18 September 2009 ~ Comments Off

Loan Foreclosure

Prepayment is a common process in the loan finance business. Under this process, borrowers wish to find out how much they would have to pay if they foreclosed their loan by pre-paying at any given date. Lenders allow pre-payment (or foreclosure) on a case subject to pre-payment penalties and rebates as per their business rules.

This screencast showcases the process of finding rebates and actual payment amount to foreclose a Loan. From the loan case page,  click on ‘Preview Foreclosure’ button to find the paid and unpaid amounts of principal and interest for a specific date. They can also calculate the future rebates with current received amounts in case of customer initiated inquiry.

After final receipt of amount or settlement for closing/foreclose, click on the ‘Close’ button, give comments for closure. RiseMoney automatically posts the rebate transactions for this loan case when saving.

The video below shows the process of above mentioned operations on an active loan case.

If you can't see the video above, visit http://screenr.com/Vo8

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