Navigation:  Loan Screens > Account Information Screen Group > Additional Loan Fields Screen > Origination/Maturity tab > Due Date Day

Entry: System, numeric

F/M: Yes

Mnemonic: LNDUDY

Screen: Loans > Account Information > Additional Loan Fields > Origination/Maturity tab

 

This field displays the day of the month that the payment is due each month. For example, if "15" is entered here, the payment due date would be the 15th of every month. This field is ignored if the loan payment frequency is anything but monthly.

 

Additionally, you can use this field to specify if you want the payment on the last day of the month. Because the number of days in a month varies, the number in this field changes. On months that have 31 days, the system will automatically place "31" in the Due Date Day field. In the months that have 28, 29, or 30 days, the system automatically enters "28," "29," or "30," respectively.

 

If you want to change an opened loan to allow payments for the last day of the month, you would enter "31" in this field, and the system would adjust for the last day accordingly. Note: See the options below for an option that does not allow users to enter a number larger than 27 in this field.

 

If you change the Due Date Day, you should also change the Due Date to match. However, if you do not change the Due Date, the system will automatically update the Due Date to match this number after the next payment is made. If you change the Due Date Day, the Due Date will move to the next month if the indicated Due Date Day is in the future.

 

Additionally, if a customer would like a different Due Date and you change the Due Date, you should especially make the corresponding changes to the Due Date Day field, or the system will go back to the original day of the month of the payment before you changed the Due Date.

 

Options