Default Refund Process
General
A major function of LoanPro software is to make common company processes as streamlined and effective as possible, to save users on time and manpower. This article will cover how this is generally accomplished with the Overpayment Refund process.
Diagram
The flow chart below outlines all the changes and processes implemented by LoanPro directed by the agent user's inputs in the wizard. The agent user's role is outlined in this article.
Default Overpayment Refund Process
The Default Overpayment Refund Process simplifies giving a customer a refund if they have overpaid on the loan.
Starting the Process
In the event that a borrower has overpaid on a loan, enter the loan account in LoanPro and navigate to the 'Wizards' tab. Select the 'Category' drop-down and click 'Servicing'.
In order to offset the overpayment, an advancement needs to be logged in the account matching the amount overpaid. Follow the instruction section on the right side of the page to log an advancement. Then, click .
