You are here: Features > Late Payment Notices

LATE PAYMENT NOTICES
Function 
To produce printable reports and/or statements indicating payment is late as an aide in delinquency collections.


Operating Instructions
From the GMS-RLSS Main Menu, select Features, Late Notices

Late Payment Notice tab

Search for loans late by __ days 
Enter the number of days a loan should be late to be included in the search criteria. Any loan late, when compared to the Next Payment Due Date, by the number of days entered or a greater number of days will be included in the notices.

As of 
This field will automatically default to “today’s date”. Use the calendar if you wish to select an alternate date.

Notice Date 
This field will automatically default to “today’s date”. Use the calendar if you wish to select an alternate date.

Optional Message 
If an entry is made into this field, it will be included as the final line on the notice. An example of how this optional field could be used would be “Annual Meeting scheduled for April 30th – please try to attend.”

Include Disclaimer Message
Placing a checkmark here will cause any messages entered on the Setup Disclaimer tab to print on the Notice based upon number of days late corresponding to the message entered.

Select Status to be included 
Use the combo box to narrow the search to specific status(s). Selecting from the combo box is accomplished by clicking on the appropriate status. Additional statuses may be selected by holding down the Ctrl key and clicking on the desired status. This same process is used to remove a status from the selection.

Select Funding Source
Use the combo box to narrow the search to specific funding source(s). Selecting from the combo box is accomplished by clicking on the appropriate funding source. Additional funding sources may be selected by holding down the Ctrl key and clicking on the desired codes. This same process is used to remove a funding source from the selection. 

Select Loan Officer
Use the combo box to narrow the search to specific loan officer(s). Selecting from the combo box is accomplished by clicking on the appropriate loan officer. Additional loan officers may be selected by holding down the Ctrl key and clicking on the desired codes. This same process is used to remove a loan officer from the selection.

Select Loan Sort Options 
Select the desired sort, either alphabetically or by loan number.

Include Remittance Form
Placing a checkmark here will cause a cut-off returnable coupon to print at the bottom of the Late Payment Notice.

Set Up Disclaimer tab

Up to five different date ranges with varying messages may be entered here to automatically print, based on number of days late, on the Late Payment Notice if the Include Disclaimer Message option is checked on the Late Payment Notice tab. Only the first 255 characters of each message will print on the notice.

Days From
Enter beginning range. For example, if you wish the message to print on the notice for any loans that are 31 - 60 days late, enter 31 here.

Days To
Enter ending range. For example, if you wish the message to print on the notice for any loans that are 31 - 60 days late, enter 60 here.

Message
Enter the message that you wish to have printed if the number of days late for the loan falls within the days from and to range. Only the first 255 characters of each message will print on the notice.

Special Icons

Print 
You must select this icon to print the report before you may Print Notices. Prints report for your review based on criteria entered, which includes:

Loan number

Borrower

# of Days Late

Loan Balance

Amount Past Due

Applicable Late Fees

Contact Name

Phone Number

Email Address

Print Notices 
Prints Late Notices based on criteria entered. You must first Print report before Notices will print.

Interpreting the Report
The printed notice includes the notice date (as entered), the loan number and borrower’s name and address, along with your agency’s name and address. The content will include the date the first missed payment was due. Also listed is the loan balance, amount past due, late fees (if applicable), and the total due. Any text entered into “optional message” will be printed as the last line of the content.

Things You Should Know
  • The accuracy of Late Notices is dependent upon completion and accuracy of fields within the Loan Master file related to payment amount and payment schedule. It is also impacted by the “new paid-thru date” and “next payment due” date recorded through Loan Activity. If a loan you feel should be included is missing from the process, review the Loan Master file and Loan Activity for accuracy. 
  • When the “search for loans late by” field is completed, the program will prepare notices for any loan that is late by a minimum of the number of days entered. For example, if you enter “search for loans late by” 30, any loan 30 or more days delinquent will be included in the report. 
  • Printing selection will allow you to print specific pages (one notice per page) allowing you to avoid printing notices that do not need to be mailed to your borrowers. This can be an especially helpful feature when workout negotiations are taking place and mailing a Late Notice might be inappropriate. 
  • In some situations, a loan may be more than one payment past due. The “due as of” date included in the content of the Late Notice will reflect the date the first missed payment was due. 
  • If more than one payment is delinquent, “Payment Amount Past Due” will be the total of delinquent payments. Likewise, “Late Fee” will calculate based on the number of payments past due. 
  • The return address portion of the Late Notice is based on data in tblOrganization. If you wish to edit, select Tools, Organization and change as desired. 
  • Using Late Notices will have no impact on the data within your database, and may be printed whenever desired.