Bill and Receipt, Consumer Line-of-Credit Statement and Report (Pmt Mth 5) (FPSRP313)

Transcription

1 Download PDF Bill and Receipt, Consumer Line-of-Credit Statement and Report (Pmt Mth 5) (FPSRP313) Purpose This is a bill and receipt statement. The top portion is perforated so the borrower can detach it and return it with the payment. This statement is designed to provide regulatory disclosure information and billing information for line-of-credit loan products (Coupon/Bill Code 18) and is generated in the afterhours. It is for line-of-credit loans (payment method 5) with a Coupon/Bill Cycle of 200 or higher. These statements are rendered statements, meaning that pre-printed forms are not used. Headings, logos, etc., are printed at the time the statement is created. Statements can be printed at your office eliminating the need for FPS GOLD to print and ship them to you. (Note: You will need to use paper with a perforation for the stub section.) In addition, complete copies of statements, including logos, boxes, headings, and the back of the statement are stored in GOLDView providing you with the ability to re-print an exact copy of the statement. Special Messages on Statements State or federal regulations require certain types of messages to be printed on statements for certain types of loans. Messages can be added to the front or back of the statement. You might want to add Change of Address, Credit Counseling Notification, and Service Members Civil Relief Act messages. Please contact your FPS GOLD account representative and submit a work order to make changes to the statement. Additional Mailing Labels Statements can be set up to be mailed to more than one borrower by setting up additional mailing labels. For example, you can send statements to both borrowers and to their accountants. The IRS owner does not need to be on the additional mailing label. To set up additional mailing labels, complete the following steps. 1. In CIM GOLD, go to the CIS Customer Search screen and search for the loan account. 2. Select the appropriate account and go to the CIS > Entity Maintenance screen. 3. Select "Create Mailing Label" from the <Create...> drop-down button at the bottom-right of the screen, and click it to bring up the Entity Maintenance - Mailing Label screen. 4. Select "Account" from the Attach Mailing Label to drop-down list at the top of the screen to bring up the Link Entities to Mailing Label dialog. 5. Highlight the appropriate account and click the <Link> button to bring up the Mailing Label Option dialog. 6. Select the Add Additional Mailing Label radio button and click <OK>. 7. Set up the new mailing label. NOTE When you search for an account number in CIS, any additional mailing labels linked to that loan will also be displayed. estatements If your institution is using FPS GOLD Web services, alerts can be sent to one or more borrowers notifying them that the electronic statement is ready. The borrower(s) can then access the statement via the Web. Statements Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 1

2 are stored in PDF format. estatements are set up by using the Statement Delivery field on the Loans > Account Information > Billing & Coupons screen (refer to <F1> help for that field for more information). NOTE Even if your institution is using the FPS GOLD Web service and are offering deposit statements via the Web, your institution must also be set up for loan estatements. Your institution can offer paper statements and/or estatements. Statements can be stored so that they are accessible in GOLDView for up to 27 months (based on full quarters). Your institution controls whether or not customers can set themselves up to receive estatements from the Web. Be sure to confer with your institution's Web administration department to determine which features your institution uses. Mail Alerts Accounts marked with mail alerts can be sorted to the top of the batch of statements. You may want to set up mail alerts on loans that have a foreign address in the mailing label and a different postage rate is required, or if a loan is in foreclosure and you want a statement created but don't want to mail it out. Do Not Mail displays the message, "Do Not Mail" across the top and displays the name and address directly below the message. Institution Attention displays the message, "Institution Attention" across the top and displays the name and address directly below the message. Complete the following steps to set up mail alerts. 1. In CIM GOLD, go to the CIS Customer Search screen and search for the loan by account number. 2. Select the appropriate account and go to CIS > Entity Maintenance screen. 3. Highlight the account in the Search Results list box. 4. Highlight the Mailing Label row in the Entities Related to Primary Account list box and right-click. 5. Right-click and select "View as Primary Entity" from the pop-up menu to view the mailing label in the Search Results list box. 6. Click the <Edit Selected Entity> button at the bottom of the screen. 7. Click the <Create...> drop-down button at the bottom-right of the screen and select "Create Mailing Label" to bring up the Entity Maintenance - Mailing Label screen. 8. Select "Do Not Mail" or "Institution Attention" from the Mailing Exception drop-down list at the top of the screen to set up an alert. Note: The "Statement Top Sort" mailing exception is not used with loan statements since they have their own sorts. 9. Click <Save Changes> to attach the mail alert to the mailing label. The mail alert is also displayed on all loan screens that contain the mailing label. Alternate Mailing Address If a borrower is set up with an alternate mailing address, it is used during the designated time frame. Logos and Branches Institution logos can be displayed on the notice. Notices can also be set up to always use the same institution address or a different address for each branch. The logo is placed proportionately into the top-left corner (1" x 2.5"). The branch address is retrieved from GOLD Services, Office Information. Mail Payment to Address The institution name and address can be displayed on the back of the stub for the customer if you do not include pre-addressed envelopes for the customer to mail payments. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 2

