Ideas for the Mambu Banking Engine

Retrieving "Interest from Arrears" per each installment in a loan account schedule

What: Allow retrieving information about "Interest from Arrears" per each installment in a loan account schedule (e.g. via GET Repayments/ Installments custom view). This information would show how much Interest Expected, Interest Due and Interest Paid displayed in the schedule is from Arrears, i.e. calculated on the overdue portion of the principal balance.
 
Why: In many countries, it is required to communicate to the customer how much interest they have paid/ are expected to pay results from the fact that they missed some payments in the past and the loan account went into Arrears.
 
Being able to retrieve this information from the loan account schedule would help support this communication in a clear way, showing the increase of interest per each installment due to Arrears.
  • Dorota Nosal
  • May 12 2018
  • Planned
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