Borrower Portal - Paid On Date Loans

This guide is meant to be used as a reference for people who 1) have the borrower portal module and 2) use the elapsed days of interest (Paid On Date) for their interest accrual calculation method.
Note: We suggest borrowers follow up with their servicer to discuss any confusion with the Paid On date structure for what's being prompted regarding due amounts. Potentially having the servicer record the payment on their end instead since the borrower portal blocks the ability to select a date once they're late or a date has passed. 

This Paid On Date interest accrual calculation/collection method focuses on the collection of interest as of the entered payment date. For this reason, there will be a variety of fluctuations in what the system attempts to collect depending on your loan payment scenarios. 

When the borrower pays early, they are able to select a payment date within their grace period and the interest dues will be fixed to the selected date. If it's a fully amortized loan, it'll force the full period's principal due amount. 

When the borrower is late, it won't allow a selection of a different payment date (uses Today's date - the day they will be submitting their payment) and it forces the full payment of dues. The only thing that will be date-dependent is the interest-due amount. If it's a fully amortized loan, it'll force the full period's principal due amount. If there is a late fee, that will also be collected as its own fee on top of the period's dues. 

Fully Amortized Loan

Interest-Only Loan

Interest-only loans only focus on late fees (based on the period's regular scheduled dues) and then force the interest due as of their payment date.

Late Fees

If there is a late fee it's calculated based on the month's pay period dues by default. So when the borrower pays past their grace period and accrues a late fee, the late fee is only calculated based on the pay period. 

Fixed Payment Loans

If you set a fixed payment AND the fixed amount set does not cover the full dues for that period, when collecting via the portal it'll force the full amount of dues for the period. For example, if a fixed payment of $1,000 was set but the interest due amount for the period is $1,033.33, then the borrower would pay the $1,033.33. When looking at the schedule for this (not via the borrower portal), the schedule will show the underpaid interest amount as of the ending balance as a projection (by default it gets set to outstanding interest, so it wouldn't compound interest unless you direct the unpaid interest amount to that).
If the borrower pays early via the borrower portal then it'll pad principal as part of their dues since there's a requirement for a fixed collection of $1,000. Since they paid early it only factors interest due to date, their full interest amount isn't due until the end of their period. The borrower can however select their scheduled due date instead of paying early, that way there's no collection of principal if you're trying to avoid that. What you can also do there is go to your portal settings and set the number of days to '0' for the portal's ACH Payments option, this way they can only submit payment starting on their due date.