These are additional processes that you can add to your LMS tenant to help streamline your loan servicing. You can either set them up yourself using process wizards, or reach out to your success specialist to enlist the help of our support engineers (tech support rates may apply).
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'.
The loan payoff amount has to be less than zero in order to qualify for the wizard. Click and to begin the process.
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 .
On this page, instructions are given to contact the customer and verify their account information to facilitate the account refund. If the account information needs to be updated, the instructions section provides details on how to do so. Once this step has been completed, click to continue the process.
On this page, instructions are provided on how to refund the customer the amount they overpaid on the loan account. Select the dollar sign next to the advancement that was posted in a previous step and follow the instructions to complete the refund. Once the funding transaction has been completed click .
Add an action and result, then document any appropriate information regarding the overpayment, advancement, and funding transaction. Once the information has been saved, click to complete the process.
