There are two ways to reamortize a payment amount:

• Either within the loan; or
• Processed within a bulk action

 

Reamortizing a Payment Amount Within A Loan

1.Go to Payments > Transactions > Click +Add

 

           

 

 

2.Select Transaction Type: Set Payment Amount/Type

3.Fill out applicable fields and hit calculate payment to determine the new payment amount. Click Save.

 

 

Reamortizing Payment Amount in Bulk Actions

1.Go to Payments > Actions > Reamortize
 

          

 

2.Using the filter icon and dropdown menus to find the loans you want to reamortize payment amounts for, and then select the loans by using the checkboxes on the left. 

3.Click Reamortize

 

         

 

4.In the pop up enter in the appropriate effective date.

 

IF you do not want to reamortize payment amounts, but instead advance the Next Reamortize Date (tracked in Payments > Loan Details) forward for each loan, uncheck the Perform Reamortization box.  This will advance each date according to the Reamortization Frequency.

 

Once you make your selection, click the Reamortize button.
 

          

 

You will then be prompted to confirm your choices, click the Reamortize button to confirm.

 

 

5.The system will start reamortizing payment amounts. After it has completed the task, you will receive a brief summary message. NOTE:  This message is temporary but detailed records of the action are housed in the History tab)

6.It is STRONGLY recommended that you view the complete History of the Reamortization within Actions > History by clicking on the hyperlink of the record.

 

 

 

 

 

7.The record will show loans’ that had payment amounts successfully changed, and any loans where the reamortizing was unsuccessful, it will tell you why the action was skipped