How to Manually Update Loans from Interest-Only Calculation to a Stepdown Product

To update a loan to a stepdown product you will follow these steps:

1. Launch Tool # 20: Update Account Information
2. Enter the account base
3. Click the forward arrow
4. Select the desired loan account from the list
5. Click ‘Select’
6. On the Account Information Update screen, click the ‘Lease/Ball/ResVal’ tab
7. On the Lease/Balloon/Residual Value Maintenance screen, select ‘Balloon’
8. Update the following fields to reflect the desired stepdown product information:
   1. Amortization term
   2. Estimated final payment
9. Click ‘Save’
10. On the Account Information Update screen, update the following fields:
    1. Loan Category (located at the top in the middle) - change the current loan category to a category that is set up to use the stepdown feature
    2. G/L account: Input the proper G/L account number
    3. Review date (located in the first column): Ensure the review date is in the future if you wish for the borrower to draw on the LOC
11. Click the forward arrow to save and return to the Existing Account Maintenance screen

Screenshots of loan maintenance: