Automatic Promise Fulfillment
Complexity:
Audience: Loan Servicer or Collector, Loan Servicing/Collections Managers, Administrator, Data
Introduction
Lenders find value in tracking promises, especially promises to pay, from their borrowers. Numbers surrounding promises and promise fulfillment are also valuable in determining things like borrower reliability and agent effectiveness. A lender may choose to track something like how many promises an agent obtains and the percentage of those promises that are ultimately fulfilled.
Promise fulfillment can be done manually in LMS, but this introduces human bias and error to the fulfillment process. LoanPro also offers a way to have LMS fulfill promises automatically. This article will go over how to set up automatic promise fulfillment, and how it can be used in day-to-day lending operations.
If you are unfamiliar with the concept of promises in LMS, check out our Promises 101 article.
How Automatic Promise Fulfillment Works
Automatic promise fullfilment lets you choose the specific conditions under which a payment or credit will fulfill a promise on a loan. You can add an unlimited number of promise fulfillment scenarios. For each scenario, you can use a Clojure rule to specify which loans the scenario will apply to.
For each scenario, you can choose whether payment and/or credits can fulfill a promise. You can also set specifics about the date range and the payment or credit amount that will determine whether the payment or credit will fulfill a promise.
Create a New Promise Fulfillment Scenario
To create a new Promise Fulfillment Scenario, navigate to Settings > Loan > Promises Promise fulfillment.

Click the ADD button.

Now you can enter the following information about the Promise Fulfillment Scenario:
- Name - This is the name of the Promise Fulfillment Scenario. This field is alphanumeric and will allow a maximum of 50 characters.
- Fail promise when transaction is reversed and promise due date has passed - When checked this means that if the payment/credit that caused a promise to move to a fulfilled status is reversed or deleted, then the promise will be moved to a failed status. If the promise due date has not yet passed, promises will be put in pending status.
- Evaluate On - Check the Payments Posted and/or the Credit Posted box to specify whether payments, credits, or both should be considered when determining if a promise should be fulfilled.
- Rule Validation - Use this box to enter a Clojure rule that will be used to evaluate whether this Promise Fulfillment Scenario will apply to a loan. If this box is left blank, the Promise Fulfillment Scenario will apply to all loans.
- Date Range - Enter a number of days before and a number of days after the promise due date as a range that either the apply date or process date of a payment or credit must fall into in order to be eligible to fulfill a promise. For example, if you enter 10 as the days before and 10 as the days after, and the promise is due on January 15th, then any payments/credits that were logged from January 5th to January 25th could potentially fulfill the promise.
- Evaluation Date - Specify whether the date used in order to determine whether a payment falls within the Date Range is the payment's process date or the payment's apply date.
- Amount - Specify how much the amount of a payment can vary and still be considered eligible to fulfill a payment promise. Either a percentage of the promised amount or a dollar amount difference can be entered. Payments/credits that exceed the promise amount will be eligible to fulfill a promise.
Once you have entered the information for the Promise Fulfillment Scenario, click SAVE.
Common Uses & Questions
This feature is most commonly used to ensure that promises are fulfilled automatically instead of manually. Usually if promises are set to be fulfilled automatically, no manual promise fulfillment will be required or wanted.
Loan Servicer or Collector Use
Loan Servicing/Collections Managers Use
Administrator Use
Data Use
Can multiple payments fulfill one promise? If a payment promise is made for $100 and then two $50 payments are made, the combined payments will not be considered in order to fulfill one promise.
Will a promise status changed to "Failed" if a payment is reversed? Yes. If you reverse the payment or credit that was considered to have fulfilled a promise, the promise status will change to "Failed". If the due date for the promise has not yet passed, the status will be set to "Pending".
Related Topics
Promises is one way to keep track of a borrower interaction. Notes and alerts help do this too. If you want to read more about notes and alerts check out these articles:
What’s Next
Promises help keep track of borrower interactions and things they have said they would do. Promises can be found within a loan, but there is also a promises report. To read about promises and the promises report see these articles: