How do I set up a fee-in-lieu of interest?

1.      Select the Lending tab in administration.

2.      Select Fees in the left navigator.

3.      Double-click the appropriate fees policy.

4.      Select Minimum Finance Charge in the left navigator.

5.      Enter the amount.

6.      Click the Finish button.

7.      Publish your changes. Refer to the How do I publish? topic for instructions on publishing.

Notes

n       When processing a loan, a message displays with the option to charge the fee-in-lieu of interest if the calculated interest is less than the value set in administration.

n       The fee-in-lieu of interest is set up in the Minimum Finance Charge and not the Post Origination Fees section.