3 Sundays and Holidays If the date that a statement would be created falls on a Sunday or a holiday, the statement generates in the afterhours prior to that date. For example, if a statement is set to be generated on a Monday but that day is a holiday, then the statement would generate in the afterhours on Saturday night or in the afterhours on Friday night if you do not run afterhours on Saturdays. Automatic Payments If a loan is set up with automatic payments, "Auto Payment" is displayed in the Payment Information box and "Payments will be automatically deducted from your account if funds are available." appears at the bottom of the statement. The automatic payment message is not displayed if a loan is maturing. A report option (Misc Opts 4) is available to change the message, "Payments will be automatically deducted from your account if funds are available" to not display "if funds are available." Corrections If a transaction and a correction are processed on the same date, those transactions do not appear on the statement. For example, if a 600 payment transaction and a 608 payment correction are run on the same day, neither one appears on the statement. New Loans - Reg Z Origination Fee Disclosures Additional Truth in Lending Regulation (Reg Z) disclosures for origination fees are displayed. This disclosure shows start-up fees paid by the borrower for flood hazard determination fees, tax tracking service fees, and origination fees. For more information, see the Transaction Section (Section 2). Additional line-of-credit statements are available: see FPSRP099 (no regulatory disclosures) and FPSRP194 (commercial line-of-credit, no regulatory disclosures). Options 1. A report option (Misc Opts 3) is available that shows the maturity date. 2. An institution option (OPTX STBK) is available that will stop statements from being created for loans in bankruptcy. 3. A report option is available that displays the "available credit" amount. This amount appears in the History section directly below the last item. The available credit is calculated differently depending on whether the loan is a revolving or non-revolving line-of-credit loan. 4. A report option is available to sort no mails to the top. 5. A report option is available to print the mailing counter number (above the name and address). 6. A report option is available to stop statements from being created for loans with hold code 7 or 9 (legal hold). 7. Option 2 (Misc Opts 2) carries the APR rate to 5 decimals. 8. A report option is available that creates a report showing all loans for which a statement was created. 9. Option 4 (Misc Opts 4) changes the message, "Payments will be automatically deducted from your account if funds are available" to not display if funds are available. 10. A report option is available to stop the rate change information from appearing on the statement. 11. A report option is available to display the words, "Total Activity" in the Transaction section and shows the combined total of interest charged, late charges, fees charged, and credit insurance premiums (50, 60, and 89) for the period. 12. A report option is available to print the branch return address on the back of the statement. (It defaults to branch 1 if the office address is not set up.) Office addresses are set up in GOLD Services > Office Information screen in CIM GOLD. 13. An institution option (OCRL) is available to print an optic scanner line in this section to process payments through a lockbox. 14. An institution option (DLPR) is available to display a daily periodic rate instead of a periodic rate. 15. Option 1 (Misc Opts 1) sends alerts for each account and each borrower that is set up to receive estatements. 16. Option 6 (Misc Opts 6) creates only estatements. 17. Option 7 (Misc Opts 7) creates only paper statements. 18. Check images can be included as part of the statement. Images can be displayed 6, 8, or 12 per page. For more infomation, refer to the <F1> help for the Check Imaging screen (Loans > Account Information > Line-of -Credit > Check Imaging). Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 3

