What does “Payment Schedule Almost Filled” on the Note Exception Report mean?
Best Practice Items – Today’s Tip of the Week focuses on one of the reports we consider to be one of the most important items to review periodically. Working the Note Exception report will prevent many of the headaches the loan department faces on a day to day basis while also decreasing the likelihood of customer impacting issues.
Payment Schedule Almost Filled – An exception of Payment Schedule Almost Filled is indicating that the system is running out of room in the number of payment schedule slots to produce a new billing. Fiserv Premier® has 99 slots to use for billing. The Payment Schedule Almost Filled exception will begin showing on the Note Exception report (LAS3200-042) when the note has hit the 90th payment slot and continue to show until the exception has been resolved.
The answer is quite simple, the note needs to be renewed typically with a Renew/Change before it has reached the 99th payment slot. The renewal will clear out the billing schedules so 99 new slots are available.
If the issue is not resolved by 99th billing slot the note will continue to bill, however it will not be able to rebill the new monthly amounts so the billing will be the same as slot 99 regardless of account activity.
Notes to Watch:
Notes that commonly produce this error would be Home Equity Lines of Credit, Lines of Credit, or any note recalculating billing on a frequent basis.