The suspend forecasted payments tool allows lenders to calculate situations such as early payoffpayoff - Amount remaining to be paid on an account to completely close out the loan. This is the sum of all accrued interest, fees, escrow, and principal remaining on an account. without taking scheduled payments into account. For example, a borrower may decide to skip their next scheduled payment but pay off the entirety of their loan afterwards. Suspending the loan's forecasted payments until the payoff date will provide an accurate representation of the payoff amount. Here's what you need to know about this request:
- This request works very similar to adding a forecasted payment suspension. To remove the suspension, you simply need to use
0000-00-00as the date.
- This request does not adjust a loan's due dates. You will need to use a Change Due Date request to do that.
- This is a POST request, but this request does not have a payload. Instead, you will enter the necessary values into the URL.
- The loan used in this request must be activatedactivated - Activating an account will cause the calculations on the loan to take into account actual dates and payment history. An account that hasn’t been activated exists in an abstract piece of time with no sense of past or future..
For an example of how suspending forecasted payments works within the UI, take a look at our Suspending Payments article on our help site.
For information on payment database tables, see the following articles:
Try It Instructions
Our requests often provide sample payload information so that you can receive a 200 response from simply hitting the Try It button. This request is ready for you—hit Try It to send the request.
However, if you would like to try this request with your own tenant account, make sure to change the headers to match your own authentication information.