Loan Modification - Payment / Amortization

To modify the Amortization (Payment / Amortization) 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 "Payment / Amortization".

You should now see the Payment / Amortization Summary with the loan's creation details within each column:

• Index - The number of the pay period (or term), if the loan's amortization was set for 60 then there would be a total of 60 indexes. 
• Period Date Range - Pay period's date range, if you wanted to modify amortization for a single pay period or from a specific pay period and thereon.
• Payment - The calculated payment by the Bryt system is based on the amortization configuration that was set upon the creation of the loan.
• Amortization - the structure of the loan and the way it will be paid off. Whether that is fully amortized, interest-only, custom (lender-assigned) amount to be collected each pay period, in a number of terms (with the "weight" favoring higher payments in the short-term), or negative amortization with shortfall payments being accrued for a balloon payment at the end of the loan's life. 
• Options - This is the main focus of this guide, clicking on 'Edit' will allow you to change the loan's Payment / Amortization settings. Allowing you to change the loan's 'Payment Option' type, between Fully Amortized, Interest-Only, Custom Amortization (Number of Terms), and setting a Custom Payment if the lender is seeking a specific payment amount each period. 

In our example, we will be working with the first pay period, so we'll need to click on the 'Edit' button for the first Index (Row). 

Then we're able to change the loan's amortization from fully amortized to fixed interest-only by changing 12 to 0. We can apply this change to future pay periods by selecting 'Yes' under the 'Apply these settings to future pay periods?' option and then clicking 'Save'.

Once that's saved you'll be taken back to the Loan Modification - Payment / Amortization screen where you'll be able to see the changes made to the loan's new base payment/calculation and new Amortization column. 

Once you return to the loan's schedule you'll also see the changes reflected there.