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To recalculate the Basic Payment in the Loan Master file for Monthly Payment Frequency loans, such as Lines of Credit, in which the payment amount changes based upon the current loan balance.
From the GMS-RLSS Main Menu, select Features, LOC Payment Recalculation
LOC Payment Recalculation tab
Include loans due on the ____ day the month.
Enter the Payment Date from the Loan Master file, Loan Terms tab for the loan(s) with LOC checked that you wish to recalculate the payment amount for.
Interest only - Check this field if the client’s payment is to be the interest only amount Based upon the current principal balance.
Interest + Amortized Principal - Check this field if the client’s payment is to be amortized principal based upon information in the Loan Master plus interest on the current principal balance.
Interest + ___% of Principal - Check this field if the client’s payment is to a certain percentage of the principal balance (enter the percent) plus interest calculated on the current loan balance.
Last processing date for loans meeting this criteria was:
Automatically populated based upon date payments were last recalculated for loans with this Payment Date.
Processing date for this payment recalculation
Prior Reports tab
Include loans due on the ____ day of the month.
Enter the Payment Date from the Loan Master file, Loan Terms tab for the loan(s) with LOC checked that you recalculated the payment amount for.
Select the processing date that you wish to print a prior period’s report for.
You must select this icon to print the report before you may update the Basic Payment in the Loan Master file.
Once you have printed the report and confirmed accuracy of loans and amounts, select the Save icon to update the Loan Master file with the new Basic Payment amount.
Things You Should Know
Only loans with the same Payment Date and LOC checked in the Loan Master file, Loan Terms tab will have their Basic Payment amount recalculated.
The Basic Payment amount will be updated only once the Save icon has been selected.
The Basic Payment amount appearing in the Loan Master file is what will be used for all reports that include this information regardless of what previous Basic Payment amounts may have previously been.
Basic Payments amounts in the Loan Master will only change once you have saved this processing. They will not automatically recalculate each month unless you run this Feature.
Only loans set up with a Payment Frequency of Monthly will have their payment recalculated.