Skipped and Pickup Payment Loans

This module is almost identical to the Skipped and Irregular Payment module, with only two differences:

1. Irregular payments elements (see <IrregPmt>) with a specified Payment attribute value that is greater than zero are interpreted as "pickup" payments instead of "fixed" payments. A "pickup" payment is defined as the regular computed payment plus the additional specified Payment.

2. The UsePrinPlusNotIrregs root element attribute found in the Skips and Irregulars module is not supported.

Sample Request

The example below skips the summer months of June, July and August and plans for a pickup payment of $1,000 to be made in the month of December.

<inSKIPS_PICKUPS AccrualCode="320">
   <LoanDate>2023-12-01</LoanDate>
   <PmtDate>2024-01-01</PmtDate>
   <IntRate>10</IntRate>
   <Proceeds>10000.00</Proceeds>
   <Term>12</Term>

   <!--Skip June, July, and August payments -->
   <IrregPmt Month="6" />
   <IrregPmt Month="7" />
   <IrregPmt Month="8" />

   <!--Specify a pickup payment of $1,000 in December of 2024 -->
   <IrregPmt Month="12" Year="2024" Payment="1000.00" />
</inSKIPS_PICKUPS>

Sample Response

The following response is returned from the SCEX when provided with the sample request above. Note that the final payment in December ($2,064.49) is $1,000 more than the regular computed payment of $1,064.49.

<?xml version="1.0" standalone="no" ?>
<!DOCTYPE outSKIPS_PICKUPS SYSTEM "outSKIPS_PICKUPS.dtd">
<outSKIPS_PICKUPS>
   <Results>
      <Description>Successful Calculation</Description>
      <Payment>1064.49</Payment>
      <Number_of_Skips>3</Number_of_Skips>
      <Payments_Specified>5</Payments_Specified>
   </Results>
   <FedBox>
      <AmtFin>10000.00</AmtFin>
      <FinChg>580.41</FinChg>
      <TotPmts>10580.41</TotPmts>
      <RegZAPR Type="Actuarial">9.999</RegZAPR>
   </FedBox>
   <Moneys>
      <Principal>10000.00</Principal>
      <Interest>580.41</Interest>
      <Protection Category="None" PerPmt="0.00" PerDay="0.00">0.00</Protection>
   </Moneys>
   <Accrual>
      <Method>Actual/365 US Rule</Method>
      <Days1Pmt DayCount="Actual">31</Days1Pmt>
      <Maturity>2024-12-01</Maturity>
   </Accrual>
   <PmtStream Term="5" Pmt="1064.49" Rate="10.000" Begin="2024-01-01"/>
   <PmtStream Term="3" Pmt="1064.49" Rate="10.000" Begin="2024-09-01"/>
   <PmtStream Term="1" Pmt="2064.49" Rate="10.000" Begin="2024-12-01"/>
   <AmTable>
      <GrandTotals PmtTot="10580.41" IntTot="580.39" PrinTot="10000.02"/>
      <SubTotals Year="2024" Start="1" Events="12" PmtSub="10580.41" IntSub="580.39" PrinSub="10000.02"/>
      <AmLine Idx="1" Date="2024-01-01" BegBal="10000.00" Pmt="1064.49" Int="84.93" Prin="979.56" EndBal="9020.44"/>
      <AmLine Idx="2" Date="2024-02-01" BegBal="9020.44" Pmt="1064.49" Int="76.61" Prin="987.88" EndBal="8032.56"/>
      <AmLine Idx="3" Date="2024-03-01" BegBal="8032.56" Pmt="1064.49" Int="63.82" Prin="1000.67" EndBal="7031.89"/>
      <AmLine Idx="4" Date="2024-04-01" BegBal="7031.89" Pmt="1064.49" Int="59.72" Prin="1004.77" EndBal="6027.12"/>
      <AmLine Idx="5" Date="2024-05-01" BegBal="6027.12" Pmt="1064.49" Int="49.54" Prin="1014.95" EndBal="5012.17"/>
      <AmLine Idx="6" Date="2024-06-01" BegBal="5012.17" Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="42.5691" EndBal="5012.17"/>
      <AmLine Idx="7" Date="2024-07-01" BegBal="5012.17" Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="83.765" EndBal="5012.17"/>
      <AmLine Idx="8" Date="2024-08-01" BegBal="5012.17" Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="126.3341" EndBal="5012.17"/>
      <AmLine Idx="9" Date="2024-09-01" BegBal="5012.17" Pmt="1064.49" Int="168.90" Prin="895.59" EndBal="4116.58"/>
      <AmLine Idx="10" Date="2024-10-01" BegBal="4116.58" Pmt="1064.49" Int="33.83" Prin="1030.66" EndBal="3085.92"/>
      <AmLine Idx="11" Date="2024-11-01" BegBal="3085.92" Pmt="1064.49" Int="26.21" Prin="1038.28" EndBal="2047.64"/>
      <AmLine Idx="12" Date="2024-12-01" BegBal="2047.64" Pmt="2064.49" Int="16.83" Prin="2047.66" EndBal="-0.02"/>
   </AmTable>
</outSKIPS_PICKUPS>