NetClose - Modifying an Amortization
Modifying After Commencement
Below are instructions on how to modify an amortization after it has been commenced. Before the amortization has been commenced, and is in a pending status, and you need to make a modification, simply click the "Edit" button.
If an amortization has the status of "Commenced", NetClose will only allow you to edit the Primary Information and will not allow you to edit the Schedule Information. To make changes to the Schedule Information you must click "Modify".
Modifications
This will bring you to the NetClose Amortization Modification page. This shows the current amortization information, and the modifications you would like to make. You can increase or decrease the amortization amount by adding an amount to the "Modification Amount". Inputting a positive number will increase the amortization, inputting a negative number will decrease the amortization. The effective date will default to the 1st of the month and the effective period number will default to the period the amortization is in. You can also modify the end date or the terms(months) of the amortization.
Once the modification has been made click "Save" then "Approve". The modified amortization schedule will then start to generate automatically. Refresh until the schedule generation is complete. To view the modification details, click on the "Modifications" subtab on the amortization record.