Brinley Bushman
brinley.bushman@loanpro.io
brinley.bushman@loanpro.io
The Customer Manager is a centralized location where you can view all customers within your account. In LoanPro, customers are completely separate from loans and leases. This approach provides the flexibility of assigning one customer to multiple loans—or multiple customers to one loan—without requiring users to enter data more than once. Getting St
Payment profiles are stored in Secure Payments, ensuring maximum security while allowing you to use them to log payments in LMS. It is required that you have an active Secure Payments account before creating payment profiles. This article will explain how to add payment profiles through LMS. Once a payment profile is saved, the full account number
In LoanPro, discounts (sometimes called lender's fees) can be a powerful tool for managing loan terms and ensuring accurate payment allocation. Discounts are typically the difference between the amount paid for a loan note and the face value of the note. They represent a revenue opportunity for lenders but must be tracked carefully to maintain accur
This article explains how to configure and use Nacha files for U.S. transactions within LoanPro. Secure Payments specifically uses unbalanced Nacha files, which display one-way transactions from your customers. Adding a Nacha processor A processor can be added through either LMS or Secure Payments. Some advanced settings relating to batching days an
With a recent update, LoanPro is now integrated with Payix, a US-based payment processor that you can enlist to handle your bank card and ACH payments. Payix is unique in that a single processor can deal with bank card and ACH transactions—most processing companies only do one or the other, and the companies that do both typically require you to set
LoanPro offers features that can accommodate all types of accounts and payment schedules. If you’re creating a new loan these tools can help you design the payment schedule to fit your needs, or if you are matching a pre-existing loan, these tools will help you match the contract and previous payments that are already in place. This article will cov
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 loa
Within the servicing section of a loan, the Notes/Alerts section contains a record of past servicing efforts on the account. The tools visible on this page are notes, agent Actions & Results, alerts, audit trail, and webhooks. This article will explain each of these tools and how they are used. To access this section, navigate inside a loan to
Stoplights are designed to give you an idea of the overall health of an account at a glance. You can configure the system so it will assign a stoplight based on your set rules. Automating stoplights To set up rules for automated stoplights, navigate to Settings > Loan > Alerts > Stoplight inside your company account. Here you can choose whe
Quick Actions are a series of servicing actions that will run on an account when initiated by a user or automation. These actions can either guide an agent through a task or automatically update the account. To give you granular control over when and how each Quick Actions is used, set up involves three steps: Creating the Quick Action Giving agent
LoanPro allows you to upload account documents, customer documents, and common documents. In this article, we'll explain how to upload documents. Uploading loan documents To upload a loan document, navigate to Servicing > Documents inside any account. On the main page, you can search for documents through a number of filters: filter by keyword, s
Account and customer statuses help you classify loans by where they are in the lending cycle. If you have loans in the system that have not yet received funding, you might create a status called “Underwriting” in order to help you classify and easily search for these loans. This article will explore how statuses work and walk you through creating an
When setting up a loan or lease, the Account Setup area contains the inputs and functions that let you define what the loan or lease is, including things like term length, payment schedule, interest rate, etc. There are three areas where the loan or lease data can be entered or updated: Setup Terms, Setup Tools, and Processes. This article will go o
You can add additional charges to customer accounts for any number of reasons. Some charges are used universally by lenders whereas others are more specific to certain lending operations. Whichever fee you want to assess, LoanPro has tools that help fees fit into your needs. This article goes over logging a charge on a loan and a line of credit. It
In lending, communication with your customers is critical to your success. A communication strategy, if well-planned and well-executed, can be the difference between borrowers missing payments and borrowers paying off their loans in full. LoanPro's Base Communications Suite lets you create personalized email campaigns and integrate with your preferr
Payoff a loan You can pay off a loan from either the ‘Summary’ tab or ‘Payments’ tab within a loan. Start from the ‘Summary’ tab To initiate payoff, Scroll down within the ‘Summary’ page of a loan to find the ‘Payoff Breakdown’ section. If you know the date you want to use for the payoff of the loan, enter it into the ‘Payoff Date’ field. This fie
For those who offer loans with very few differences, LoanPro provides the ability to create preconfigured loan templates. You can define the loan settings and terms in advance, then simply click a button to create a new one. Creating a preconfigured loan involves two steps. Creating the template. Using that template to generate a loan. Creating tem
Variable interest rates let you create loan products that adjust dynamically with the market. With LoanPro, you save the variable interest indexes in the software, and then use those indexes when creating and updating loans. This article will explore how to set up indexes at the tenant level and use them on individual accounts. Configuring variable
Computation fields allow you to create customizable fields of information for your loans so you can monitor the information that's most important to you. They update automatically and dynamically for each loan—set a field up once, and it can be displayed on each account. In this article, we'll explain how to create computation fields and use them wi
Select Bankcard is a merchant services provider who is directly connected with acquiring banks. Their relationship and integration with the banks cuts out middlemen, saving you money on every card transaction that they handle. LoanPro has partnered with Select Bankcard to offer the best processing options to our customers. Using Select Bankcard Bec
Escrow analysis is a periodic audit of escrow funds received to determine whether funds collected into escrow accounts will be sufficient to fulfill estimated escrow disbursements (payments made from escrow). In a typical escrow analysis, the lender will enter information on planned disbursements they plan to make for the accounts. The lender will u
When delinquent borrowers have become unresponsive or untraceable, locating them is crucial for your recovery efforts. That’s why LoanPro is integrated with idiCORE to support your debt collections processes. This integration allows you to gather up-to-date contact information from various sources, improving your ability to recover delinquent loans.
