NetLoan - Other Mass Loan Modifications

NetLoan allows you to perform other loan modifications in bulk, in addition to payment or rate modifications. This is done by filling out (uploading via CSV import) a "Loan Modification Proposal Record" which outlines the detail of the loan modification. For any change in loan payments, loan payment records should also be added before the modifications are processed. Details below. 

Use Case: Loan modifications happen for several reasons, although they may be more common in cases of revolving lines of credit or intercompany loans. Any change in loan term or balance from what was setup at loan origination (or a previous modification) would prompt a loan modification. Examples of these scenarios are unscheduled drawdowns or repayments and changes in the loan maturity date. This article provides instructions about how to process these modifications in bulk.  

Prerequisites: Loan modifications should be processed before monthly loan amortization entries are recorded. 

STEP BY STEP PROCESS

1. Fill out the appropriate Modification Proposal Template and save as a CSV file.

• To Adjust Loan Terms, use this template:
  • Modification Proposal (Loan Terms) Template
• To Adjust Loan Balances, use this template:
  • Modification Proposal (Loan Balance) Template

2. Import the template into NetLoan by navigating to Setup > Import/Export > Import CSV Records

• Import type: Custom Record
• Record type: NetLoan Modification Proposal View full size
• Data Handling; Add
• Advanced Options: Make sure "RUN SERVER SUITESCRIPT AND TRIGGER WORKFLOWS" is checked

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• Map the corresponding fields from the template to the NetSuite fields

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• Click Next, then Run
• Confirm that all the proposal records have been imported successfully View full size

3. Process the mass modification

• Navigate to NetLoan > Mass Update Loans > Mass Modify Loans
  • All of the pending loan modifications are listed on this page.
  • The effective date of the modification will be the first period after amortization entries have been run.
  • Enter any desired filters and click Filter Results to see only a subset of loan modifications to be processed.
• To process all of the modifications in the list, select Mark All and click Modify.
• Click Refresh until the processing status shows Complete.