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Please read the full article before making any changes. Go to Payments > Transactions menu to begin.
FULL DEFERMENT/NO PAYMENTS
1) First confirm the Total Amount Due is correct.
a. If the month of the payment being deferred has already been billed, void out or delete the billing statement.
b. If you are waiving any fees or past due amounts, make those adjustments keeping in mind the effective date you are using.
2) Set up Payment Account to reflect Deferment Terms.
a. Use a Set Payment Amount/Type Transaction Type to set payment amount to $0.
b. If no interest will accrue during deferment, then use a Set Interest Rate Transaction Type to change the interest rate to 0% on your desired effective date. You may need to back out transactions that have an effective date after your desired effective date for interest to be 0%. If interest will accrue during deferment at the same rate, you do not need to do anything.
c. Use an Adjustment: Due Date Transaction Type to set the new Next Due Date for the borrower.
3) Schedule future transaction changes
a. Go to Payments > Schedule Transactions menu. Click on Add+ and use a Set Payment Amount/Type Transaction Type to set the future payment amount when borrower begins to make payments again.
b. If no interest was accruing, then use a Set Interest Rate Transaction Type to set the future effective date and interest rate when interest will begin to accrue for the borrower. If interest was accruing at the same rate, you do not have to do anything.
*If Maturity Date is being extended, please adjust the date within Payments > Loan Details menu*
PARTIAL DEFERMENT
1) First confirm the Total Amount Due is correct. Refer to above instruction if need to make adjustments.
2) Confirm the Next Due Date is correct. Refer to above instruction if need to make adjustment.
3) Set up Payment Account to reflect Deferment Terms.
a. Use a Set Payment Amount/Type Transaction Type to set payment amount to deferred amount.
b. IF interest rate will change during deferment period, set a Set Interest Rate Type with your desired effective date and effective rate
4) Schedule future transaction changes
a. Go to Payments > Schedule Transactions menu. Click on Add+ and use a Set Payment Amount/Type Transaction Type to set the future payment amount once Borrower is out of partial deferment.
b. IF interest rate will change in the future, Set Interest Rate Transaction Type to set the future effective date and interest rate when interest will change for the borrower.
*If Maturity Date is being extended, please adjust the date within Payments > Loan Details menu*
