Overview
A loan extension increases the loan’s monitoring period beyond its current maturity date, ensuring continued tax servicing and tracking for the extended term. When a loan extension is applied, the maturity schedule is automatically updated to reflect the new term.
Steps
Search for and open the target loan's details page.
Open the More Actions menu.
Click Add Extension.
Enter the number in the Extension in Months field.
Note: Cotality has a maximum term of 600 months when adding an extension. Extending a loan past 360 months could lead to extra fees.
Click Save Extension.
Click Yes to proceed.
Outcome
You have added an extension to the loan term. The system displays a success notification, and the loan record immediately reflects the updated term length.