How to delete scheduled rate & payment changes?

CAUTION: When you delete a record, the information is permanently removed from the database. Once a record is deleted it cannot be recovered.

NOTE: You may delete a modification to stop it from being applied. In most cases, canceling is preferred since it leaves a clear audit trail. You can also re-activate the cancelled modification once cancelled- you cannot undelete a deleted modification.

TIP: You are only allowed to delete pending (unapplied) modifications and in LIFO (last-in-first-out) order.

To delete a Scheduled Rate & Payment Change:

Click on the Loan Servicing drop-down menu in the left panel of The Mortgage Office®.
Click the Loans drop-down menu.
Click All Loans from the list that drops down.
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 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 at the top of the screen or double-click on the selected file.
Click on Terms in the left-hand navigation panel.
In the Terms page, click the ARM tab.

NOTE: Before you have access to the ARM tab, you must first let the system know this is an adjustable rate loan. To do this, select ARM-Adjustable Rate in the Rate Type drop-down menu located in Terms Options tab in the loan file.

Click the Scheduled Rate & Payment Changes hyperlink near the bottom of the window.
From the grid, select the record you want to delete.
From the icons at the top of the window, click Delete.
Click Yes to confirm.
In the Confirm Delete dialog window, type the word DELETE and click OK.

How to delete scheduled rate & payment changes?

This article discusses how to delete Scheduled Rate & Payment Changes in ARM loans.

To delete a Scheduled Rate & Payment Change: