User Group Defaults

Introduction

User group defaults are similar to loan type defaults except that you can create as many groups of defaults as you want and assign groups of defaults to your agent users. This article explains how to create a new group of defaults and assign it to an agent user.

Creating Group User Defaults

To create a new group of user defaults, navigate to Settings > Defaults > New Loan > User Group Defaults inside your company account.

Next, click 'Add'.

Enter a name for this group of defaults into the 'Title' field. Then, choose a default loan type from the 'Loan Type' field.

Now, you have two sections of defaults you can set: Setup Terms and Loan Settings. Let’s look at the setup terms first. This section is divided into four parts: Loan Terms, Escrow Calculator, Advanced Configuration, and Late Fee Configuration.

  1. The loan terms section lets you set the following defaults:

Default

Description

Payment Frequency

The time interval at which payments come due. The options are monthly, semi-monthly, weekly, bi-weekly, annually, semi-annually, quarterly, single, and custom. Custom lets you choose a number of days in each payment period.

Interest Rate Type

This let’s you specify the period of time over which your interest rate applies. Annually is the most common selection. Sometimes companies enter an interest rate for a different period. For example, if you offer loans with a 12% annual rate, the monthly rate would be 1%. If you choose monthly as the interest rate type, you would enter 1 as the interest rate instead of 12. The options are annually, semi-annually, monthly, semi-monthly, weekly, and bi-weekly.

Use Tiers

This option lets you choose whether to use interest tiers. Interest tiers can be set up at Settings > Loan > Setup New Loan > Interest Tiers.

Last Day of the Month

This option lets you specify whether subsequent payments should fall on the last day of the month if the first payment date falls on the last day of the month, but it’s a day other than the 31st.

  1. The escrow calculator calculates how much escrow should be added to each of your loan payments.

  1. The advanced configuration lets you select options for how interest is calculated and how and when payments will come due and apply on loans.
  1. The late fee configuration section lets you choose how late fees should be applied on the loan.

Once you have made all the desired changes to the defaults, click 'Save' to save them.

Assigning Default Groups

Now you can assign the default group you created to an agent user. To do this, navigate to Users > Agent Users inside your company account. Next, click the agent user you want to assign the defaults to.

Click 'Edit' on the Profile & Access tab.

Now, choose the set of defaults you want to apply from the 'New Account Default Settings'.  You can also choose Loan Type Specific if you want this user to have the loan type specific defaults. 

Finalize your settings by clicking 'Save'.


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