Skip to content
Contact Support
  • There are no suggestions because the search field is empty.

How to add a GTM modification to a loan?

This article discusses how to add a GTM modification to a loan.

To add a GTM modification:

  • Click on running Loan Servicing in the left panel of The Mortgage Office®.
  • Click the Loans drop-down.
  • Click on All Loans. 
  • From the All Loans grid, select the loan you want to modify.

TIP: If the record you want to edit is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or click FindSearch icon box Find to search for the record by entering your own search criteria. For additional information see How to use find and How to use the data grids.

  • Click edit from the options available on the top panel or double-click on the item. 
  • Click on the Terms from drop-down on Borrower page- Terms tab in the left panel of the loan. 
  • Click on the GTM tab. 

TIP: Before you have access to the Graduated Term Mortgage (GTM) tab, you must first let the system know this is a Graduated Terms type loan. To do this, select GTM-Graduated Terms in the Rate Type drop-down menu located in the Options tab in the Terms page of the loan file.

  • Click add from the options available on the top panel to open the New Modification dialog window.
  • Enter the following information:

Field:

Description:

Adjustment Date

Enter the date in which the modification will be applied. This payment coincides with the loan's next payment due date.

For example: assuming a loan with a monthly frequency, a modification with an adjustment date of 7/15/2004 is applied immediately after the 6/15/2004 payment is applied. Therefore, any rate or payment changes are in effect when the 7/15/2004 payment is entered.

square-check-solid Note Rate

Optional. Check the box to enter a new note rate value. If the note rate doesn't require modification, leave the box unchecked. 

square-check-solid Sold Rate

Optional. Enter a new sold rate value. If the sold rate doesn't require modification, leave the box unchecked. 

square-check-solid Apply to P & I

Optional. Enter a new P&I amount. If the P&I amount doesn't require modification, leave the box unchecked. 

square-check-solid Apply to Reserve

Enter a new reserve amount. If the reserve amount doesn't require modification, leave the box unchecked.

square-check-solid Apply to Impound

Enter a new impound amount. If the impound amount doesn't require modification, leave the box unchecked.

square-check-solid Print Borrower Modification Notice

Check this box if you want to send a notice to the borrower notifying him of the pending change. 
  • Click OK OK to save the changes; otherwise click Cancel to abort.

Copyright © Applied Business Software, Inc. All Rights Reserved.