4 Reading the Report The statement has eight sections: a detachable Coupon section, Transactions section, Fees section, Interest Charged section, Interest Rate Change section, Year-to-Date section, Notices and Advertising Messages section, and Account Summary section. Section 1: The detachable payment coupon at the top of the statement is returned by the borrower with the payment. It includes a payment information box displaying the account number, the statement date, the new balance, the minimum payment due, the payment due date, and the late payment warning. The late payment warning includes the amount of the late fee and the date the late charge is assessed. It is displayed only if the loan has a late charge code set up and there is a payment due. "Auto Payment" is displayed beside the Minimum Payment Due if the loan is set up for auto pay. "Paid Off" is displayed if the loan was paid off during the billing period. The maturity date can also be displayed if a report option is set. The Payment Information box also appears in the lower section of the statement except the late warning message is omitted (to save space and try to keep most statements to one page). Section 2: The Transaction section shows monetary transactions processed, funds advanced, and fees and late charges paid during the current billing period. Section 3: The Fees section shows all late fees and miscellaneous fees assessed, waived, and paid during the billing period. Note that items paid are displayed both in the Transaction section and this section. Section 4: The Interest Charged section shows the amount of the interest charged during the billing period. (In the past these were called finance charges.) Section 5: The Interest Rate Change section only appears if the interest rate has changed during the billing cycle. It displays up to four interest rate changes with the dates and number of days effective for each rate change. If the loan is subject to variable rates, the message "*** Notice The interest rate on this loan may vary ***" is also displayed in the Notices and Advertising Message section. Section 6: The Year-to-Date section shows total fees and total interest charged during the year. Section 7: The Notices and Advertising Messages section displays special notices applicable to the loan and institution-defined advertising messages. Some notices that are automatically displayed are: Your account is past the maturity date. Please contact us immediately. *** Notice the interest rate on this loan may vary *** Payments will be automatically debited from your bank account if funds are available. This section also displays the prior year's interest paid during the first three months of the year. Section 8: The Account Summary section is composed of three rows containing the previous balance; advances, fees and charges; payments and credits; credit life premium; new balance; credit limit; statement closing date; annual percentage rate; daily periodic percentage rate; days in billing period; balance subject to interest rate; year -to-date interest paid; payment due date; interest charge; other fees and charges; current amount due; past amount due; and the total amount due. On the back of the statement, FPS GOLD prints billing rights and disclosure information. However, we print only information that you request. Be sure your disclosure comments comply with regulatory requirements, match how the program calculates the various fields, etc. FPS GOLD Only Bankruptcy To stop statements from being created for loans in bankruptcy, set institution option OPTX / STBK to "Y" (2). Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 4

5 To add the OCR line to the bottom of the Coupon section for lockbox processing, set the OPTI / OCRL option to "Y" (13). Institution option DLPR displays a daily periodic rate instead of a periodic rate. It is diplayed in the Summary section as "Daily Periodic Percentage Rate" (14). Logos There are two options for logos: 1. Use one logo on all images. 2. Use different logos for different branches (Auto Logo Per Office option). This could be used if an institution has different bank names or logos based on the branch. Logo images are used only if the Auto Logo Per Office option is set. Logo names are: IIII_0000_Logo.emf and IIII_Default_Logo.emf IIII = Institution number 0000 = Office number If the office logo is not found, the program uses the default logo. If neither logo is found, no logo is printed. Printing Statements If an institution wants to print statements directly from the warehouse instead of having FPS GOLD print the statement, place a "Y" in Warehouse and the words "No Host" in the User field. Note: Perforated paper should be used to print statements. Misc Opts 1 set to "Y" sends alerts for each account and each borrower that is set up to receive estatements. E-Statements are generated when ATESTM = Y in the CSAT account record (15). Misc Opts 2 set to "Y" carries the APR rate to 5 decimal places. The default of "N" rounds to 3 decimal places (7). Misc Opts 3 set to "Y" displays the maturity date (1). Misc Opts 6 set to "Y" creates only estatements. Note: Either Misc Opts 6 or Misc Opts 7 must be checked. Leaving both blank causes duplicate statements to generate (16). Misc Opts 7 set to "Y" creates only paper statements. Note: Either Misc Opts 6 or Misc Opts 7 must be checked. Leaving both blank causes duplicate statements to generate (17). To create a report of loans for which a statement was created, a second report setup is required. Since FPSRP313 is a Mult = "N" report, you need the second setup to be FPSRP313A, etc. Also, the report code for the statements must be lower than the report code for the setup. You would then enter an "R" in the last position of the Misc Parm field. Remove any "HDUE" reference from positions 1-4, and remove "LHS" from the input records (8). Misc Opts 4 set to "Y" changes the message, "Payments will be automatically deducted from your account if funds are available" to not display if funds are available (9). Misc Parm 5-6: To set the option that will stop the rate change information from appearing on the statement, enter "NR" in the 5th and 6th positions of the Misc Parm field (10). Misc Parm 7-11: To use the "Total Loan" parameter, enter "TOTLN" in the 7th - 11th positions of the Misc Parm field. This displays the words, "Total Activity" in the Transactions section and shows the combined total of interest charged, late charges, fees charged, and credit insurance premiums (50, 60, and 89) for the period (11). Misc Parm 12: CIM GOLD: In order for statements to receive advertising messages set up in CIM GOLD, enter the appropriate code from the table below in the 12th position of the Misc Parm field. The statement uses CIM GOLD advertising message 313. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 5

