# Import Example – Loan/Lease

### General

Importing loans or leases into LoanPro can seem very daunting. This article will walk you through the import process and provide comprehensive information on best practices for this type of import. For a better understanding of loan terms and advanced settings, see Loan Terms and Advanced Configuration. For more info on imports in general, see our articles on The Import Process, Importing through the API, and Import Reports.

The import system is not a real-time import. When you choose to import data, the import is queued and run when it gets to the front of the queue.

### Example

In this example, we will import a single loan into LoanPro, but we will look at some of the different approaches you might take when importing loans. We will import a loan because lease calculations are simpler, so there aren’t as many considerations when importing a lease.

To start your loan import, navigate to Settings > Company > Import > Instructions & Samples inside your company account.

Find Setup in the instruction tree.  You can do this by searching for it using the Search by keyword field, or you can expand sections of the tree by clicking .  Once you’ve located the Setup section, click  to load the instructions for that section into the Instructions pane.  In the Samples pane, click loanSetupSample.csv to download the sample file.

If you use OpenOffice to open the sample file, you will first see a screen that will need information about how to use the file.

Make sure your Character set is one of the Western Europe options. Make sure the separator option you choose is Separated by and that Comma is the only box checked. Click OK to open the file. Your file should look something like this:

There are really two options you have when importing loans into LoanPro. You can either import the original loan complete with all of its transactional history (we will call this the historical method), or you can import a snapshot of the loan as it currently exists with all the current values, but no history (we will call this the snapshot method).

#### CSV File Values

You should enter a value for each loan you want to import under each required header and any other header you have information for in the spreadsheet. We will look at the values needed for both import options. Here are the available headers:

