NetLoan - Adjust Payment Date

Loan Payment Date Adjustments

Purpose: Throughout the duration of the loan there might be instances in which a change in the payment date are needed. NetLoan makes this process easy and will automatically update the loan schedule going forward using the newly inputted payment information.

Prerequisites: Payment date modifications must be entered in NetLoan prior to month-end amortization.

Step-By-Step Process

• If viewing the loan record for a commenced loan, you will be able to select the Modify button at the top above the Primary Information section.

• Set the modification type to “Adjust Loan Terms”

• Add a new payment row within the payments subtab. The effective date of this payment should be on the day you would like your payment to be made going forward (i.e. effective date of 9/15 will cause payments to be made on the 15^th of each month).

• Note, if the new payment day occurs later in the month than your current payment day you will need to insert two new payments to avoid duplication. The first payment entered will be the original payment day with a payment amount of $0, and the second payment will be on your new effective date at the desired payment amount. See example updating the payment date from the 1^st of the month to the 15^th of the month below:

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• You will be able to see the modification on the Modification Register by navigating to NetLoan > Loan Management > Modification Register.
  
• If a modification was entered in error, you can select the Reverse Modification button that is located at the top of the loan record. This will reverse the modification you just made. Check out our Modification Reversal article for more information. Note: If the amortization entries for that month have been run you will no longer have the option to reverse the modification.