Loan Payment - Unscheduled Payment

Unscheduled Payments represent an additional payment that is not part of the loan's scheduled dues but appears on the schedule with an appended 'u' for each pay period number it's applied toward. 

It's important to note that Unscheduled payment date ranges are limited and only allowed within a loan's current active pay period period. For example, on a monthly payment frequency loan, an open pay period with a due date of 8/1/2023 will only allow the 7/1/23 to 7/31/23 date range. Once the 8/1/23 payment is paid, it will only allow you to record an unscheduled payment from 8/1/23 to 8/31/23. The same applies for loans with due dates that don't align on the first of each month, one rule of thumb to keep in mind is that the due date is the first day of the following pay period. 

These payments are typically used for principal paydowns or to pay outstanding dues (Interest, Late Fees, or Lender Fees) which can be viewed on the loan's summary page under the Loan Balances section (reflected under the last row for 'Balance'). You can also use unscheduled payments to make payments into the Hold account or the loan's Impound balance. 

The “Applied” column on this page allows you to adjust the values that you are applying to each category.  The total for the “Applied” column must equal the Amount Paid.  If the Amount Paid and Total Applied are not equal, you will see a value in the “Assignment Balance” Field and a message will be shown below the table.  The Assignment Balance must be equal to zero (0) before the system will let you finish recording the payment.

The Loan Wizard will not let you accept more than is due for Outstanding Interest or Outstanding Late Fees.