6 Misc Parm 12-15: To have any of the following options on the statement, enter the appropriate code from the table below in the 12th, 13th, 14th, and 15th positions of the Misc Parm field. MIsc Parm Enter "06," "08," or "12" to indicate the number of check images to be displayed on the statement. These must be entered as two-digit numbers, so 6 and 8 must have leading zeroes. Note: This must be set in order to get check images. Adds FC, LC, Fees, Credit Life 50, Acc Heal 60, and Package Ins 89. Miscellaneous Parameters Key "0" "1" "2" "3" "4" "5" "6" "7" "8" "9" "A" "B" "C" "D" "E" "F" Position 12: 8 - Print CIM GOLD advertising message (message 313) 4 - Print branch return address on back (Defaults to branch 1 if office address is missing.) The default office number for this statement is When printing the branch address on the statement, the first statement can be sent to another office (13). 2 - Print OMR stuffer lines 1 - Position 13: 8 - Sort no mails to the top (4) 4 - Print Mailing counter number (5) 2 - Display the Available Credit amount (3) 1 - Use average daily balance from history Position 14: 8 - Skip loans with hold codes 7 or 9 (legal hold) (6) Position 15: Position 20 (This is for estatements. It controls how long statements are saved to be viewed in GOLDView. The default (blank) is 91 days.): Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 6

7 Blank = 91 days (default) 1 = 3 months 2 = 6 months 3 = 9 months 4 = 12 months (1 year) 5 = 15 months 6 = 18 months 7 = 21 months 8 = 24 months (2 years) 9 = 27 months Consumer LOC Statement Report Column Heading s Column Account Number Ck Dg Short Name Due Date Principal Balance Gen Cat Coll Code Loan Type Message STATEMENT GENERATED NO STATEMENT - LOCKED FOR REVERSAL/REAPPLY LAST FC NE TO TODAY Print Type This is the office number and account number of the loan. This is the check digit of the loan. This is the short name of the customer. It is pulled from the CIS System. The short name is the last name and the first and middle initials. This is the date the loan is due. This is the actual loan due date and not the date associated with the billing. This is the principal balance of the loan. This is the general category code. See a full listing of general category codes. This is the collateral code. See a full listing of the collateral codes. This is the loan type (LNTYPE). The following messages may appear on this report. This message displays if a statement was generated for the account. This message displays if a statement was not generated for the account because the loan is locked for reversal/reapply. This message displays for open loans generating a statement when the last finance charge date is not equal to the run date. This could indidate that the billing errored out and the statement might be incorrect. This identifies the type of statement (paper, electronic, or both) that was generated and sent to the borrower. Code P E B Paper notices Electronic notices Both paper and electronic notices Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 7

