Article Details
| Id: | 21259 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 4.01.00 |
| Opened: | 07/03/2024 |
| Closed: | 11/03/2024 |
| Released: | 29/04/2024 |
| Job: | J033033 |
 High Importance |
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Floating Rate Loans; Contractual Overdue is now restricted to the Loan Balance
Contractual Overdue "Payment Dues" for Floating Rate Loans are now restricted to the Loan Balance.
Previously the Contractual Overdue Balance could become larger than the Loan Balance. This is because the Contractual Overdue Payment Due transaction is not limited, leaving the Contractual Overdue Balance to grow larger than the Loan's Balance.
NOTE: If the actual payment cycle differs from contracted payment cycle, the Contractual Overdue Balance at the end of the Loan may be a small negative number – being the interest and fees between final contractual payment and the final payment.