There are two important changes to MLP’s behavior when the Loan Control Report is enabled through the dialog from the Main Menu.
In the Payoff Calculator dialog:
- “Pay Off This Loan” records the payment, defaulting the payment’s custom field to indicate settlement as entered on the Portfolio Settings dialog. It then records a principal adjustment record marked with the settlement value to bring the principal balance to exactly zero.
If you subsequently modify this loan, delete any principal and interest adjustments at the end of the loan. That way, MLP adjusts the real balance of the loan, not the already-adjusted balance. If you notice more than one set of principal and interest adjustments at the end of the loan, delete them all. MLP makes a new adjustment record to zero out the balance.
- “Pay This Loan with New Loan” marks the payoff payment as a “refi” (or the equivalent, based on your Portfolio Settings). The payoff payment is then included in the Refinance line of the Loan Control Report instead of the Settlement or Regular Payment sections.
With these exceptions, all calculations are indifferent to the Loan Control Report’s settings.