Outline – Training – Record Loan Payments

1. Recording Loan Payments
   1. Ways to Record/Collect Payments –
      1. Record a Payment (Individual Loan) – https://bryt-product-guide.document360.io/docs/record-a-payment 
         1. Select a loan from the loan list
         2. Once on the Loan Summary, click ‘Quick Tools’ and select ‘Record a Payment’
            1. Regular Scheduled – used to close a pay period and pay its dues in full. If there’s a partially paid amount, underpaid categories may end up as balances on the summary, but it depends on the category. For example, principal is left as part of the balance and impound is foregone. 
            2. Unscheduled – Used in the event of a principal paydown, payment of accruable lender fees mid-loan, and possibly using hold funds for a period’s dues. Date range for this is limited to the currently ‘open’ pay period. Creates a sub-entry for the pay period. 
            3. Payoff Loan – This option should be used to finish collecting a loan’s dues. The loan will get set to a Paid Off state and be ‘inactive’. Some record $0 payoffs to render a loan inactive (no notices will be generated). 
         3. Waterfall Rules: https://bryt-product-guide.document360.io/docs/loan-payment-payment-allocation-process-waterfall-rules 
      2. Due Payments Widget (Dashboard) – allows you to record payments on multiple loans by selecting a grouping (CTRL + Click on Windows and CMD + Click on Mac).
         https://bryt-product-guide.document360.io/docs/multi-payment-recording 
         1. You’ll want to select a Payment Date for the group of loans you’ll record payments on, then click the ‘Make Selected Payments’ button. You’ll repeat this for each grouping of loans if they differ on Payment Dates. 
         2. This is the same process that is used for creating a NACHA file for Payins
      3. ACH (Recurring) Payments – https://bryt-product-guide.document360.io/docs/ach-module 
      4. Borrower Portal (Add-on Module) - https://bryt-product-guide.document360.io/docs/borrower-portal  

Deleting Payments – only the latest recorded payment can be deleted by going to the loan’s Schedule and clicking the ‘Options’ button under the Options column (last column). Suppose there’s been a data entry error, in that case, you will need to delete each subsequent period until reaching the incorrect period and re-recording that period and the others that were deleted. 

1. Deleting ACH Payments – in certain cases, there will be a returned error code from ACHQ for an NSF or other reason, both of which can be cleared by the servicer. https://bryt-product-guide.document360.io/docs/deleting-an-ach-payment-from-the-schedule
   However, if payment cleared successfully and for some reason you need it deleted - you’ll want to submit a request via email to support@brytsoftware.com, let us know the loan name and pay period, and give us 1-2 weeks. Please note that these ‘real’ ACH transactions cannot be replicated on the schedule and will be recorded by the servicer manually.