Setup Tools

What are Setup Tools?

This article will explain what setup tools are and what they each do. Within Account Setup, there are several tools that change the way loans behave after they have been set up.

Down below will show how to view all the options in the setup tools tab.

As you can see above, there's a three bar icon that will have all the options listed within.

Here's a list of all the available tools:

Advancements/Credits - Logging an advancement adds amounts to the principal balance of a loan. You can select what date you want the advancement to apply to the loan and the amount of the advancement. Credits are non-cash transactions that apply in the same way that payments do on an account. You have the option to use credits to payoff a loan, you also can select a date and amount for the credit to apply on the loan.

Late Fees - LoanPro gives you the option to configure automatic late fees for your company.

Curtailment Dates - The curtailment dates setup tool lets you update the curtailment dates for flooring loans, including curtailment dates that were entered as a part of the loan setup.

Roll Schedule - Customizing payment schedules on your loan, creating reusable, custom payment schedules is the purpose of roll schedule templates.

Past Due Adjustments - Past due adjustments let you choose to adjust the amount past due by a specified amount, or set the first date when the account will be considered past due, rather than use the numbers calculated by the system. 

Modifications - A loan modification is essentially a new loan that is placed on top of an old loan.

Suspend Payments - Suspending payments is a way to hide forecasted payments – basic predictions of how payments will be applied in the transactions report.

Custom Fields - LoanPro lets you create custom fields to keep track of things that the system doesn’t track by default. Custom fields are also commonly used on custom forms.

Live/Archive - When a loan is closed, you can choose to archive it. It is intended that you will archive loans only after you decide that they will no longer be serviced.

Additional Information - Group of numeric fields on an account that can be updated manually to track information but do not affect loan calculations.

Suspend/ Resume Interest - In LoanPro, you can suspend interest on a loan for a time, or later resume that interest.

Change Due Date - LoanPro’s change due date feature allows you to change payment due dates, one at a time, at any point during the life of a loan.

Funding - When you fund a loan, you can give funds in the form of cash or check to the customer. This funding method is the old tool that we use but it still does the task.

Enhanced Funding - Our new and improved method lets you fund a loan in one or more transactions, either to the borrower directly or through a source company.

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