Force payments
The force payments tool offers lenders a practical solution for managing payment schedules with precision. This feature enables you to create customized payment plans that increase payment amounts or adjust interest rates over time, then automatically adjusts the final payment to ensure the account reaches the exact balance needed. By combining the functionalities of LoanPro’s Configurable Payment Schedule and Round Payment Schedule tools, force payments enhance efficiency, eliminating the need for manual calculations and reducing errors.
To use the force payments tool:
- Navigate to Account Setup > Setup Terms inside any specific loan. You must ‘inactivate’ the account to have access to the force tool. Click the ‘inactivate’ button in the upper right of the screen.
- The force tool is located under Schedule Tools > Force.
- You will then be taken to a pop-up window with the available options. Your options include:
| Variable | Description |
| Load | This menu lets you select from your configurable payment schedule templates, allowing you to quickly apply a predefined schedule to your loan. |
| New schedule line | This button lets you add a new custom line to the payment schedule. |
| Round | This icon allows you to enter a rounded amount for the final payment of the loan. Entering a positive value in this field will increase the final payment, while entering a negative value will reduce the final payment. |
| Force | This option will adjust the payment schedule you enter to exactly match the desired loan schedule by rounding off or adding any necessary amount. |
| Delete | This will remove any schedule lines or round amounts you have entered. |
- To create a new payment schedule, click 'New Schedule Line'. Here, you can enter in the available fields for the schedule. Click 'Save' when you're done.
- After saving, click 'Force' to implement the payment schedule on the loan.
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