Loan Screens > Account Information Screen Group > Payment Information Screen > Loan Information tab

Entry: User, numeric

F/M: Yes

Mnemonic: LNDUDY

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

Use this field to indicate the date payment is due each month (for example, if "15" is entered in this field, the payment Due Date will be the 15th of each month). This field is only used if the Frequency field is set to one of the following:

1 - Monthly Payment

2 - Bi-Monthly Payment

3 - Quarterly Payment

4 - Payment every 4 months

6 - Semi-Annual Payment

12 - Annual Payment

Additionally, this field can be used to specify that the payment is due by the last day of the month. If you want to designate the payment be made by the last day of the month, enter "31" in this field. The system will automatically update the Due Date field to always reflect the last day of the month. For example, if "31" is entered in the Due Date Day field, the Due Date in February will reflect "02/28/20YY." The system will adjust accordingly each month.

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.

See also: Within Due Date Day option on the Origination/Opt Out tab.

The following institution options affect this field:

•OP06 MDDD, Move Due Date Day into Loan Due Date: When this option is enabled, any change to this field will change the Next Due Date.

•DDCD: This option allows you to set the maximum number of days this field be changed. For example: The Due Date on an account is 1/1/2016, and this option indicates "13." This field can be changed to any number between 2 and 14. If 15 or higher is attempted, an error message will appear. The next due day cannot be greater than 13 days ahead of the Current Due Date. This option can be used in conjunction with option DD27 (see below).

•OP08 DD27, Due Date Never Greater Than 27: When this option is enabled, employees at your institution cannot file maintain this or the Due Date field to a day greater than 27.