Withdrawing or Reducing a Borrower’s Note Loan Contract 

Use

You can use theWithdraw or Reduce function to carry out a withdrawal or reduction. If you withdraw the contract before disbursement, the entire loan is removed from the normal loan process. The contract is assigned completed status. Once you have withdrawn or reduced the contract, no changes can be made to it. If necessary, you can reactivate the contract.

If you reduce the contract, the contract capital is reduced. The system inserts a condition for the capital reduction in the contract.

Procedure

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       1.      Choose New Business ® Borrower’s Note ® Contract ® Withdraw or Reduce.

       2.      The Wthdrw/Red. Contract: Initial Screen appears.

The rest of the procedure is identical to the procedure described in section Mortgage Loan for Withdrawing or Reducing a Mortgage Loan.