You can put a loan that has not met their contractual obligations in “Demanded” status. A loan in Demanded status becomes due in full. When a loan is set to Demanded status, statements switch to payoff statements, meaning everything is due. 

 

• In the loan Overview menu for a loan boarded in Payments, click on Payments. A submenu will appear.
• In the submenu click on Transactions.
• On the Transactions page click the Add button. The Add Transaction pop up will appear.

 

 

• In the pop up, in the field labeled Transaction Type select the option labeled “Set Demanded.”
• The pop up will update. Choose an effective date, the field will default to today’s date.
• The action field will automatically be set to “Set Demanded” you cannot make changes to this field.
• You can include a Reference/Check Number for the transaction using the Reference field. This is optional.
• You can include a comment in the Common field. This is an optional field. 
• Once you finish filling out the pop up, review what you have entered and click save.

 

 

What happens when a loan is set to Demanded?  

 

• When a statement is generated using the Generate Statement button, the statement generated will be one demanding the full repayment of the loan. The total amount due will include all principal, interest and fees outstanding. The table on the Transactions page will update to reflect this.

 

 

 

• An alert is added to the loan header indicating the loan is in demanded status. 

 

 

Fields labeled Demanded Date and Demand Cured Date will appear in the Loan ->Payments ->Loan Details-> Current Snapshot section. The Demanded Date field will fill in with the effective date set when the loan was placed in demanded status. If the loan is taken out of demanded status (the demand is cured) the Demand Cured Date field will update automatically with the effective date set when the demand was cured. We will cover how to cure a demand a little later in this article. 

 

 

Removing the Demanded status - Curing the Demand

 

If the borrower is able to correct whatever caused the loan to be placed in Demanded status and you wish to remove the Demanded status from their loan.

 

• In the loan Overview menu for a loan boarded in Payments, click on Payments. A submenu will appear.
• In the submenu click on Transactions.
• On the Transactions page click the Add button. The Add Transaction pop up will appear.

 

 

 

• In the pop up, in the field labeled Transaction Type select the option labeled “Set Demanded.”
• The pop up will update. Choose an effective date, the field will default to today’s date.
• The action field will automatically be set to “Demand Cured” ; you cannot make changes to this field.
• You can include a Reference/Check Number for the transaction using the Reference field. This is optional.
• You can include a comment in the Common field. This is an optional field. 
• Once you finish filling out the pop up, review what you have entered and click save.

 

 

It is important that after curing a demand, you add a transaction that includes the new Total Amount Due. This will not happen automatically. If you do not update the Total Amount Due, it will still have the full amount due.

 

• In the loan Overview menu for a loan boarded in Payments, click on Payments. A submenu will appear.
• In the submenu click on Transactions.
• On the Transactions page click the Add button. The Add Transaction pop up will appear. (screenshots for these steps are pictured above)
• In the pop up select “Adjustment: Total Amount Due” in the Transaction Type field.
• Use the Change To field to add the new Total Amount Due. 
• Click Save

 

 

 

What happens when a loan is set to Demand Cured?

 

• When a statement is generated using the Generate Statement button, the statement generated will be a normal statement. The total amount due will include their regular payment, including any interest and fees. The table on the Transactions page will update to reflect this.
   
• The alert in the loan header indicating the loan is in demanded status will disappear. You may have to refresh the page for it to do so.

 

The field labeled Demand Cured Date that appeared in the Loan ->Payments ->Loan Details-> Current Snapshot section will be filled in with the effective date set when the demand was cured.