You are using an unsupported browser. Please update your browser to the latest version on or before July 31, 2020.
close
Home > Support > Payments > Borrower Facing Servicing Fee Workaround
Borrower Facing Servicing Fee Workaround
print icon

The Ventures Payments module currently does not offer a borrower servicing fee as a standard option. It is something that is planned for a future enhancement. In the meantime, there is a workaround option. Please follow the steps below:

 

1. Create a Payment Fee Type

Within the Administration > Reference > Payments > Other Fee Type > Click Add. Add a new fee and name it Servicing Fee (or whatever you prefer).  Add a description and Click save

 

 

2. When boarding the loan do NOT include the servicing fee into the Payment Amount

 

 

3. On a monthly basis and prior to the next billing statement you will need to enter a new transaction to capture the monthly servicing fee. Our recommendation would be to do so after posting the current month’s payment. Select a Transaction Type of  Other Fee and then from the Type dropdown, Servicing Fee (or whatever you may have named it) and add in the amount of your fee. 

 

 

4. When the Billing Statement is generated you will see that it will add other charges at the top and then line item out Fee: Servicing Fee.  This is an option of what transaction types and how many should be displayed on the billing statement.  It could vary depending on your set up.

 

 

5. If desired, you can add the “Fee Other Amount” column to your grid so you can see it. Click the gear icon and select it from the list of columns.

 

 

 

6. Posting the Payment will require an override of the Amount Receive as it will default to the payment without the fee.  Enter the full amount received and note that the Other Fee that was posted will then show as part of the payment allocation.

 

Feedback
1 out of 1 found this helpful

scroll to top icon