Most of the time the monthly payment or other terms of a mortgage defined in Keystone remain constant for the life of the mortgage. In these cases, once you enter a mortgage, there is no need to do more than record payments and remind homeowners who are late with their payments.
However, there may be occasions when family circumstances or affiliate policy require that the payment schedule be modified. Restructuring Mortgages discusses some of these cases and describes how the changes can be properly entered and tracked in Keystone. Examples of changes to the payment schedule may include:
This discussion is intended to illustrate possible affiliate actions affecting mortgages and how these actions would be recorded in Keystone. The actions described do not necessarily illustrate affiliate best practices nor are they intended as recommendations as to how an affiliate should address a particular situation. While changes such as those described here may be entered easily into Keystone, your affiliate’s plan should first be reviewed for compliance with the mortgage documents and applicable law, and agreed to in writing by the homeowner and appropriate representatives of your affiliate.