Charges (fees and penalties) can be charged to loan accounts in three ways:
- Charges are inherited from the product definition. A loan officer may have the ability to remove one or more of these charges from a loan account. When a charge is removed from a loan account, other loan accounts are not affected.
- Charges (not yet associated with the loan account) can be selected and attached to the loan account.
- Miscellaneous charges (one time charge) can be charged to a loan account. The loan officer specifies the amount, which is added in the next payment.
Charges may be added at the time of loan account application and when a loan account is Pending Approval, Approved, and Active. Adding a charge to a loan account does not affect the loan account's status.
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To inherit charges from the product definition
While completing a loan account application for a client, keep the charges that appear in the loan account. Complete any fields that do not default such as a date that may be required.
To add charges to a loan account
When editing a loan account, navigate to the Charges section. See Loan Account Fields Charges.
To add miscellaneous (one-time) charges to a loan account
When viewing a loan account, click +Add Loan Charge on the action bar.
- Select Charge type from the list.
- Complete the fields required for the charge.
- Click Submit.
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