Loan Modification - Loan Status

To modify the Status of an existing'Pending' state loan, follow the overview's steps until you're at the desired loan's "Modify Loan" drop-down menu. 

Once you're at the loan's summary page, click on the 'Modify/Edit Loan' button. 

This button will provide you with three options:
1) 'Add / Modify Loan Principal'
2) 'Return to Loan Setup' to return to the loan creation wizard and edit the loan's details, or
3) you can select 'Put Loan into Service' to set the loan's status to 'In Service'.

1) Add / Modify Loan Principal
Note: This option is not available for tenants with the Investments module. 

When a loan is in a Pending state, you can add principal to it for projection-based forecasting of interest dues.

Items for consideration:
- If you were to change the loan's closing date and the new closing date used is after one of your principal addition dates, it will not be counted once the loan is set in service.
- When adding principal on a fully amortized loan, the loan is not re-amortized at a later period since most traditionally fully amortized loans are amortized from the loan's starting principal. When doing this, you will see a balloon payment for the last pay period. You can always add an extension to your loan once you've set it in service.

Two Options to Set a Loan In Service
For either of these two options, if you want to change the loan's closing date, prorate details, or due dates after it's been set in service, you would need to delete the loan and recreate it.
If you have made principal additions on Pending Loans, you will be asked if you'd like to keep or discard your loan principal additions. Select 'Yes' to keep the principal additions you've entered, or keep the default of 'No' to set the loan In Service without those. You can always add principal once the loan is set in service.

1) Selecting the 'Return to Loan Setup' option will allow you to edit a loan's configuration details before it is set to 'In Service', or you can use this to edit the loan's configuration details and return it to a 'Pending' State like before. 

After making any edits and/or adding principal during the loan's Pending state (like shown in the screenshot below) you would select the 'Put Loan In Service' option.

 2) Select the 'Put Loan into Service' option when clicking the 'Modify /Edit Loan' button on the Pending loan's Summary page, then click the 'Service Loan' button to set it In Service. You'll be prompted with a warning that says you won't be able to reverse the action once the loan has been set to 'In Service'. The warning is there because you won't be able to change the loan's closing date, prorate details, or due dates afterward. If you're sure you want to start servicing the loan then go ahead and click the 'Service Loan' button to set its Status to 'In Service'.

In Service State
From there you will be taken to the loan's summary. You'll know it's set to in service when the loan summary button next to the 'Loan Configuration' section says 'Modify Loan' instead of 'Modify/Edit Loan'.

Your loan will now be 'In Service' when viewing your loan list, instead of 'Pending'.