PROCESS DATE
What term refers to the date when a payment is applied to reduce the original loan balance?
Process dates
What is the portion of a payment that is applied exclusively to the loan’s principal balance?
Principal Payment
A customer pays $800. Initially, $100.25 is applied to interest and $699.75 to principal. If the customer requests full allocation to principal, how much will be applied to principal?
$800
Which term indicates that a transaction was reversed, possibly due to a refund or temporary removal for reapplication, but not necessarily a returned payment?
Void Payment
Which date indicates that a payment has officially been recorded in the system?
Effective Date
What description appears in the transaction history once late fees have been paid?
Late Charge Payment
Where can you find the detailed instructions when it is being reversed or reapplied?
Activity Notes
Which steps help identify how a payment was allocated to principal?
Where can you see all financial records of activities showing all histories.
Transaction History
If two payments made on separate dates are reallocated to principal, how many total transactions will appear in the history?
6 Transactions (2 Initial Allocation, 2 Voided Initial allocation (reversals), 2 re-allocation showing principal)
What type of payment is applied to both principal and interest?
Valid Payments or Regular Payments
What descriptor code appears when a payment is made via the web portal using a checking account?
WACH
Which payment methods are visible in the ClearWater?
RACH, Web-Portal, IVR
What fee is charged after the account’s grace period has ended?
Late Charge
What type of fees represent the interest owed at the time the account was modified to a new rate?
Misc Charges
What does the descriptor code “40-A Allocation Payment Reversal” signify?
Processing of Reallocation
A detailed table that outlines how is repaid over the time, it shows each scheduled payment and breaks it down to interest, principal and remaining balance after each payment.
Amortization Schedule
When all of payment goes completely to principal how much did the customer paid to the interest?
$0.00
Which tab you can check for the NSF fees resulting from reversals in the RACH payment process?
Other Charges
What does the descriptor code “30-I Interim Payment” indicate?
Reallocation for Regular Payment Has Been Posted