How to Edit a Loan Application's Processing Fee
- Ivy Nzioka (Unlicensed)
Analytics
If there is a need for you to modify the processing fee applied for by an applicant, you can do so with just a few clicks on the Application Details page. Simply follow the following steps.
Important to note
It is best practice to reach an agreement with the customer about the new processing fee amount or processing fee percentage prior to modifying the amount
You can modify the processing fee loan amount/percentage for applications in Pending or Under Review or Offer Letter Sent status only
Go to the applications details page of the application you wish to modify.
Click on Edit beside the processing fee detail on the applications details page.
3. Enter the new processing fee amount as either an amount or a percentage. The percentage refers to the percentage of the loan amount.
Based on an agreement with your customer, you can also choose to waive the processing fee.
4. Click Update.
The new processing fee is saved and the action is reflected on the application history.
The customer also receives an email notifying them of the processing fee modification made to their loan application.