• Action – This is the action you would like the system to perform using the data you are providing. The options include add and update. Since we are adding a new account, we will enter “add”.
• loanId – This is the ID of a loan that is set by the system. This is one way you can identify a loan if you are trying to perform an update. Since we are adding a loan, we will leave this blank.
• displayId – This is the ID that you want the system to display for this loan. This ID can be used to identify the loan for an update import as well. The ID you enter here should be unique to this loan only. This is not required, but is recommended when adding a loan, so we will enter “ABC-123”.
• loanAmount – This is the loan amount. If you are entering the the loan using the historical method, this number will be the original loan amount. If you are using the snapshot method, this number should be the current principal balance of the loan. We will enter 10000.
• discount – This is the lenders fee or discount on the loan. If you acquired the loan for less than the face value of the loan, the difference in the amount you paid vs the amount of principal that will be repaid is the discount. If you are using the historical method, this will be the original discount on the loan. If you are using the snapshot method, this will be the unpaid discount amount on the loan. We will enter 1000.
• underwriting – This is the underwriting fee charged on the loan. If you are entering the loan using the historical method, this will be the original underwriting fee. If you are using the snapshot method, this amount should be included in the current principal balance, so you can leave this blank. We will enter 100.
• interestRate – This is the rate used to calculate interest on the loan. We will enter 25.
• interestRateFrequency – Most interest rates are annual interest rates, but in LoanPro you can enter the rate for a different period of time. Your options are annually, semiannually, monthly, semimonthly, biweekly, and weekly. We will enter “annually”.
• contractDate – This is the date when interest will start to accrue on the loan. If you are entering the loan using the historical method, this will be the original contract date for the loan. If you are using the snapshot method, this could be today’s date, or, if there is accrued but unpaid interest on the loan, you will need to calculate the date in order to accrue that much interest. For example, if there is $150 outstanding interest on the loan at the time we want to import it, we can calculate the best contract date in the following way. Our loan is a$10,000 loan that accrues 25% interest each year. We can use this to calculate how much interest it accrues in a day. Take the annual rate of 25% as a decimal (.25) and divide it by the number of days in the year: .25/365 = 0.0006849315. This is the daily interest rate. Now, we will multiply this by the principal balance, which equals the loan amount of $10,000 plus the underwriting fee of$100. This gives 10100 x 0.0006849315 = 6.917808. So we know the loan will accrue $6.92 of interest per day. If we divide the outstanding interest of$150 by the daily interest of $6.92, this will tell us how many days ago we should put the contract date in order to accrue the appropriate amount of interest. In this case, it is 150 / 6.92 = 21.68. So we would probably put the contract date 21 days ago just to make sure we didn’t accrue too much interest. We will enter 12/30/2015. • firstPaymentDate – If you are entering the loan using the historical method, this will be the original first payment date from the loan. If you are using the snapshot method, this will be the next date when a payment will come due on the loan. We will enter 01/15/2016. • term – This is the number of payment periods on the loan. If you are using the historical method, this is the original loan term. If you are using the snapshot method, the term must be correctly calculated so you will end up with correct payment amount. Solve for the term and enter that number. Since we are entering a new loan, we will enter 12. The formula to calculate the term is:  n = term r = period interest rate PV = present value P = payment amount. • frequency – This is the frequency with which payments come due. The options are monthly, semiMonthly, biWeekly, weekly, custom, and single. We will enter “monthly”. • customFrequency – This is required if you chose custom as the frequency. The options are 1,1b, 2, 3, 4, 5, 6, 8, 9, 10, 12, 13, 15, 18, 20, 26, 28, 30, 36, 40, 45, 52, 60, 72, 73, 90, 91, 120, 180, 182, 360, 364, 365. Most of the options represent the number of days in each payment period. 1b means that a payment will come due each business day. We will leave this blank. • residual – This is only applicable to leases. This is the amount a vehicle will be worth at the end of the lease term. We will leave this option blank. • moneyFactor – This is only applicable to leases. This is the interest rate divided by 2400. For more information see Typical Lease Calculation. We will leave this blank. • forceSingleFrequency – This option lets you choose to have LoanPro calculate APR using a single payment frequency if the term of a loan is 1. We will enter “true”. • interestTiers – This lets you choose to have your interest rate assigned based on interest tiers in your company account. We will enter “false”. • creditLimit – This is only required if your loanType is creditLimit. This is the dollar amount of the credit limit for the loan. We will leave this blank. • creditReporting – This is the credit limit that will be reported to the credit agencies. This will only be reported if you are using LoanPro’s credit reporting feature. We will leave this blank. • amountDown – This is the amount the customer put down on the loan. We will leave this blank. • salesPrice – This is the sales price of the collateral if the loan is secured by collateral. We will leave this blank. • taxes – This is the sales tax paid on the collateral if the loan is secured by collateral. We will leave this blank. • GAP – This it the amount paid for a GAP insurance policy on a vehicle if the loan is secured by a vehicle. We will leave this blank. • dealerProfit – This is the dealer profit on the sale of the collateral if the loan is secured by collateral. We will leave this blank. • warranty – This is the amount paid for a warranty on the collateral if the loan is secured by collateral. We will leave this blank. • reserve – This is the amount held in reserve to insure against bad loans from a source company. We will leave this blank. • loanType – This is the type of loan. The options are installment, creditLimit, flooring, and lease. We will enter installment. • loanCategory – This is the category of the loan collateral. The options are auto, mortgage, consumer, and other. If the loan is not secured by collateral, other is the typical choice. We will enter “other”. • calcType – This is the interest calculation for the loan. The options are lease, leaseAlt if the loanType is lease, otherwise the options are simpleInterest, simpleIntLocked, interestOnly, rule78. We will enter “simpleInterest”. • discountSplit – This option lets you choose whether to recognize discount income over the life of the loan. We will enter “true”. • discountCalc – This option lets you specify the calculation type that will be used to determine what portion of each payment should apply towards discount. The options are straightLine, rebalancing, percentage, percentFixed, and standard. We will enter “percentFixed”. • daysInYear – This lets you specify whether the number of days in the year should be the actual number (365 or 366) or calculated based on the payment frequency (360 for monthly and semi-monthly and quarterly, 364 for weekly and bi-weekly). The options are frequency and actual. We will enter “actual”. • loanFirstPeriodDays – This lets you specify how LoanPro should treat an odd number of days in the first period (a number that isn’t the typical number of days in a payment period). If interestApplication is betweenPeriods then the options are actual, frequency or forceregular. If interestApplication is betweenTransactions and daysInYear is actual the only option is actual. If daysInYear is frequency and interestApplication is betweenTransactions your options are actual, frequency, or forceregular. We will enter “actual”. • interestApplication – This selection determines the way interest is calculated and how it comes due. The options are betweenPeriods and betweenTransactions. We will enter “betweenTransactions”. • begEnd – This option lets you choose whether payments should be made at the beginning of the payment period, before interest accrues in that period, or at the end of the period. We will enter “end”. • lastIsFinal – This lets you choose whether the originally calculated last payment date will always be the last payment date. If that is what you decide, any extra interest accrued and the amount of missed payments will be added to the final payment. We will enter false. • RoundDecimals – This is the number of decimals that values will be rounded to during the calculations that take place in LoanPro. You can enter integers 1 – 7. We will enter 7. • scheduleRound – This is an amount added to or rounded off of the payment schedule starting with the final payment. We will leave this blank. • firstDayInterest – This option lets you choose whether to charge interest on the first day of the loan. We will enter true. • endInterest – This option lets you choose whether to stop interest accrual when the originally calculated final payment date on the loan passes. The options are no or loanExp. We will enter “no”. • rollScheduleTemplate – This option lets you specify whether a schedule roll template should be used when calculating the payment schedule. The options are 0 – none, 1 – Prorate 1st Pmt Long Only, 2 – Prorate 1st Pmt Short Only, 3 – Prorate 1st Pmt All, 4 – Smooth Payment Advanced, 5 – Smooth Payment Basic, 6 – Smooth Payment Advanced (No Round), or you can also create your own templates and enter the ID of any template here. IDs can be found at Settings > Loan > Setup New Loan > Schedule Roll Templates. We will leave this blank. • feesPaidBy – This option lets you specify how fees should come due. Fees can either come on the date entered for the fee, or be paid by any payment made in the same payment period that the fee falls in. The options are date and period. We will enter “date”. • paymentDateApplication – This option lets you choose whether payments will apply on the date of the first missed payment on the loan or on the date entered for the payment. The options are last and actual. Actual is by far the most common option We will enter “actual”. • loanNddCalc – This setting will control how the system calculates the next due date. Standard will take the amounts that have come due & subtract off what has been paid (except “only” payments, such as Principal Only). When that number becomes positive & the next payment date is in the future of the current date, then that will be the next due date. Interest Only will work the same way, however it will only take into consideration the interest that has come due & subtract off the interest that has been paid. The options are standard and interestOnly. We will enter “standard”. • curtailmentPercentageBase – This is the amount used to calculate the curtailment percentage. The current option is loanAmount. We will leave this blank. • gracePeriod – This is the number of days after a payment comes due before a late fee is assessed on the account. Enter an integer between 0 and 30. We will enter 10. • lateFeeType – This determines whether automatic late fees will be a percentage of the outstanding payment amount a flat fee or the greater or lesser of those options. You can enter an integer 1 – 5: 1 –$30.00 flat fee; 2 – custom flat fee; 3 – custom percentage; 4 – greater of custom flat fee or custom percentage; 5 – lesser of custom flat fee or custom percentage. We will enter 2.