Auto-Calculate Custom Fields

Introduction

This article builds upon the topic in our Creating Loan Custom Fields article. If you are unfamiliar with the subject of creating custom fields for loans, we suggest reading that article first. Here, we'll explain account setup custom fields, which are custom fields that can be used to calculate specific loan numbers, like the discount, total loan amount, and underwriting fees.

How To

To create a custom field that will auto-calculate one of the loan numbers, navigate to Settings > Loan > Custom Fields > Custom inside of your company account.

There are multiple tabs listed on the top of the page of the Custom Fields settings page. However, custom fields with the ability to auto-calculate can only be created within the Setup Terms tab. To create a new field, click 'Add'.

Creating a new auto-calculate field is the same as creating any other loan custom field, except that you will now have the option to select “Auto calculate” on the field creation screen. If you don’t see this option, change the "Field Type" to “Currency.”

The Auto calculate options correspond to the loan numbers that the field will help automatically calculate. The options are Discount, Total Loan Amount, and Underwriting Fee. Choose the number that this field will contribute to. Once you’ve made your selection, the Operation Type option will appear.

Choose from “Operation Type” whether this field should add or subtract from the loan number you chose for it to contribute to. It’s important to note that if you add a default value for the custom field, that value will be used to automatically calculate the loan number as you’re setting up the loan.

Once you’ve entered all the necessary information for the field, click to save the field.

How It Works

Auto-calculate fields will appear on the main custom fields screen, but they will appear in a different section depending on which loan number they affect.

When inside the Setup Terms area of a loan, switch the auto-calculate fields toggle switches to on and you’ll notice the presence of the auto-calculate fields that have been created in the Custom Fields section shown as an expansion of each loan number.

If a default value was entered for a custom field, then the corresponding loan number will already have a value based on the total of the fields. When you enter a number into any of the auto-calculate custom fields, it will automatically update the appropriate loan number. But be aware that if you enter a number in the parent field, it will override what you entered into the auto-calculate custom fields.

Conclusion

This feature is especially useful for lenders who prefer to enter the component parts of these loan numbers instead of entering a single loan amount. Entering default values for these fields will help you easily arrive at your loan numbers and save time for you and your employees.


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