Loan funds or cash are related to loan repayments and disbursements. Funds can be received as incoming payments or contract disbursements. See the instructions below for managing loan funds in the BackOffice.
You can transfer the funds from the servicing account to the loan contract.
Find the loan contract in question:
Loans > Search > Contracts.
Click the Contract number to open the loan contract page.
Persons > Search and locate the person-borrower who has a loan contract.
Click the person Name to access the person details page.
From the content menu, select Loans > Loan contracts.
Click the Contract number to open the loan contract page.
Click the Contract number to access the contract information.
From the content menu, choose Billing > Funds.
On the Loan contract funds page, click the Transfer from account button.
Fill in the transfer details:
Amount - enter the transfer amount.
Details - enter the transfer details.
Choose the servicing account.
Click Submit.
Loans > Search > Funds.
Fill in the search parameters > Search.
To access the fund details, click the Fund Identifier.
The fund details page has three action buttons:
Start repayments - to start repayments.
Change block - to change the repayments block date.
Transfer to account - to transfer funds to the account.
BackOffice users with the Note that the Transfer to account button is displayed for an available fund only if a loan contract has a servicing account in the Tuum system.
If the borrower needs to allocate available funds immediately, you can do the following:
Find available funds.
Check if the funds have an active repayment block. If so, click the Change block button and remove the Repayments blocked until date > Save.
Start repayment by clicking the Start repayments button > click Yes for the confirmation.
