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papajohn View Drop Down
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Joined: 31 July 2009
Location: New York
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Posts: 16 		Post Options Post Options   Quote papajohn Quote  Post ReplyReply Direct Link To This Post Topic: Loan Balance
    Posted: 15 August 2009 at 7:53pm
How does the system handle late payments?  I know Quickbooks will track the invoices, but how do I track unpaid principal and unpaid charges?  For example...I have a 120,000 loan with unpaid late charges.  When I add $2500 in late fees/points, Quickbooks still shows the balance of the loan as 120,000 (original amount of loan) and what I am looking for is the Loan Balance=Orginal Loan + any late charges, non payments and unpaid points.  Is this possible?
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Posts: 1883 		Post Options Post Options   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 16 August 2009 at 8:53am
These would have to be entered as manual charges directly in the QB file. There is no way to do this in CLM.
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littl8ab View Drop Down
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Posts: 2 		Post Options Post Options   Quote littl8ab Quote  Post ReplyReply Direct Link To This Post Posted: 03 September 2009 at 3:23pm
Will LMP permit you to 'modify' the loan balance to include the new charges?  When you "Reload" the payment amount would adjust, I believe.
 
So can the payment amount be manually set or modified?
 
and is there a 'switch' that will allow a payment amount to be 'static' (not change or update) when we hit Reload?
 
 
Thanks for being there & helping all of us thru these challenges!
 
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administrator View Drop Down
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Posts: 1883 		Post Options Post Options   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 08 September 2009 at 10:11am
Yes CLM will allow you to modify the loan balance to include additional charges.  When you click the reload button the loan balance and the payment amount will be modified.
 
You cannot modify the payment amount as the payment amount is a calculated field based upon the loan balance and the loan terms.
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