Line of Credit Maintenance
Contents
Overview of IL802
Line of Credit Maintenance may be used either to establish a new line of credit or to modify an existing line of credit.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Line of Credit
- Double-click Transactions
- Double-click Line of Credit Maintenance. You will see this screen:
Adding a New Line of Credit
To add a new line of credit, click the Add button on the toolbar. Your screen will now look like this:
There are several tabs available on this screen.
Summary tab
The Summary tab appears as such:
The following fields are available on this screen:
Field | Description |
---|---|
Credit limit | Maximum amount that can be advanced to the borrower |
Account | Type the borrower's account number |
Last interest post date | Example |
Last advance | Example |
Credit balance | Any advanced dollar amount yet to be repaid for this line of credit |
Interest due month | Monthly interest due on this line of credit |
Interest now posted | Interest currently posted to this line of credit |
Actual interest due | Accrued but unpaid interest balance for this line of credit |
Due amount | The total amount of monthly interest calculated at the end of each month less the total interest amounts associated with each line-of-credit payment received. At the end of each month the interest attributable to that month is calculated, interest is deemed due by the beginning of the next month. This gives the borrower 30 days to send in payment before the interest amount is considered delinquent |
Refund amount | Current refund balance for this line of credit |
Maintenance fee due | Current maintenance-fee balance for this line of credit |
To enable the additional fields on this screen, enter the credit limit and account information, then click Save. Now, click Edit. The additional fields activate:
Amounts tab
When you click the Amounts tab, you will see this screen:
The following fields are available on this screen:
Field | Description |
---|---|
Advanced YTD | Total dollar amount advanced to the borrower during the current year |
Advanced total | Total dollar amount advanced to the borrower on this line of credit |
Adv fees paid YTD | Total advance fees paid by the borrower for the current year |
Adv fees paid total | Overall total advance fees paid by the borrower |
Maint fee paid YTD | Total maintenance fees paid by the borrower during the current year |
Maint fee paid total | Total maintenance fees paid by the borrower on this line of credit |
Principal paid YTD | Total principal paid by the borrower during the current year |
Principal paid total | Total principal paid by the borrower on this line of credit |
Interest paid YTD | Total interest paid by the borrower during the current year so far |
Interest paid total | Total interest paid by the borrower on this line of credit |
Settings tab
When you click the Settings tab, you will see this screen:
The following fields are available on this screen:
Field | Description |
---|---|
Delinquent | Example |
Advance fee rate | Percentage deducted from the advance amount for an advance fee, if applicable |
Times delinquent | Example |
Maint fee rate | Example |
Line type | Example |
Interest rate | Example |
Monitor | Example |
Base interest rate | Minimum interest rate to be charged to the borrower |
Interest method | Example |
Approved | Date when the line of credit was approved or will be approved to begin issuing advances |
Rate adjust method | Example |
Expire | Example |
Adjust frequency | Frequency with which the interest rate of the line of credit is eligible for adjustment. Click the drop down arrow to select the adjustment frequency |
Next adjust | Example |
Currency | Currency selection used to ensure that partial payments are not applied to lines of credit with different currency codes. One borrower may have multiple lines of credit, for example. But instead of supplying multiple checks, the borrower may send in one large check to be processed across the different lines. If the check has been written using U.S. funds, DDI-Connect will ensure that only lines of credit with a U.S. currency code can receive partial payments. Click the drop down arrow to select the currency |
Active | Whether or not the selected line of credit is currently active (yes/no). This field is maintained by the user. Lines of credit can reach a balance of $0.00 but still remain eligible for advances. Your organization determines when the line of credit is no longer active and must change the active value from yes to no |