1. Lease Origination User Guide
  2. Funding
  3. Contract Tab
  4. Repayment Sub Tab

8.12.2 Repayment Sub Tab

The Repayment sub screen records the application’s advance information, repayment schedule, and skipped repayment months for variable rate Lease.

To complete the Repayment sub tab
  1. Open the Funding screen and load the application you want to work with.
  2. Click the Contract > Repayment sub tab.
  3. 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 8-4 Repayment

    Field Do this
    Repayment section:
    Flexible Repayment Allowed If this display only check box is selected, then the flexible repayment functionality is set up and allowed for this application's product type.
    Type

    Select the flexible repayment schedule you want to use from the following: SKIP PERIOD, USER DEFINED, UNDEFINED.

    If you select the repayment schedule type of SKIP PERIOD, you then select the months for which borrower won't make any payments in the Skip Months section.

    If you select the repayment schedule type of USER DEFINED, you then enter the repayment schedule requested by borrower in the Schedule section; for example, $300.00 for first 12 months, $350.00 for next 18 months, and so on.

    Note: The borrower may not provide a complete repayment schedule with the contract. Provisions are available with the system to compute the repayment schedule for remaining periods at a later time, if borrower provides partial repayment schedule.

    Skip Months section
    Jan If selected, indicates that repayment is skipped for January.
    Feb If selected, indicates that repayment is skipped for February.
    Mar If selected, indicates that repayment is skipped for March.
    Apr If selected, indicates that repayment is skipped for April.
    May If selected, indicates that repayment is skipped for May.
    Jun If selected, indicates that repayment is skipped for June.
    Jul If selected, indicates that repayment is skipped for July.
    Aug If selected, indicates that repayment is skipped for August.
    Sep If selected, indicates that repayment is skipped for September.
    Oct If selected, indicates that repayment is skipped for October.
    Nov If selected, indicates that repayment is skipped for November.
    Dec If selected, indicates that repayment is skipped for December.
    Extendable Balloon section
    Max Term Specify maximum number of payments.
  4. Perform any of the Basic Actions mentioned in Navigation chapter.
  5. In the Repayment Schedule section, click View.
  6. View the following information:

    Table 8-5 Repayment Schedule

    Field Do this
    Repayment Schedule section
    Note: Complete the Schedule section only if you have entered USER DEFINED in the Repayment section’s Type field. Click Add to make new entries.
    Seq Specify the sequence number of the repayment schedule.
    Pmt Amt Specify the repayment amount borrower agreed to pay during the schedule.
    # of Pmts Specify the number of payments borrower agreed to pay for stated repayment amount during this schedule.
    Generated If selected, indicates that the schedule is system generated.
    Enabled If selected, indicates that the schedule is enabled.
  7. In the Payment Change Schedule section, click View.
  8. View the following information:

    Table 8-6 Payment Change Schedule

    Field Do this
    Payment Change Schedule section
    Seq Specify the payment sequence number.
    Option Type Select the option type.
    Frequency Specify the payment change frequency.
    Period Specify the period.
    # of Adj Specify the number of adjustments.
    Value Specify the adjustment value.

Parent topic: Contract Tab