Setup Tools

Complexity:    

Audience: Loan Servicer or Collector, Loan Servicing/Collections Managers, Administrator

Introduction

After you've created a loan, setup tools let you change them. Through setup tools, you can fund the loan, create a schedule roll for unique payment plans, or modify anything from due dates to interest.

This article will explain each setup tool and what it does, and then link to articles about using individual tools. If you're looking for a little more context first, we recommend reading Account Setup.

What are Setup Tools?

Setup tools change the way loans behave after they have been set up, making adjustments to a specific loan. There are a variety of options such as advancement/credit, change due date, late fees, and interest adjustment.

To locate Setup Tools, navigate within a specific loan to Account Setup > Setup Tools.

When you first open the page, you'll be on the Advancements/Credits screen. Clicking the horizontal bars icon lets you select another tool, as shown in the gif above.

Tools

Here's a list of all the available tools:

Setup Tool

Description

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.

Interest Adjustment

This feature allows you to make a transaction to specifically adjust the interest on a loan.

Where do Setup Tools Fit?

Setup Tools can do a lot of different tasks, but they share one goal: To help you edit a loan's setup after it's been created. Some tools might be used on every loan, like Funding or Roll Schedule, and others might only be used as needed, like Modifications and Interest Adjustments. All in all, they help accomplish specific tasks related to setup.

This Feature is Not

Before we finish, let's clear up a few possible misconceptions:

  • Not all tools are setup tools. We actually have a lot of tools in the software. You might also be looking for Customer Tools, Loan Admin Tools, any of our Servicing Tools within a loan, or the whole Tools Tab.
  • Setup Tools are not just shortcuts for helping set up loans faster. Rather than just speeding up the process, they do additional things, like funding, modifications, or a roll schedule. If you want to move loans into the system faster, you should consider setting up Pre-Configured loans or Defaults for specific loan types.

What's Next

Our article on Account Setup gives more context about the setup section of a loan. That article also links to Setup Terms, which explains all the numbers you enter when creating a loan. You can also check out the articles about each individual tool, all linked in the table above.


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