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Portfolio Manager Help
Modify Contract Terms
Use the Contract Terms tab to modify contract terms for a purchased, sold, or sample portfolio. To specify money received from investors as non-commissionable, specify the amounts on the Investor ROI tab before importing accounts.
To modify contract terms
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In the Navigation Explorer pane, click Purchases, Sales, or Samples.
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Double-click a purchase, sale, or sample name. The information appears in the Information pane.
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Click the Contract Terms tab.
Recourse Period: Number of days allowed in the contract to return uncollectible accounts in bankruptcy for full refund or credit. Latitude uses the recourse period to determine when to display a reminder when selecting the Recourse From Buyer option in the Work Form.
Media: Cost per account for ordering copies of credit application, affidavit, account statements, and other documents. The system doesn't use this information in any calculations.
Other
Credit Bureau Report: cost per account for ordering a credit bureau report.
Skip Trace: Cost per account for skip tracing activities.
Sale Commission %: (For sales and samples only.) Amount withheld for brokering the sale of a portfolio. This amount represents a percentage of the sale price received to withhold. The system generates a sales commission ledger entry for the original purchased portfolio.
Purchase Commission (%): (For purchases only.) Amount withheld for brokering the purchase of accounts. This amount represents a percentage of the payment received. The system includes purchase commissions in the adjusted purchase rate and adjusted total price on the General tab. The system generates a purchase commission ledger entry for the portfolio.
Payment Commission (%): (For purchases only.) Amount to withhold for management fees when you receive a payment for an account in this portfolio. This amount represents a percentage of the payment received. The system generates a payment commission ledger entry for the portfolio. The system reduces payment commissions withheld from accounts forwarded using AIM by the percentage that the forwarded agency withheld.
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Modify the information as necessary.