Past Due Adjustments

General

Past due adjustments let you choose to adjust the amount past due by a specified amount, or set the first date when the account will be considered past due, rather than use the numbers calculated by the system.  This article will cover using that Past Due Adjustments tool. In LoanPro, the different portions of a loan (e.g. interest, principal, fees) are not changed by past due adjustments.

Past due adjustments only affect the amount and number of days past due. Adding a past due adjustment will not affect the principal balance, payoff, or interest accrual, it will only affect how much of the loan is considered past due. This will be reflected in the Loan Summary, delinquency reports, etc.

Note: This tool is not available if the loan is not activated.

How To

Days Past Due Adjustment

To create a new days past due adjustment, navigate to Account Setup > Setup Tools > Past Due Adjustments inside of any loan.

Click  . 

Enter the date on which the account should first be considered past due. Then click  .

Amount Past Due Adjustment

To create an amount past due adjustment, make sure you are in the Amount Past Due section of this tool.

Click  .

Enter a date when the amount past due will be changed in the “Date” field.  Choose how the amount past due will be calculated from the “Type Of Adjustment” drop-down.  The options are:

  • Fixed Dollar Amount – You will enter the dollar amount that the amount past due will be adjusted by. The amount past due will be adjusted down by the amount you enter.
  • Zero Balance – The past due amount will be set to $0.00.  The days past due will be reset to 0 if you choose this option.
If you chose “Fixed Dollar Amount” for your type of adjustment, enter the amount that the past due amount will be adjusted by into the “Amount” field.  Click  to save your changes.

Rules Applied

The amount and days past due can be adjusted using rules applied.  The rules that will affect this loan can be found in Rules Applied > APD Reset

Use the more_vert button to force the rule or to set the rule as active/inactive.


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