Issue Loan Rebate
Overview of IL431
Loan rebates are an optional method of rewarding borrowers through periodic distributions of funds back to them. The amount of the distribution is based on the loan’s interest rate, a weighted average of the investments supporting the loan, the loan support margin, and other factors. It’s calculated using the Loan Rebate Calculations application (IL451), which runs on a periodic basis. Each time this application determines an additional rebate amount is due, the rebate amount is added to the accumulated rebate balance until the full rebate balance is paid out. Rebate payments are most often issued to borrowers periodically.
To issue a loan rebate:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Loans
- Double-click Transactions
- Double-click 431 Loan Rebate Payment. You will see this screen:
In the Loan # field, type in the loan # that you wish to work with. You can also click the list icon to display a list of all loans in the system or click the binoculars to search for the loan you wish to work with. When you have entered the loan #, press Enter or click Find. The loan information will now populate:
If you wish to view the loan details, click the View button on the toolbar. This launches the Detailed Loan Inquiry screen. When you have finished viewing the information, click Exit to return to the Loan Rebate Payment screen.
The following fields are available on this screen:
| Field | Description |
|---|---|
| Current balance | Amount currently available for rebate |
| Rebate | Enter the amount to be paid to the borrower for the rebate |
| New balance | Displays what the new balance will be after the rebate is paid |
| Payee | Establishes who will be receiving the rebate payment. Click the drop down arrow to select the payee |
| Payment | Method by which the rebate will be paid. Click the drop down arrow to select the payment method |
Review the information to verify that it is correct, then click Save. You will see this message:
If you wish to proceed, click Yes. You will see this message:
Click OK. You will be returned to the initial Loan Rebate Payment screen. You can now enter another loan to process additional rebates, or click Exit to leave the screen.
