Feature #187
Updated by Dheeraj Kumar about 2 months ago
FCIF Early Payoff Calculation includes full outstanding principal, due and upcoming interest and any late fee inclusive GCT, early pay-out penalty (X% on unearned interest) and risk premium. Note: Early payoff must be less than total loan outstanding. **FCIF Early Payoff Calculation – Steps** 1.Outstanding Principal – Full unpaid principal must be paid. 2.Current Interest – Include due interest (no extra % applied). 3.Early Pay-out Penalty – Apply X% (from DB) on the applicable interest portion. 4.GCT on Early Pay-out Penalty – Apply 15% to the Early Pay-out Penalty. 5.Late Fee – Add pending late fees (Do not apply Early pay-out penalty interest on late fee) considered with GCT. 6.Risk Premium - Subtract Risk Premium from amount being paid. 7.Total Early Payoff Amount = O/S Principal + Due Interest + (Early pay amount Penalty % * Unearned Interest) + Late Fee - Risk Premium. Early pay out must be less than the loan outstanding payments. **Transaction & GL Account for Early Payout Fee For EPIC** 1.Transaction Code: EPOF 2.GL Account: 5018-EPOF