COVID-19 Loan Relief Utility for TEA 10
As part of an initiative to assist our clients in providing loan relief strategies for their respective customers, CommonGoals Software has developed the COVID-19 Loan Relief Utility for TEA 10. The utility will enable our customers to provide loan relief strategies in the following key areas:
- Suspending Interest (Globally or on selected records) – Feature provides a temporary suspension of interest accruals during the COVID-19 crisis with the option to Discard | Apply | Capitalize the interest
- Hold Payments (Globally or on selected records) – Suspends all payments due in the Amortization Schedule from affecting Transaction Processing, EFT/ACH, Invoicing and Delinquency Reporting
- Suspending Late Fees (Globally or on selected records) – Suspends Late fees from being assessed on loan accounts during the COVID-19 crisis
All of these features currently exist within TEA 10 but are normally set on a single loan at a time, based on necessity and internal processes. Our utility allows you to select any subset of active loans, including all loans, in your portfolio and apply the necessary changes at the same time, significantly expediting the process to implement loan relief strategies for your clients during the COVID-19 crisis. As well, the utility keeps tracks of the affected loans and provides the ability to reverse the processes once the crisis has dissipated and your lending procedures return to normal.
PLEASE PLAN TO ATTEND ONE OF THE FOLLOWING WEBINARS.
COVID-19 Loan Relief Utility for TEA 10 WEBINARS |
| Name/Area of Focus |
Date(s) |
Time |
Action |
COVID-19 Loan Relief Utility for TEA 10
Read Q & A from live webinar (PDF) |
TUES, March 31, 2020 |
2:00PM EST
~60 mins |
|
| COVID-19 Loan Relief Utility for TEA 10 |
THURS, April 2, 2020 |
1:00PM EST
~60 mins |
|
| COVID-19 Loan Relief Utility for TEA 10 |
TUES, April 7, 2020 |
2:00PM EST
~60 mins |
|
