Advanced Loan Options - Elapsed Days of Interest (Paid On Date)

The traditional way Bryt calculates interest for loans is based on the payment frequency selected and its associated accrual method - whether it's Periodic (30/360) or Actual Days (Actual/360 or Actual/365). However, some clients require interest calculations based on the number of days elapsed (Paid On Date) from the closing date or last Paid On Date, compared to the traditional method of interest accrual calculations using the End of Period. 

In this Paid On Date scenario, when a borrower makes either a late or early payment they're being charged interest based on the number of days elapsed from the closing date or prior 'Paid On' dates. 

Once you have those claims assigned you'll want to make sure to select the 'Actual Days' option on the Interest Accrual Information page when going through the loan creation wizard. 

Secondly, you'll need to select the 'Paid on Date' option for 'Collect Interest Paid Through' on the Amortization setup page when going through the loan creation wizard. 

Payoffs for Paid On Date Loans

When you are paying off a Paid On Date loan past the maturity date, you'll see a note stating that you may need to add an extension to be able to collect interest past the maturity date. Otherwise, no interest will be factored in and considered due/paid when you enter a payment date beyond the maturity date.

Please make sure to report any technical issues you may be experiencing with this feature by contacting Bryt Support.