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Loan Modification - Large Principal Payment/Decrease Monthly Payment 

Instructions on how to lower the Payment on an Existing Loan after a Member makes a Large Principal Payment 

Loan Modification – Large Principal Payment/ Decrease Monthly Payment

No Application Needed

Loan Officer 

  1. Have member apply Principal Payment towards loan
  2. Calculate New Payment in Keystone
    • Calculate a 3-day payoff on the loan
    • Open Relationship Tree and click on the loan to open the Update tab
    • Click Project
    • Under Main Options, change the loan balance to the 3-day payoff amount (this gives member time to get form signed)
    • Click Project New to calculate new payment amount
  3. Discuss New Payment amount with member
  4. Insert Keyinsight: Loan Modification – Large Principal Payment/Decrease Payment
    • Be sure to verify all email addresses before inserting Keyinsight
    • Notate in Keyinsight:
      • Loan Number
      • New Payment Amount
      • New Loan Balance (3-day payoff)

 

Loan Ops 

  1. Create subsequent action form showing new payment and notating what the modification is for
  2. Email to member
  3. Once form is signed, perform maintenance in Keystone:
    • Open Relationship Tree and click on the loan to open the Update tab
    • Click Project
    • Under Main Options, change the loan balance to the 3-day payoff
    • Click Project New to calculate new payment amount (should match what MSR notated in Keyinsight)
    • Click Modify Loan – make sure the only change is the payment amount
    • Click Post Modification