Default Change Due Date Process

These are additional processes that you can add to your LMS tenant to help streamline your loan servicing. You can either set them up yourself using process wizards, or reach out to your success specialist to enlist the help of our support engineers (tech support rates may apply).

General

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 process for changing a due date and how LoanPro makes it a breeze for your personnel.

Default Change Due Date Process

It's rare for a borrower to make all payments in the exact amounts and on the correct dates during a loan's life. At times, a borrower may request to change a due date due to unforeseen circumstances like a temporary loss of income or unplanned travel. Many lenders will agree to change a due date if the circumstances fall within their company policy. Since it's common, we have created a default change due date process to streamline the task for users.

Starting the Process

To begin, navigate to the specific loan account and then to the 'Wizards' tab. Select the 'Category' drop-down and click 'Servicing'.

Click OPEN and START on the 'Change Due Date' wizard to begin the process. The loan must be in an 'Open' status and must have a $0.00 past due balance in order to access the wizard. 

On this page, follow the instructions to add a change due date to the account. Once the change due date has been saved, click NEXT to continue the process. 

Choose an appropriate Action & Result, then document a note with any additional necessary information regarding the changed due date. Save the information and click NEXT to complete the wizard and the process. 


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