April 2024 Change Record

  • Updated

April 2024 Change Record

New features

The following table lists the new features added to Q2 Loan Servicing User Guide for Simple Loans for the April 2024 release:

Serial Number Feature Link to the section
1 Calculation and Application of Payoff Fees during Payoff

Apply Prepayment Penalty Fee

Note:

The new feature is documented as part of the existing topic, Apply Prepayment Penalty Fee.

Enhancements

The following table lists the new enhancements made to the existing features in the Q2 Loan Servicing User Guide for Simple Loans for the April 2024 release:

Serial Number Feature Enhancement Link to the section
1 Automatic Interest Adjustment Regular payment satisfies the Adjusted Interest Capitalized value before other interest values.

Automatic Interest Adjustment in IPT-enabled loans >

Added the following scenarios:

  • Scenario 1: Regular payment satisfying Adjusted Interest first

  • Scenario 2: Interest posting after a payment reversal

  • Scenario 3: Loan Transaction Summary (LTS) after a backdated reversal

  • Scenario 4: Bill generation and Reserve Amount for Next Due in the case of backdated reversals

  • Scenario 5: Impact on charges in the case of backdated reversals

  • Scenario 6: Payoff and loan closure when loan has a positive adjusted interest in it

  • Scenario 7: Payoff and loan closure when loan has a negative adjusted interest in it

  • Scenario 8: Payoff and loan closure when loan has too much negative adjusted interest in it

  • Scenario 9: Backdated interest waiver

 

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