NetLoan - Statement Adjustments
Statement Adjustments
Purpose: This feature is designed to help borrowers tie out their interest to lender-provided statements. This is only necessary if the NetLoan calculated interest for the period does not align with the statement provided by the lender.
Prerequisites: To be able to access the Statement Adjustment Modification, the loan must be commenced, the Go-Live or Initial Balance journal entry must have been run, and the amortization entry can't have been run for the month you are attempting to adjust.
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Step-By-Step Process
- If viewing the loan record, you will be able to select the Modify button at the top of the record above the Primary Information.
- Select Statement Adjustment from the "Modification Type" dropdown.
- You can update both the "Adjusted Payment" amount and/or the "Adjusted Interest" to match the lender-provided statement.
- (Optional) You are also able to update any go-forward information on the loan, including the monthly payment, APR, total loan term, remaining loan term, and maturity date. If necessary, the "Adjusted Balloon Payment" will auto-populate from the newly adjusted values.
- Once all the appropriate adjustments have been made, click the Modify Loan button.
- Back on the loan record, click the Refresh button until the green banner appears and the refresh button disappears. This indicates that the schedule has been fully updated for the adjustment entered.
- Notice that the prior month's accrued interest is reversed in the current month, and the newly adjusted interest and payment will now show for the selected payment date. The go-forward schedule is adjusted accordingly to remain as accurate as possible.