Past Due Adjustments
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.
Days Past Due Adjustment
To create a new days past due adjustment, navigate to Account Setup > Setup Tools inside of any loan. This page gives you the options for several setup tools; select Past Due Adjustments by clicking the icon in the top left (highlighted with a red box in the picture below.)
Amount Past Due Adjustment
To create an amount past due adjustment, make sure you are in the Amount Past Due section of this tool.
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.
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.