Release Notes on April 8, 2024

This release introduces various backend fixes and the following newly updated features. 

Consumer and Small Business User Portal

New User Alert for Consecutive Skipped Payments Due to Insufficient Account Balance

Continuing with the improvements in the payment functions, we implemented a new user alert that  notifies borrowers whose payments due haven been skipped twice in a row due to insufficient account balance.  This communication will be in addition to the insufficient balance notice sent automatically each time when the system skips initiating an ACH payment after detecting insufficient account balance.   It includes specific instructions to borrowers for replenishing their accounts, resuming payments, or seeking payment help. 

Additional Backend Check to Ensure Account and Routing Numbers Have been Collected

There has been a handful of incidents when an applicant was able to close a loan without entering the required repayment account routing and account number information.  Such incidents were likely due to front end incompatibility of the internet browsers used.  We implemented an additional backend check to ensure the payment account info is collected during the closing process. 

Institutional User Portal

Additional Detail for Disbursement Display

If the funds from a new loan have been used to pay off an existing loan, such detail will be displayed on the notes column on the Payments Made tab in the LOAN PAYMENT SCHEDULE.