Servicing changes and reconciliation

Approve reschedules, rate changes, write-offs and corrections with a new schedule version, and resolve receipts.

Step by step

Prepare the change Loan Servicing Officer

Loan Servicing Officer records the change type, effective date and reason against the loan.
- Change prepared
- Updates Loan changes
Approve the change Credit Approver

Credit Approver reviews the change independently and approves it.
- Change approved
- Updates Loan changes, Review decisions
ApprovalA person approves before the work moves on.
Create the new schedule version Loan Servicing Officer

The approved change creates a successor schedule version and records the prior version number. Earlier versions are kept.
- Successor version created
- Updates Repayment schedules
Reverse allocations if needed Loan Servicing Officer

Loan Servicing Officer records reversals explicitly with their date. Nothing is deleted.
- Reversal recorded
- Updates Repayment allocations
Reconcile receipts Loan Servicing Officer

Loan Servicing Officer reviews Pending, Failed and needs review receipts against what was recorded and marks each Completed or needs review, without repeating external actions.
- Receipt Completed or needs review
- Updates Operation receipts

And how to keep it from happening.

A reschedule overwrites the old installments and the payment history no longer adds up.
A write-off is applied without approval.
A failed disbursement receipt is retried instead of checked.

Start free, then use Proto to change fields, steps and approvals before your team goes live.