User Group Defaults


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 will cover creating a new group of defaults and assigning it to an agent user.

How To

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

Click Add.

Enter a name for this group of defaults into the Title field.  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 TermsEscrow CalculatorAdvanced Configuration, and  Late Fee Configuration.

The loan terms section lets you set the following defaults:

  • 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.

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

The  advanced configuration lets you select options for how interest is calculated and how and when payments will come due and apply on loans.

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.  Click the agent user you want to assign the defaults to.

Click Edit on the Profile & Access tab.

Choose the set of defaults you want 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. 

Click Save. You are done!

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