This section of the Loans Navigation bar enables the user to instantly recalculate the displayed summary loan data for all loans based upon a user-supplied date. This functionality can be used to provide payoff information, perform what-if scenarios, etc.
When the Loan Summary is initially displayed, the value displayed in the Payment Date box is the current system date. To recalculate the displayed summary data using a new "as of" date, enter the appropriate date value in the Payment Date box, and then click the Recalculate Loans button. The "as of" date must be entered in mm/dd/yyyy format, and can be any valid date either before or after the current system date.
Alternatively, use the Calendar icon (located to the right of the Payment Date box) to populate this field with a valid value; see the Calendar Icon link for more information.
If the user-supplied Payment Date is invalid, the error will be displayed in a pop-up dialog box as shown in this example:
Click on the OK button to acknowledge the error and return to the Loan Summary display. Modify the Payment Date value and again click the Recalculate Loans button.
If a valid Payment Date was supplied, the Loan Summary data will be recalculated and then displayed to the user. The results of the recalculation may also alter the font colors used to display the loan summary data as is described in the chapters entitled "Loans Introduction" and "Loan Summary Display".
For example assume the following represents the initial Loan Summary display for a borrower:
The Payment Date is changed to 2/10/2001 and the Recalculate Loans button is clicked. The following display results:
Note that in addition to the background colors changing for the loans that are in repayment, the Payoff Amounts were recalculated as well.