Use the New/Edit Other Funds screen to add, change, or delete information for items paid from the other funds balance a selected loan. For example, a voluntary or optional insurance policy can be paid with a loan's other funds balance. If you are adding a policy based on an optional insurance plan, some fields will already be completed based on the plan setup.

1. Access the tracking application.
2. Select a loan.
3. Select Options.
4. Select Other Funds.
5. Select New or select a policy.
6. Select Edit.

1. Select the plan from the list if the policy is associated with an optional insurance plan.
2. Select the type of insurance policy from the list.
3. Enter the unique unification number for the vendor.

1. Select the method used to calculate the insurance premium in the calculation type. If you select a percentage method, enter a percentage in the rate factor field.
2. Enter the percentage 0-99 used to calculate the insurance premium in the rate factor field. (This calculation type is only available if  calculation type is percent of payment or percent of principal balance.)
3. Enter the lowest amount (floor) for the insurance premium in the minimum benefit (only available if calculation type is percent of payment).
4. Enter the highest amount (ceiling) for the insurance premium (only available if calculation type is percent of payment).

1. Enter the amount due for the insurance premium in the Premium Amount field.
2. Enter the date that the premium payment begins in the Begin Date field, or leave blank if you want the premium payment to begin on the same date as the next loan payment.
3. Enter the date that the insurance policy coverage begins in the Effective Date field.
4. Enter how often (in months) you remit payments to the vendor (1 if monthly, 12 if yearly) in the remittance frequency field (this field is informational only).

1. Enter the other funds balance for the insurance policy (this field is read-only).
2. Enter a value in the other funds adjustment screen if you are editing a existing insurance policy.
3. Enter the date the insurance premium is due in the Due Date field. You can change the value on the other funds adjustment screen.

1. Enter the policy number assigned to this insurance policy by the vendor.
2. Select the borrower covered by this insurance policy.
3. The Birth Date field displays the birth date of the insured borrower. This field is read only. Select to open the Edit Borrower Birth Date screen to change the borrower's birth date.
4. Enter the date the insurance policy coverage ends in the Termination Date field.

1. Enter the policy number assigned to this insurance policy by the vendor in the Policy Nmber 2 field.
2. Select the borrower covered by this policy in the Insured field.
3. The Birth Date field is read-only and displays the birth date of the insured borrower. Select to open the edit borrower birth date to change the date.
4. Enter the date the insurance policy coverage ends in the Termination Date field.

1. Enter the date the insurance policy was canceled in the Cancel Date field.
2. Enter the reason the insurance policy was canceled in the Cancel Reason field.
3. Select OK to save your changes.

ArticleNumber:

000049456