1. Enter repayment status information.
2. Select payment calculation options.
3. Select legal and warning statuses.
4. Select fees or unapplied funds to include.
5. Enter additional information, including down payment and agreement date.

1. Access the collections application.
2. Select the loan in default for which you want to add a repayment plan.
3. Verify that the loan does not currently have an active repayment plan.
4. Select new to open the repayment plan screen.
5. Select a repayment plan template, repayment reason, and repayment type.
6. Select the stipulation to loan modification check box if you want to allow the repayment plan to become a loan modification after the borrower makes payments for 3 months.
7. Select the initial status for the repayment plan from the drop-down list for the repay status field. When the repayment plan is saved, the status changes to pending. If a down payment is made, you can manually select active to change the status to active (when the status changes to active, any plans with a status of pending are deleted).
8. Select the print new letter check box to create a new repayment plan agreement letter. The selected repayment plan template must have the RepaymentPlanAgreementLtr,rpt associated with the pending status.
9. Enter notes for the prepayment plan as needed.

1. Select the forbearance check box to allow the borrower to bring the loan current with a repayment plan (the borrower will not have to pay a down payment for the repayment plan).
2. Select the appropriate repayment plan status and the payment frequency (the payment frequency you select must be equal to or more frequent than the borrower's regular payment frequency).
3. Select the use loan's due date for start date check box to use the loan's due date for the start date.
4. Select the include contractual payment check box to include the contractual payment and default amount in the default repayment.
5. Select the include current month payment check box to include the current month's payment in the default amount. Clear the box to include all overdue payments on the loan.
6. Enter the first due date of the first payment in the repayment plan in the start date field. The date you enter must be greater than or equal to the transaction posing date and cannot be greater than the most recent payment due date plus the grace days.
7. Enter an amount in one of the following fields to determine the default repayment (the available fields depend on the selected payment calculation): number of payments, excess income %, set payment amount.
8. Indicate the method used to calculate the repayment schedule by selecting one of the following options. Select the use end date check box and enter a date in the end date field if you want to use an end date in the calculation, or enter a number in the number of payments field if you want to use a number of payments in the calculation.

1. Under payment arrangements, select the fees to include in the total default amount, which would be repaid with the plan.
2. Select the unapplied check box to use funds from unapplied as a payment towards the repayment plan.

1. Enter any additional amount of funds the borrower would like to apply to the first payment in the down payment field.
2. Enter any additional amount of funds the borrower would like to apply to the final payment in the additional final payment field.
3. Enter the date the borrower agrees to in the agreement date field.
4. Select OK. Servicing Director calculates the payments and establishes a payment schedule for the prepayment plan (the edit repayment plan detail screen appears and displays the payment and payment schedule information.)
5. Review the payment schedule and select print to print a report that details the information.

• Review all stops that were planed on the loan in collections. Remove any stops that might interfere with the new repayment plan.
• Run the Repayments Pmts Rcvd event daily.

ArticleNumber:

000048567