Moneylender Professional - Loan Servicing Software

The Third Party Fee Record

Designed to accommodate anything from NSF (non-suffificent funds) fees to property tax payments, the third party fee (also called "other fees") applies an amount to your loan that remains separate from other amounts. Paid before late fees, principal, or interest, it is linked to a Third Party record that contains business contact information.

There are two ways to create third party fees on an account: create a single fee or pro-rate a fee across multiple payments.

Third Party Fee To create a single fee:
  1. Select a loan from the list of loans.
  2. Click Other Charges > New One-Time Fee from the Loan menu.
  3. Create or select a Third Party record using the New or Existing button.
  4. Enter the amount of the fee.
  5. Select the date that the fee will be applied to the loan.
By default, Moneylender selects the soonest future payment due date. However, you may choose any due date between the first payment date and the maturation date.

To track an account number with the fee, enter the Account Number in the corresponding field. Additional information specific to this fee, such as an NSF transaction number, can be saved in the custom fields for future reference. Change the labels of custom fields from the Custom Fields tab of the Portfolio Settings dialog.

All fees are handled separately from the principal/interest computation and loan balance. To add interest-bearing principal to a loan, enter a negative payment as described in the help topic The Payment Record.

New Additional Fee Wizard To create a sequence of pro-rated fees, click Other Charges > Prorated Fee Wizard from the Loan menu. Using the New or Existing keys, create or select the Third Party to associate with the fees. Enter the Total Amount to pro-rate. Select Prorated over X payments, and set the number of payments. For example, entering 6 on a monthly payment loan applies the Total Amount evenly over six months.

Select the appropriate start date for the fees. If you choose a date that would cause fees to apply after the loan's maturation date, you will be asked to change your selection. By default, Moneylender selects the next future payment due date. Thus, selecting the default date applies the fees to the next six monthly payments.

If there is an account number associated with these fees, enter it in the Account Number field.

Click Apply Fee to create the pro rated records. When managing fees on a loan, fees created with the prorated fee wizard display a (1/X), (2/X) indicator to show that it is part of a sequence.

To view, edit and delete fees applied to a loan, first select the loan in the list of loans and click Other Charges > Manage Fees from the Loan menu. This opens the Manage Associated Fees dialog, displaying all fees applied to the selected loan.

Manage Additional Fees To edit or delete a fee, select it in the list then click the corresponding button.

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