User Group Defaults

Complexity:    

Audience: Upper Management, Loan Servicing/Collections Managers, Administrator

Introduction

LoanPro's User Group Defaults allow you to assign loan setup configurations for your personnel. If you're a lender who has groups of personnel who often give out similar loans, User Group Defaults make it easier to create those loans. For example, say you're a lender who specializes in short term personal loans and long term business-to-business loans, and you use two separate teams of personnel to focus on each type. Creating User Group Defaults will streamline the loan creation process for each member of your personnel by assigning them default loan settings when they create a new loan.

In this article, we'll explain how to create a new group of defaults and how to assign them to your personnel.

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 lets you specify the period of time over which your interest rate applies. Annually is the most common selection. Some lenders prefer to 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 your agent users. 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'.

Edge Cases

This feature can be used in a number of ways, but we've seen some lenders use it to streamline and simplify the loan creation process for their personnel. Like we mentioned in the introduction of this article, a number of lenders choose to offer specific products to their borrowers, and individual products are serviced by individual teams. Lenders who are structured like this need a form of control over large teams and a way to organize their processes for their personnel. User Group Defaults solves both of these needs, as the lender can create default loan configurations for each of their offered products and assign the defaults to the personnel that focus on said products.

However, this feature does not lock your personnel into offering loan products that only match the defaults. If you'd like to create a loan template that your personnel can't alter, you'd need to use Pre-Configured Loans.

Customer Questions

How many User Groups can I make? You can create as many as you'd like—there's no limit.

If a user is assigned to a User Group, can they still edit loan settings when they create a loan? Of course! User Group Defaults are a starting point for newly created loans, not requirements. Your personnel can make any necessary changes when they're creating a new loan if you'd like them to.

What’s Next

This is is the final piece of material for this feature, but we recommend looking into a few other access group topics:


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