Introduction
The Additional Loan Setup section allows administrators to configure loan-related fields for advanced servicing needs. The primary setting in this section enables the Early Termination Penalty Field, ensuring that penalties can be applied to individual draws in Construction and Fix & Flip loans.
Navigating to Additional Loan Setup
Click the Gear icon in the top-right corner to open Settings.
Select Company Settings.
Use the left-hand navigation menu to expand Loan Servicing > Additional Loans/Advances.
Click Additional Loan Setup.
Tip: If you cannot access this setting, ensure you have the necessary permissions or check with your administrator.
Additional Loan Setup Settings
This setting allows lenders to apply early termination penalties on additional loans and draws. It is specifically designed for Construction and Fix & Flip loans, where multiple advances may require penalty assessments if repaid early. Enabling this setting ensures penalties are calculated and displayed within loan servicing workflows.
FAQs
When should I enable this setting?
Enable this setting if you manage Construction or Fix & Flip loans and require early termination penalties for individual draws.
Does this setting apply to all loan types?
No, this setting only applies to Construction and Fix & Flip loans.
Will enabling this setting affect existing loans?
No, enabling this setting will only apply to new loans and draws created after activation.
Need Further Assistance?
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