Default First Payment Date Change Process

Introduction

A major function of LoanPro's Loan Management System is to make common company processes as streamlined and effective as possible. Our process wizards make processes easier for your team and improve the chances they are completed successfully. This article will cover the first payment date change process and how LoanPro makes it a breeze for your personnel.

Default First Payment Date Change Process

The Default First Payment Date Change Process simplifies changing the first payment date on loan accounts when needed. When many loans are created, the lender will set the first payment date 30-90 days in the future. However, a borrower may request to change that date. Each lender's policy for changing a loan's first payment date is different, but LoanPro offers two default process wizards to help simplify the process.

Diagram

The flow chart below outlines the changes and processes implemented by LoanPro directed by the agent user's inputs in the wizard. The agent user's role is outlined in this article.

First Payment Date Change Request Wizard

In the event that a first payment date needs to be changed, enter the loan account in LoanPro and navigate to the 'Wizards Tab'. Select the 'Category' drop-down and click 'Servicing'.

To start the First Payment Date Change Process, the loan must be in the 'Application' or 'Open' status. Click  and  on the 'First Payment Date Change Request' wizard to begin the process.

On this page, record the 'Requested First Payment Date'.

Choose an appropriate 'Action & Result' and document any additional information in a note. Save the information and click NEXT to complete the wizard.

First Payment Date Change Completion Wizard

To continue the process, navigate to the 'Wizards' tab again. Click and on the 'First Payment Date Change Completion' wizard.

Review the request first payment date change. Once the information has been noted, click NEXT.

On this page, follow the provided instructions to change the first payment date to the requested date. Once the loan has be re-activated, click NEXT to proceed.

Check the 'First Payment Date Change Complete' checkbox to verify that the change has been made. Click  and NEXT.

Choose an appropriate 'Action & Result' and document any additional information in a note. Save the information and click NEXT to complete the process.