Ending Prorate

This is an add-on loan configuration option for those who would like the loan to mature on the same date as the closing date. Particularly when the starting period had a prorate (partial starting period) and the new due date isn't as desired. If you'd like to learn more about the starting prorate options, click here. 

With this add-on module, you'll see a new 'Would you like to prorate at the end of the loan?' option on the Prorate Settings page. 

The options there will be to select between:
Do not prorate the end of the loan. - by default this setting will not create an ending prorate period for the loan.
Prorate the loan to mature on the same day as closing. - this option will have the system automatically set the ending period to the same day of the month as the closing date selected.
Prorate to a specific date. - this option will be a manually selected ending prorate period date if it differs from the regular scheduled due date and the selected closing date. 

Prorate the loan to mature on the same day as closing.

Once that's set, you'll see a partial ending period matching the closing date of the loan on the Loan Repayment Schedule Information page. 

Prorate to a specific date.

This behaves the same as a beginning prorate, where you're able to select a date far out after the last normal period's end date (12/14/2023 is the end date of that pay period, whereas 12/15/2023 as the due date counts as the first available day in the next pay period). 

I've selected 2/14/2023 as the end date of the ending prorate, which gives us a due date of 2/15/2023, making this end prorate a 2-month period. 

Once that's applied and set in service, you'll see the starting prorate is Period 0, while the ending prorate is treated as a "normal period". 

That's all for this guide.