8 Consumer LOC Statement Report Example Coupon Section (Section 1) Column Heading s The following paragraphs define the columns in the top section of the Line-of-Credit Statement. An option (OCRL) is available to print an optic scanner line in this section to process payments through a lockbox. Column Institution Name, Logo, and Return Address Account Number Statement Date Your institution's name and logo are displayed on the top-left of the statement. Your return address will need to be printed on the front or back of the Coupon section. This is the account number of the loan. This is the date the statement was generated. The night the statements are created is controlled by the Coupon/Bill Cycle field. A statement is also generated the month after a loan is paid off and closed. NOTE Line-of-credit loans must go through the billing process and calculate the billing amount and finance charge. Therefore, you cannot make a line-of-credit payment prior to the billing process. New Balance Minimum Payment Due Payment Message Payment Due Date This shows the principal balance as of the statement date. This is the total combined amount of the current payment, delinquent amounts, and late charges due. This amount is also shown at the bottom of the statement. It is calculated as follows: CURRENT AMOUNT DUE + PAST AMOUNT DUE = TOTAL AMOUNT DUE If the loan is set up for auto-payments, the message, "Auto Payment" is displayed below the Minimum Payment Due and the following message also appears on the statement: "PAYMENTS WILL BE AUTOMATICALLY DEBITED FROM YOUR BANK ACCOUNT IF FUNDS ARE AVAILABLE." A report option is available that changes the message (above) to not display the, "IF FUNDS ARE AVAILABLE" part. The message then appears on the statement as: "PAYMENTS WILL BE AUTOMATICALLY DEBITED FROM YOUR BANK ACCOUNT." "Paid Off" is displayed below the Minimum Payment Due if the loan was paid off during the billing period. This is the payment due date. It is also shown in the Account Summary section. The due date will be one of two dates; for a current loan it would be the loan due date; for a delinquent loan it is calculated to be the date for the current billing cycle. The Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 8

9 Column Late Charge Disclosure Maturity Date Borrower's Name and Address amount to pay to satisfy or advance the Due Date is the Unpaid Billed Amount. The system generates a bill and receipt the number of days in the billing cycle prior to the due date. The bill cycle and finance charge codes are interfaced with each other. When the billing occurs, a statement is also created. For example: If the loan payment is due every six months, on December 1 and June 1, and the Coupon/Bill Cycle is 210 (with finance charge code = 010), the statement is generated 10 days before December 1 and 10 days before June 1. This is the late charge that will be assessed if the payment is not received within the specified number of days after the due date. It is based on the late charge calculation code and grace days and the last billed amount. If no late charge amount can be calculated, the warning message is not displayed. This is the maturity date. This is only reported if a report option (Misc Opts 3) is set. If the option is set and a loan has no maturity date, nothing is displayed, including the words "maturity date." The message, "Your account is past the maturity date. Please contact us immediately," will appear if the maturity date is less than the run date. If there is no maturity date on the loan, the message will not appear. This is the name and address of the borrower pulled from the CIS System. The address can be file maintained in the CIS System. Transaction Section (Section 2) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Column Page Number Date Advances Payments and Credits This is the page number of the statement. This is the date of each transaction processed during the billing period. It is pulled from the Loan History. This is a brief description of each transaction processed during the billing period, including a breakdown of payments received. It is pulled from the Loan History. This is the amount of money advanced. If advances or re-payments are made to or from another account (internal transfers), then the last 4 digits of the account number are displayed. This is the amount of principal payments and/or credits applied to the loan during the current billing period. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 9

10 Column Reg Z Origination Fee Disclosures The lending inventory "item" number will be displayed for credits, if applicable. Additional Truth in Lending Regulation (Reg Z) disclosures for origination fees are displayed. This disclosure shows start-up fees paid by the borrower for flood hazard determination fees, tax tracking service fees, and origination fees. Reg Z requires origination points, loan fees, and similar charges relating to the opening of an account that are financed as part of the plan, including charges that are paid out of the first advance, to be disclosed on periodic statements. These fees, however, do not need to be factored into the annual percentage rate. The first statement that is created after a loan is opened displays any disbursements for loan generation fee (1), flood hazard determination fees (code 6), tax tracking service fees (code 7), and origination fees (code 10) in the Fees section. These disbursements are processed in GOLDTeller or through loan auto funding as a field debit to the Principal Balance (500 tran to principal). The Detail Code box within this transaction is where the codes are entered. *Although other codes are available, only codes 1, 6, 7, or 10 are classified as fees and included in the Fees section and year-to-date fees charged. The available codes are as follows: 1. *Loan Gen Fee (loan generation fee) 2. Appraise Fee 3. Title Insur 4. Record Fees 5. Reconvey Fee 6. *Flood Hazard 7. *Tax Tracking 8. Attorney Fee 9. Annual Fee 10. *Origination Fee 11. Credit Report Fee NOTE These fields are only 12 characters long and, therefore, the code names have been abbreviated. These codes can be made to appear in drop-down boxes with descriptions in GOLDTeller. This can be done by your GOLDTeller administrator. See the Transaction Design section in the GOLDTeller User Guide on DocsOnWeb for more information. In addition, they can be added to loan auto-funding rules. Fees Section (Section 3) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 10

