Financial Adjustment for a Loan

Overview of IL416

During the normal course of processing loans, the various dollar amounts associated with them (principal, interest, reserves, fees, etc.) are updated accordingly and are self-maintaining. However, there may be rare occasions where you need to manually adjust loan financial information. This is the purpose of Loan Financial Adjustment.

There are various circumstances under which you might want to use financial adjustments. If an interest rate on a loan was not adjusted at the proper time, for example, you need to change the amount of interest due on the loan. Or perhaps your organization misapplied a loan payment and chooses not to go through the loan payment reversal process

• From the DDI-Connect main menu, double-click Financial Services
• Double-click Loans
• Double-click Transactions
• Double-click Loan Financial Adjustment. You will see this screen:

• Type in the loan number you wish to adjust, and click Find. The screen will now populate with the loan's information:

• Locate the line or lines that you are adjusting, and enter the appropriate information. When you have confirmed that the numbers are correct, click Save.

• The system will prompt you with a message that reads "Commit changes?" If you are sure the numbers are correct, click Yes

You will now see a message that reads "Transaction Successful"