Loan Modification - Interest Rates

To modify the interest rate 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 "Interest Rates".

Now you will see the loan's originally set interest rate for the first Pay Period.
To make a change in the loan's interest rate for a period that has not had any payments made, click on the "Add Interest Rate" button.
For the next step, select a date for the new interest rate to take effect (Effective Date). Then set the interest rate for that effective date to begin accruing interest at the new rate.

• Note: The new interest rate, if applied within a period with a preexisting interest rate, will be counted as a "variable interest rate" for that pay period. Meaning that the new interest rate will have the effective date of the lender's choosing and start accruing at the new rate on that day, even if the preexisting rate was being counted for prior days in a given pay period. 
  • If you wish to return the Interest Rate for the loan back to the original rate, you must manually change the rate back. The Bryt system uses the most recent interest rate set for the remainder of the loan's life.
    

When you're finished setting those details, click Save.

Deleting or Editing an Added Interest Rate
If you would like to delete the newly set interest rate, you can do so by navigating to the loan's summary. Clicking the "Modify Loan" drop-down menu button, and clicking on Interest Rates. You will then see the originally set interest rate and the new interest rate you have set.
Note: The "During Pay Period" column identifies what pay period the interest rate was set during, not the pay period the interest rate will affect.  You will not be able to delete an interest rate record if there has been a payment made towards that pay period.
Click the "Del" button. Once prompted with the "Are you sure you want to delete this interest rate?", click Yes, to delete the new interest rate. 
Alternatively, you can click on the "Edit" button if you'd like to edit the Effective Date or Interest Rate. 

Notes: 

- Prorate rate changes can only be made if the prorate period has not been paid towards and closed. 

- The initial rate's 'Effective Date' cannot be changed under any scenario, only the rate. 

- The latest added rate's Effective Date will be the one that's used for the remainder of the loan's interest calculations. If you'd like to return to the loan's original rate, use the 'Add Interest Rate' button to add a rate as of the day you'd like to stop accruing more/less interest. 

- For loans with the prorate collection option of 'Due With First Payment', it will show interest due on the 0 period but is part of the same interest due amount shown for the first pay period. Any recorded payment on these 'Due with first Payment' prorate collection-type loans will be recorded on the first pay period regardless. The 0 period is shown but cannot have a payment made toward it. 

- There are new validation messages to prevent incorrect data entry, such as: using a date earlier than the interest-paid-through date (whether attempting to enter a date before the closing date or a closed pay period), entering the same date as an existing added rate change, or entering an invalid date such as 2/31/2023.