11 Column Fees and Charges This is the miscellaneous fees and late charges assessed, waived, or paid on the loan for the current billing period. It is pulled from the Loan History. Interest Charged Section (Section 4) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Column Date and Amount This is the date and amount of the interest charged during the billing period. Note: Effective , Reg Z requires that the description "interest charges" be used instead of "finance charges" on statements. Be aware that the loan screens, history, and documentation continue to use the term "finance charges." Interest Rate Change Section (Section 5) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Column Interest Rate Change Section The system displays the current interest rate, the number of days accrued at that rate, the to and from dates, and the daily rate for the loan. This information is pulled from the Loan History. The daily rate is calculated by dividing the interest rate by the interest calculation method. Example: Interest rate of / 365 = daily rate. An option is available that will stop this rate change information from appearing on the statement. WARNING If you use this option, be sure the statement is in compliance with regulatory requirements. Year-to-Date Section (Section 6) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Column Total Fees Charged Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 11

12 Column Total Interest Charged This is the total amount of fees charged for the current year-todate. This is the total amount of interest charged for the current year-todate. Notices and Advertising Messages Section (Section 7) Column Heading s The following paragraphs define the columns in the center section of the Line-of-Credit Laser Statement. Column System Messages You can have advertising messages printed on the statements. They are set up on the Miscellaneous > Advertising Messages > Message Detail screen in CIM GOLD using message code 313. The messages can use up to 6 lines. For more information, press <F1> while on the Miscellaneous > Advertising Messages > Message Detail screen in CIM GOLD. NOTE A report option must be set up in order to pull the advertising message from CIM GOLD. Please contact your FPS GOLD banking consultant. Account Summary Section (Section 8) The following paragraphs define the fields in the bottom section of the Line-of-Credit Laser Statement. Column Previous Balance Advances, Fees, and Charges Payments and Credits This calculated field shows the principal balance at the end of the previous billing period. The statement program reads history and subtracts advances and adds credits to the principal balance at the time the statement is generated to calculate the previous balance. The Previous Balance is the same as the New Balance from the previous billing statement. This calculated field includes funds advanced, miscellaneous fees, and late charges assessed during the billing period. Details of the transactions associated with this field are printed in the Transaction and Fees sections of the statement. This field includes all payments or credits that have been applied to the principal balance during the billing period. Details of the transactions associated with this field are printed in the Transaction section of the statement. Credit Life Premium Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 12

13 Column New Balance Credit Limit Statement Closing Date Annual Percentage Rate Daily Periodic Rate or Periodic Rate This is the amount of the credit life premium assessed during the current billing period. It is pulled from the Constant Amount field. Any past due amounts are shown in the Past Amount Due box. This calculated field shows the new principal balance as of the statement date. This is the maximum principal dollar amount permitted for the loan. It is pulled from the Line-Of-Credit Limit field. This is the date the statement was created in the afterhours. It is also shown in the Coupon section. If multiple rates exist during the billing period, this field is a weighted average of all rates utilizing the principal balance as the weighted factor. The annual percentage rate is pulled from the Interest Rate field. An institution option (DLPR) is available to display a daily periodic rate instead of a periodic rate. For payment types 1-4: The daily periodic rate should be used for payment types 1-4. It is calculated as follows: finance charge / average daily balance / number of days in billing period = Daily Periodic Rate finance charge / average daily balance = Periodic Rate daily periodic rate x base (number of days in the year) = Average Periodic Rate For payment types 5-7: The periodic rate should be used for payment types 5-7. It is calculated as follows: number of days between each balance or rate change x balance x rate = Sum 1 total of all sum 1's = Sum 2 sum 2 / rav = Daily Periodic Rate The running average balance (RAV) is calculated as follows: #days in between each balance x balance = running average balance (RAV) Example: (DATES) = DAYS x BALANCE = RAV 6-30 to 7-22 = 22 x 7, = 163, NOTE This field displays either the Daily Periodic Rate or Periodic Rate on the statement, depending on which you want. Days in Billing Period This is the number of days in the billing period used to calculate the periodic rate. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 13

