
In this topic, the payment and settlement details for the billing acocounts are explained
Parent topic: Loan Payment and Closure