Flex Loans allows members in It’s Me 247 to request a change in the term of their loan which results in a payment change.  This is permitted on configured products with monthly payment frequencies.  The loan modification request can be immediate if the member is qualified and your credit union activates auto approvals. Otherwise, the member’s request is sent to the LOS loan queue (Tool #2) to be approved or denied by your loan officer.
 
Flex Loans is designed for members who are current, or at most one month delinquent.  When a member is two or more months delinquent, because their next payment date is in the past, the system may deduct the interest due before presenting a calculated payment, causing a lower amount than expected to be presented to the member.  
 
These members’ modification requests will come into the LOS loan queue as “not qualified” because they will fail the delinquency exclusion.  (Members fail when they are even one day delinquent.)   
When accepting a Flex Loan modification request, you advance to the Loan Open Credit/Refinance screen.  This allows you to adjust many features of the loan including maturity date, disbursement limit, payment amount, number of payments, interest rate, and delinquency fine amount.  In this manner, you can adjust elements of the loan that are not included in the Flex Loan modification request.  Care should be taken when working with members in a delinquent status to ensure the payment amount you offer meets your credit union policies and procedures.
 
You might consider adding a note to your “not qualified” text in the configuration to alert members that if they are already delinquent on their loan, their final payment amount may differ from what is stated on their request.