Many of your borrowers may be needing to defer loan payments due to COVID-19 related employment loss, furloughs, or other unexpected hardships. When granting deferments, you may want to note in your records that the deferment was granted due to COVID-19 or perhaps other reasons.
We’ve added a field to many deferment transactions to give you the option of tracking your reasons for giving a deferment on a loan. This field is highly customizable making it easy to collect and track the data you need by providing a drop-list of options to choose from when giving a deferment.
Setting Up Options for Your Drop-lists.
To start, you’ll need to add what reasons you want to choose from. Add the reasons you want to use to the Loans > System Setup Screens > Deferment Reason Codes screen in CIM GOLD, GOLDPoint’s loan servicing application. Once the reasons are set up there, you can then add them as a drop-list on the transactions, as described in the next steps.
If you want to assign “COVID-19” as a reason, make sure you add that reasoning, as shown below. If you would like the loan’s status to be designated as affected by a natural or declared disaster automatically for credit reporting (Special Comment Code AW), assign this to Reason Code 6. See Credit Reporting in the Age of COVID-19 for more information about Special Comment Codes used in Credit Reporting.
Loans > System Setup Screens > Deferment Reason Codes screen
Once the reasons have been added, complete the following steps to change a field into a drop-list on one of the deferment transactions. This is a three-part process that requires adding the selections for the drop-list to the Field Dictionary (part 1); creating the drop-list (part 2); and changing the Code 1 field on the deferment transaction into a drop-list (part 3). The steps described below are for your institution’s GOLDTeller manager responsible for adjusting menus and transactions for your institution.
Part 1: Adding Selections to the Field Dictionary
Add each of the reasons from the Deferment Reason screen you added previously to the System Field Dictionary in CIM GOLDTeller (under Functions > Administrator Options > System Field Dictionary).
The Short Data field should correspond to the code you set on the Deferment Reason Codes screen. See the example below.
Teller System > GOLDTeller > Functions > Administrator Options > System Field Dictionary
Part 2: Create the Drop-list
Now it’s time to create your drop-list in Teller System > GOLDTeller > Functions > Administrator Options > View/Modify Dropdown List. You could create a drop-list like this example:
Teller System > GOLDTeller > Functions > Administrator Options > View/Modify Dropdown List
Part 3: Assigning Drop-lists to a Field
The Code 1 field is available on the following deferment transactions:
- Deferments Payment (tran code 2600-11)
- Deferment by Code (tran code 2600-13)
- No Rules Deferments (tran code 2600-17)
- Deferment with Reason (tran code 2600-35)
- Fee Reg Deferment (tran code 2600-50)
The Code 1 field is for the Deferment Reason Code. To make it easy on your front-end tellers, you should change this Code 1 field to a drop-list, as described in the following steps.
Quick Tip! If you do not see the new Code 1 field on those transactions, complete the following steps to refresh the list and load the new field to those transactions:
- While in CIM GOLDTeller, select Functions > Update All Transactions. A message will appear letting you know transactions are being downloaded.
Log off GOLDTeller, then log back on. All transactions should now be updated with any changes.
Code 1 is the field you’ll change to a drop-list with the reasons you established in the prior steps.
- Add the drop-list to a deferment transaction in Teller System > GOLDTeller > Functions > Administrator Options > Transaction Design. For this example, we’ll select tran code 2600-11.
- Right-click the Code 1 field to bring up the GOLDTeller Transaction Field Properties screen.
- Rename the field in the Field Name, such as “Reason for Deferment.”
- Select the Droplist radio button as your field type, then select the drop-list you created in Part 2 above from the field below.
- Click <Save>. See the following example of these steps.
After saving your changes, your deferment transaction would appear as shown:
After successfully completing this transaction, the deferment along with the selected reason for deferment will be displayed on the Loans > Deferments screen, as shown below.
Loans > Deferments Screen
You would need to repeat these steps for each deferment, as well as for all your DB4 machines, if your institution has multiple DB4 machines your tellers connect to. Contact your GOLDPoint Systems account manager if you have any further questions.