8.12.1 Contract (2) Sub Tab
The Contract sub screen records the application’s servicing branch and collector. It also displays additional information regarding the contract not covered on the Lease screen, such as the tolerance, delinquencies, due dates, billings, and extensions.
- Open the Funding screen and load the application you want to work with.
- Click the Contract > Contract sub tab.
- In this section, you can perform any of the Basic Operations mentioned in Navigation chapter.
A brief description of the fields is given below:
Table 8-3 Contract sub tab
Field Do this Servicing Branch Select the servicing branch for the contract. Collector Select the collector for the contract. Funder If you are acting as a proxy for a Funder, then you can select the Funder’s name from the adjoining options list. The list displays all the associated Funders, Funding Supervisors, and Funding Managers.
However, this is not mandatory and can be used while auctioning an application on behalf of another Funder.
Misc section Statement Consolidation By default this check box is selected indicating that system generates consolidated billing statement at Master Account level along with details of all the associated accounts with same Billing cycle and due day.
You can uncheck this option to generate billing statement to only current account.
After funding, the option selected here is propagated to Servicing > Account Details and Contract (2) tabs.
For more information, refer to Master Account tab section.
Link To Existing Customer Select to link the application to the existing customer. Anniversary Period View the anniversary term. Default Pmt Spread View the spread. HMDA section Lien Status Select the lien status. HOEPA Select the home owner equity protection act (HOEPA) code. Rate Spread Specify the rate spread. You can calculate this spread from a tool on the Home Mortgage Disclosure Act (HMDA) website. Others section 1st Pmt Deduction View the first payment deduction indicator. If selected, the first payment deduction is in use. Days View the first payment deduction days. 1st Pmt Refund View the first payment refund indicator. If selected, the first payment refund is in use. Days View the first payment refund days. Pre-Pmt Penalty View the prepayment penalty indicator. If selected, a prepayment penalty can be applied. % of Term for Penalty View the prepayment penalty percentage of term. Pay Off Fee View the payoff fee indicator. If selected, a payoff fee can be applied to the Lease. Rebate section Rebate Method View the rebate calculation method. Rebate Term Method View the rebate term method. Rebate Min Fin Chg Method View the rebate minimum finance charge calculation method. Rebate Min Fin Chg Value View the minimum finance charge value. Acquisition Charge Amt View the acquisition charge amount. Tolerance section - This section displays the tolerance details as defined in Setup > Products > Contract screen. Refund Allowed View the refund allowed indicator. If selected, the refund policies in this section are in use. Refund Tolerance View the refund tolerance amount. Pmt Tolerance Amt View the payment tolerance amount. Pmt Tolerance% View the payment tolerance percentage. Promise Tolerance Amt View the Promise to Pay tolerance amount. Promise Tolerance % View the Promise to Pay tolerance percentage. Writeoff Tolerance View the write-off tolerance amount. Delinquency section Late Charge Grace Days View the late charge grace days. Delq Grace Days View the delinquency grace days. Delq Category Method View the delinquency category method. Time Bar Years View the total number of years allowed to contact the customer starting from the first payment date as defined in Setup > Products > Contract screen. Cycle Based Fees - If the Cycle Based Fees assessment is enabled for the selected instrument, the details of the defined parameters in Setup > Contract screen are propagated into this section. On funding the application, system automatically calculates the late charges at individual account level based on threshold value. For more information, refer to Setup > Contract details. Cycle Based Collection Late Fee If selected, indicates that Cycle Based Collection Late Fee is assessed on the account. Cycle Based Late Fee If selected, indicates that Cycle Based Late Fee is assessed on the account. Cycle Based Collection Late Fee Grace Days Indicates the number of grace days allowed before cycle based fee is assessed on the account. Cycle Based Late Fee Grace Days Indicates the number of grace days allowed before cycle based late fee is assessed on the account. Due Date section Max Due Day Change Days View the maximum due days. Min Due Day View the minimum due day. Max Due Day View the maximum due day. Max Due Day Change Year View the maximum due day changes allowed (year). Max Due Day Change Life View the maximum due day changes allowed (life) Fee Consolidation - This section displays the status of Fee Consolidation indicators propagated from Setup > Contract screen. If enabled, indicates that system is allowed to consolidate that particular late fee at Master Account level. Late Charge at Master Account If selected, indicates that system is allowed to consolidate the late charge assessment at master account level. Cycle Based Collection Late Fee at Master Account If selected, indicates that system is allowed to consolidate the cycle based collection late fee assessment at master account level. Cycle Based Late Fee at Master Account If selected, indicates that system is allowed to consolidate the cycle based late fee assessment at master account level. Extension section Max Extn Period / Year View the maximum extension allowed (year). Max Extn Period / Life View the maximum extension allowed (life). Max # Extn / Year View the maximum number of extensions allowed (year). Max # Extn / Life View the maximum number of extensions allowed (life). Minimum # Payments View the minimum number of payments. Extension Gap in Months View the extension gap in months. Usage / Rental Details Agreement Type View the Agreement Type if the current application belongs to any of the below category. Else, the same is displayed as UNDEFINED.- USAGE
- RENTAL
- USAGE RENTAL
Ever Green Details
This section displays the Evergreen lease parameters for the selected instrument that are pre-defined in Setup > Contract screen. These parameters are required for system to decide if the contract is eligible and automatically put the account on Evergreen mode on maturity. For more information, refer to Contract section in setup guide.
Auto Post On Maturity If selected, indicates that system is allowed to auto post evergreen lease transaction on maturity date + evergreen grace days. Number of Unpaid Bills View the total number of unpaid bills exempted to auto renew contract to evergreen lease. Unpaid Bills % View the percentage of total unpaid bills exempted to auto renew contract to evergreen lease.
System uses the greater of these two values i.e. Number of Unpaid Bills and Unpaid Bills %
Pmt Amount Method View the payment amount method used for billing on auto renewal of contract to evergreen lease. Value View the value used to derive the asset usage billing amount based on Payment Amount Method. Grace Days View the total number of grace days allowed after maturity for system to consider for auto renewal of contract to evergreen lease. Evergreen Term View the new extension term which is the agreed term between customer and financial institution. - Perform any of the Basic Actions mentioned in Navigation chapter.
Parent topic: Contract Tab