Loan Modification - Extensions

To modify the Extensions settings for an existing loan, follow the overview's steps until you're at the desired loan's "Modify Loan" drop-down menu. 

While viewing the loan, using the "Modify Loan" drop-down menu, click on "Extensions".

You will then see the Loan Extensions summary with columns for the potential loan extension's start date, end date, Number Of Periods, and Options. 

Then click on the "Add Extension" button.

For the next step you will see two options:

• Extension Type (Only Simple is available at the moment.)
• Number of Periods to Extend the Loan

At the moment the only extension type you can select is "Simple", so the only thing you need to focus on is the number of terms or periods you would like to add to the life of the loan. Enter the desired number of periods you'd like to extend your loan for and then click Save. 

Example: Our loan is set for 60 terms/periods (5-Year Loan) and we want to extend it to 72 terms/periods and make it a 6-Year loan.

Note: The loan extension works by appending extension periods starting from the loan's last due date. 

From here, you can also delete a previously set loan extension as well.

Note: It did not reflect changes to the amount owed/due for the remainder of the loan, but you can accomplish this by modifying the loan's Payment / Amortization settings. By editing the starting or current term's Amortization, by default it should show the Amortization as the newly set number of periods (after the extension) and then you'd select your Payment Option type, 'Apply these settings to future pay periods?' set to yes, and then click Save. The saved settings should reflect the desired changes.