Loan Modification - Payment Frequency Change 

Loan Modification – Payment Frequency Change

No Application Needed

Loan Officer 

1. Calculate the updated payment amount for the frequency change
   • Open Relationship Tree and click on the loan to open the Update tab
   • Click Project
   • Under Main Options:
     • If Needed, change the Payment Due Date
     • Change the Payment Frequency Field to the desired frequency
     • If the New Payment Frequency is monthly, enter the Payment Frequency Day 1 (for any other frequency this field will be blank)
     • Click Project New to see new payment calculation
2. Discuss the New Payment Amount with the Member
3. Insert a Keyinsight: Loan Modification – Payment Frequency Change
   • Be sure to verify all email addresses before inserting Keyinsight
   • Notate in Keyinsight:
     • Loan Number:
     • Next Due Date:
     • New Payment Amount:
     • New Frequency:

Loan Ops 

1. Create subsequent action form showing new payment amount, new payment frequency and due date (if applicable)
   • Existing Loan information will auto fill at the top of the form – you can copy and paste the information that will remain the same to the Modified Loan Information section
2. Once forms are signed, perform maintenance in Keystone:
   • Open Relationship Tree and click on the loan to open the Update tab
   • Click Project
   • Under Main Options:
     • If Needed, change the Payment Due Date
     • Change the Payment Frequency Field to the desired frequency
     • If the New Payment Frequency is monthly, enter the Payment Frequency Day 1 (for any other frequency this field will be blank)
     • Click Project New to see new payment calculation – confirm this matches New payment amount in Keyinsight
     • Click Modify Loan > Post