Loan Screens > Account Information Screen Group > Account Detail Screen > Payment Detail tab > Payment Information field group

Entry: User, numeric

F/M: Yes

Mnemonic: LNDUDY

Screen: Loans > Account Information > Account Detail > Payment Detail tab

This field is used to establish the day of the month the loan payment is due. This field is used in conjunction with the Due Date field. If you change the day in this field, the next Due Date will change accordingly. For example, if you changed this day to "15," the next Due Date field also changes to be 15 of the next month. This field is only used if the payment frequency is monthly.

If you want the Due Date Day to be the last day of the month, the number in this field changes. For example, if you tried to set up the due date to be the last day of February, the last day that you could enter in the Due Date field is February 28. The system would not allow you to enter 31 days in February because that is an invalid date. Thus, on succeeding months the due date would appear as the 28th of the month. The Due Date Day field allows you to override that date making the due date as the 31st of each subsequent month.

On months that have 31 days, the system will automatically places 31 in the Due Date Day field. In the months that follow, the system will make the due date the last day of the month, even when there are only 30 days in the month. This field is file maintainable, but the system will insert default settings.

If you change the Due Date Day and then click <Save Changes>, the system automatically updates the Due Date field accordingly, and vice versa. The Due Date will move to the next month if the indicated Due Date Day is in the future.

If Institution Option MDDD is set, file maintaining the Due Date Day field will automatically change the day portion of the Due Date field, unless the loan is bi-weekly or the resulting due date would be invalid.

If Institution Option DD27 is set, the due date day will not be allowed to be greater than 27.