NetLoan - Late Fees
Late Fees
NetLoan has the ability to create late fees (custom payment types). To create a late fee payment type, navigate to NetLoan > NetLoan Setup > Manage Payment Types:
Click "New NetLoan Payment Type":
Complete the form with the relevant fields. Select "Fee" as the Parent Type (this will ensure that the fee has no impact on the loan principal balance):
When the form is sufficiently completed, click Save.
The new fee payment type can now be used in the Payments subtab on loan records:
Once the loan amortization schedule has been generated, amortization of the late fee can be seen on the Fee Amortization Schedule subtab of the loan record: