Release Notes on July 1, 2024

In this release, we continued to refine the UI and UX related to managing ACH payment source and enhance the calculation logic for processing self-initiated ACH payments.   

Consumer and Small Business User Portal

Additional Alert for Suspended or Deactivated Dwolla Account

We added a new alert message "Account Error" on the Dashboard and on the Loans page to lead users whose ACH account has been suspended or deactivated by Dwolla to take immediate action.  A new help article provides the context of what causes such errors and the step-by-step instruction on how to rectify such errors. 

Dynamically Calculate an Early Payment Based on Borrower's Intention

Borrowers can make an early payment using any of the following three functions on Happy Mango

1. Pay Now: pay the upcoming payment 
2. Pay Early: make extra payment to pay off the loan sooner than the original maturity date
3. Pay Off: pay off the entire remaining balance

After observing that users sometimes use Pay Early with the intention to pay the upcoming payment due, which is what "Pay Now" is intended for,  we added a logic to treat "Pay Early" the same as "Pay Now" if the payment amount entered exactly equal the next payment due.  

Newly Published Help Articles

We have published the following new Help Articles:

• Paying Off A Loan: Why does my loan status say "Account Error"?
• Paying Off A Loan: Why does my loan status say "Add Account" or "Link Account"?

Institutional User Portal

Payments Received Before Next Payment Invoice Date Will Not Be Considered Late

Our previous calculation rule considers a payment late if it is received after the end of the grace period.  We have updated the calculation so that a payment is no longer considered late as long as it is received before the invoice date of the next payment due. We hope the less stringent late payment rule will encourage more borrowers to make payments whenever they can even if they have missed the payment due date.