14 Column Balance Subject to Interest Rate Year to Date Interest Paid Payment Due Date Interest Charged For payment types 1-4, it is calculated from the due date of the last billing period to the due date of the current billing period. For payment types 5-7, it is calculated from the Date Last Finance Charge field to the billing date. This field is also called average daily balance. It shows the running average balance (RAV) calculated with each principal balance change. It is calculated as follows: RAV / # DAYS IN BILLING PERIOD = BALANCE SUBJECT TO INTEREST RATE This is the total amount of interest paid on the loan in the current year beginning January 1. This is the payment due date for this billing cycle. This is the interest assessed for this billing period and is due on the Payment Due Date. This is included in the Current Amount Due. For periodic interest rate loans, the interest charge is pulled from the Current Finance Charge field. For daily periodic interest rate loans, the interest charge is pulled from the Accrued Interest field. However, for payment types 1-4, the statement program projects the interest charge to the due date. WARNING If the loan payment type accrues interest to the due date, the accrual period will be due date to due date. The greater the number of days prior to the due date that the interest charge is calculated, the greater the potential for a difference between the APR and the loan rate. This is because at the time the statement was created, interest was accrued to the due date on the principal balance at that time. If you set up the loan to create the statement any number of days prior to the due date and the loan has advances or the principal decreases during that period, then the next month the system will go back to the statement date and either accrue interest on the amount of the advance for those days, or credit interest on the amount of the decrease for those days and adjust the next month's interest charge. This will result in the APR being higher or lower than the actual loan rate. Although the APR is correct, this may cause questions from your customers. The greater the number of days between the statement date and the due date will result in a higher chance that activity occurs to the principal balance during that period. Depending on when in that period principal activity occurs, it could produce a bigger difference between the loan rate and the disclosed APR. Other Fees and Charges Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 14

15 Column Current Amount Due Past Amount Due Total Amount Due This is the amount of other fees or charges, such as late charges or miscellaneous fees, not included as interest or principal. This is a calculated field that gathers information from two sources. If reserves are used, the constant amounts are added to the most recent billed amount located on the billing schedule. For payment method 5 loans (types 2 interest only and 4 interest only with a minimum) with a zero in the P/I Payment field, the principal portion of the payment is calculated as follows: minimum payment - current interest due = principal portion The past due amount is calculated as follows: past due amount - principal portion = new past due This makes the new past due amount higher than the minimum payment for the current payment. This is the amount of principal, interest, and late charges left unpaid from previous billing periods. TOTAL REMAINING UNPAID PORTION - PAST DUE AMOUNT + LATE CHARGES ASSESSED OTHER THAN LAST PERIOD = PAST DUE AMOUNT This is the total amount due calculated as follows. It is also shown in the Coupon section. CURRENT AMOUNT DUE + PAST AMOUNT DUE = TOTAL AMOUNT DUE Bottom of the Statement In the bottom, left-hand corner of the statement a "D" or "P" is displayed indicating if the loan is daily (D) or periodic (P) (LNRLDP), and the payment type (LNRLPT). For example, "P 7" indicates that the loan is a periodic, payment type 7 loan. In the bottom, right-hand corner of the statement four pieces of data are given (e.g., 9 LOCA ). The first piece is the statement number (e.g., 9 equals the 9th statement). The second piece contains the form name (e.g., LOCA). The third piece contains your institution number (e.g., 100). And the fourth piece is the FPS GOLD report program code (e.g., 6313). Check Images If the check image option is set, copies of the front and back of each check will be displayed. The images always begin at the top of a new page. End of All Statements At the end of all the statements is a count page identifying the number of pages and the number of statements. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 15

16 Line-of-Credit Laser Statement (Page 1) Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 16

17 Line-of-Credit Laser Statement (Page 2) See the following calculations for fields labeled with a red letter. Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 17

18 Sample Calculations Bill and Receipt Statement and Report (FPSRP313) 12/30/2014 Page 18