This article will explain what Fee transaction types can be assessed within a borrower's payment account. There are 3 transaction types that are labelled as Fee:

• Late Fee
• NSF Fee
• Other Fee

 

Late Fee Transaction Type

• Using the Late Fee transaction type will allow you to assess a late fee to an account or waive/reduce a late fee (Please see KB Article How to Waive or Reduce Fees: Late, NSF, and Other to follow steps). When you assess a late fee on an account, it will remain on the account and will be included in the late fee balance until a portion of a payment transaction is allocated towards paying the late fee. If there is an outstanding unpaid balance, it will appear on a generated payoff record in Payments > Payoff-Requests. ***NOTE*** If you have not manually assessed a late fee, and the payment you are posting is considered late according to the Due Date and the Days Grace Period in Loan Details, then you can assess the late fee within the Payment Transaction Type (Please see KB Article Payments Payment Transaction Types). You can also assess late fees across your portfolio in bulk (Please see KB Article Assess Late Fees in Bulk to follow steps).

   1. Effective Date - date you want the assessed fee effective. ***Required Field***

   2. Amount - amount you want to assess on the borrower's account or amount you want to reduce the balance by (using a negative in front). The field will auto-populate with an amount based off of the fee parameters set in Loan Details > Borrower Fee Settings, however it can be edited here.  ***Required Field***

   3. Current Balance - balance assessed on a payment account but not yet paid.

   4. Reference/Comment - make any comments or record any notes in this section about the transaction.

 

NSF Fee Transaction Type

• You can manually assess an NSF Fee on a payment account with this transaction type or waive/reduce an NSF fee (Please see KB Article How to Waive or Reduce Fees: Late, NSF, and Other to follow steps). ***NOTE*** If you reverse a payment transaction type, and you select NSF as the reason, then you have the option of assessing an NSF fee at that time instead. 

   1. Effective Date - date you want the assessed fee effective. ***Required Field***

   2. Amount - amount you want to assess on the borrower's account or amount you want to reduce the balance by (using a negative in front). The field will auto-populate with an amount based off of the fee parameters set in Loan Details > Borrower Fee Settings, however it can be edited here.  ***Required Field***

   3. Current Balance - balance assessed on a payment account but not yet paid.

   4. Reference/Comment - make any comments or record any notes in this section about the transaction.

 

Other Fee Transaction Type

• Using the Other Fee transaction type will allow you to assess a fee to an account or waive/reduce a fee (Please see KB Article How to Waive or Reduce Fees: Late, NSF, and Other to follow steps). Within the transaction, a user is able to determine what "type" of fee that is being assessed. This dropdown menu is customizable by your site administrator (Please review KB Article Payments Administration FAQs).

   1. Effective Date - date you want the assessed fee effective. ***Required Field***

   2. Amount - amount you want to assess on the borrower's account or amount you want to reduce the balance by (using a negative in front). ***Required Field***

   3. Current Balance - balance assessed on a payment account but not yet paid.

   4. Type - user can select what type of fee is being assessed.

   5. Reference/Comment - make any comments or record any notes in this section about the transaction.