One of the most important parts of lending is accepting payments. Many of the features inside LoanPro are based around this concept. The purpose of this article is to give an overview of payments inside the LoanPro system that links to articles with more detail about features that are concerned with payments, or specific aspects of payments that warrant more explanation.
Payments in a Loan/Lease Account
Inside LoanPro, the first place to start looking for payments is inside of any loan or lease account. Payments are found under Servicing > Payments inside an individual account.
This page is designed to give you all the information necessary for the payments that have been logged on the individual account. The table underneath the summary shows all the payments made on the account. Payments that are active and still apply to the account are blue while edited payments are grey and reversed payments are pink. You can click any of the column headers to sort by the information in that column. There will be a note at the top of this area if there are active recovery payments on the loan.
In the far right column of all active payments that don’t have a date prior to your company cutoff date, you should have four options:
- – Click this to edit the existing payment.
- – Reverse the existing payment.
- – Generate a receipt for the payment.
- – Use Google cloud print to print a payment receipt.
You can view information for each payment by clicking the payment title.
Payment information includes:
- Payment Info – This information is present only if the payment was made using one of LoanPro’s payment integrations. This is the basic information about the payment profile used to process the payment and transaction IDs for the payment. If the transaction is being processed with a NACHA type processor, this section will include the PCI-Wallet Status of the payment. This information will also include a Processor Barch ID if the specific payment relates.
- Custom Fields – You can create custom fields that are specific to payments. The custom field values are displayed here.
- Numbers Before – This section includes loan numbers before the payment was logged including: amount past due, days past due, next due amount, next due date, payoff, and principal balance.
- Numbers After – This section shows what loan numbers were after the payment was logged. These numbers include: amount past due, next due amount, next due date, payoff amount,and principal balance.
- Loan Grouping – This section shows groups that the loan was assigned to at the time the payment was logged (e.g. portfolios, source companies).
- Server Stamp – This section shows the time and date when the payment was logged, the IP address from which it was logged, and the user who logged it.
- Reverse/Edit Stamp – This data is only present for reversed or edited payments. This section shows all the same data as the Server Stamp sections, but while the Server Stamp data comes from the logging of the payment, the Reverse/Edit Stamp data comes from the reversal or editing of the payment.
- Payment Application – This section shows how the payment applied to the different loan segments (principal, interest, fees, escrow, etc).
Note: An r-code will be included in the payment info if it was present when the payment was reversed in PCI Wallet.
This page also displays some general data at the bottom.
This includes a breakdown by payment type of the number of payments of each type and the total amount paid for each payment type. There chart that shows how the payments have applied to the different loan segments (interest, fees, principal, etc.). Mouse over any of the sections of this chart to view which loan segment is represented and the total dollar amount paid.
Under the chart, you are shown general account information including: amount due, current payoff, next payment date, and next payment amount.
Automatic payments are referred to as Autopays in LoanPro. If you are processing payments through LoanPro’s PCI Wallet integration, you can set payments to run automatically. Payments can be processed on a number of regular frequencies, or you can choose to have them run on specific dates.
While you can log both regular and recovery payments from the payments tab inside of any loan or lease account, recovery payments serve a different purpose than regular payments. A recovery payment is specifically a payment you receive on a charged-off account. You should only charge off an account if it’s unlikely that some portion of what is owed on the account will ever be paid.
While the payments tab inside a given account will give you good information about the payments on that account, you will also want a report of payments made on all your company accounts. LoanPro offers a general report for payments found at Reports > History > Payment Breakdown. There is also a report that specifically shows reversed payments found at Reports > History > Payment Breakdown > Reversed Payments.