Overview
You add a refinance to an existing loan to establish a new loan number and updated financing terms. Processing a refinance within the portal preserves all prior tax and reporting history on the account while updating active terms to match your current servicing requirements.
Steps
Search for and open the target loan's details page.
Open the More Actions menu.
Click Add Refinance.
Enter the required information in the New Loan Number, Loan Amount, Service Type, and Loan Term fields.
Click Save Refinance.
Click Yes to proceed.
Outcome
You have successfully added a refinance to the loan. The system displays a success notification and updates the account record with the new loan number and terms while maintaining a complete link to its historical reporting audit trail.