LoanPro’s change due date feature allows you to adjust the day of the month when a loan's payments are due. In this article, we will explain how to change due dates for both installment loans and line of credit. For fully restructuring an account’s amortization schedule, see our Comprehensive Loan Recasting article. Changing payment due dates for
Delinquencies occur when a borrower is more than 30 days past due on an account. The ‘Delinquency History Table’ allows you to view the number of unique delinquencies for a specific loan, as well as the date of first delinquency for the current delinquency. This report is dynamic, meaning that transactions posted after their apply dates will affect
To receive notifications, customers and agent users must first be enrolled. This article will explain how to enroll customers and agent users, automate customer enrollment based on loan status, and view customer communication history. Enroll customers manually Customers in LoanPro can be linked to multiple accounts within your tenant. The ‘Links &a
LoanPro’s Smart Mail House simplifies the process of printing, mailing, and tracking first-class mail directly from our loan management system (LMS). It's one of the important customer communication options that can be an invaluable part of a lender's collections strategy. Smart Mail House supports both manual, one-off mailers and automated, rule-b
Past due adjustments allow you to manually modify the amount past due (APD) and days past due (DPD) on an account. The adjustments are used for record-keeping purposes and as a way to ensure other parts of your settings—such as the automation engine and interest—are working as you'd like. These adjustments do not affect a borrower’s balance or forgi
Text messaging is a fast and effective way to reach borrowers, with messages often being read more than emails. LoanPro's Interactive SMS tool allows agents to send and receive text messages directly within the LMS. This article will walk you through how to integrate LoanPro's Interactive SMS tool to improve communication efficiency and borrower eng
Secure payments works to safely store payment information, in collaboration with LoanPro’s LMS. This article explains how to view and update information that affects your communication with Secure Payments, as well as how to configure a payment profile in Secure Payments. This payment profile will be used to add funds to your Secure payments account
The delinquency report shows a review on a borrower's history, such as whether their loan is open, next due date, next payment amount, late fees, etc. This will help you identify the reasoning for delinquency and what to do next. To run the report, open a specific loan and navigate to Reports > Delinquency. The page is divided into two columns. O
LoanPro provides users the option to configure automatic late fees for your company. These are fees that are automatically assessed on your accounts once the determined grace period has passed. There are several ways to configure late fees. You can, Set late fee defaults according to loan category and type. Set late fees for individual accounts. Tur
While you can manually log a charge on an individual loan or line of credit account, recurring charges let you automate those charges according to your business logic, letting you increase your operational efficiency without sacrificing control over how your accounts are managed. This article will go over setting up a recurring charge for a loan or
LoanPro’s escrow features offer a robust set of tools to accommodate any escrow needs. These tools can be used for traditional escrow purposes or other scenarios where lenders may need to collect money that does not apply to the loan payment. The general escrow process begins with tenant configuration where you specify settings and buckets to use on
LoanPro's cross-tenant account transfer tool automatically moves loan data from one tenant to another, making it particularly useful for clients with multiple production tenants. It allows you to create and manage loans in a dedicated origination tenant. Once a loan is approved, it can be moved to a servicing tenant based on the logic you define. Th
The Automation Engine (formerly called ‘Rules Applied’) is a customizable automation system in LMS. When an account meets your criteria, it automatically takes action in line with your custom business logic. Both the criteria and actions can be customized to align with your own specific products and processes. Criteria are recorded with a coding lan
Payment routing helps companies process payments and send payment funds to the correct bank accounts. Using merchant processor groups, you can group a set of payment processors together and assign them to any number of accounts. This group specifies which processor should be used to process payments of different payment methods. Creating a merchan
Secure Payments is integrated with Repay Payment Solutions, which allows customers to process payment and funding transactions from bank accounts and cards, including same-day ACH. Once you have an account with Repay, you can create Repay payment processors. You will then be able to use Repay to take payments and fund loans. Two quick things to note
Advancements directly affect the principal balance on a loan to provide the borrower with early access to a portion of the loan amount. In this article, we'll explain the steps to log an advancement, edit, or fund it, and manage the process within your loan account. Logging an advancement To log an advancement on a loan, navigate to Account Setup &g
The APR Matching tool lets you choose an APR amount and then adjust either the loan interest rate or the total escrow amount in order to get the loan as close to the chosen APR as possible without going over. This is especially useful for complying with laws that require an APR to be under a certain threshold, like SCRA. Keep in mind that this is an
Promises help you keep track of when borrowers commit to make a payment by a certain date, typically outside of their regular payment schedule. By adding a note, you can use this feature to track any kind of agreement you’ve made with a customer. This article will describe how to create promises in LoanPro’s LMS. It will also teach you how to fulfil
LoanPro offers notes and alerts at both the tenant and loan level to ensure agents are notified about important account information. This article will explain the different alert options and explain how to set them up. To learn more about loan-level alerts, visit our Note types and Audit Trail article. Stoplights Stoplights provide a glimpse of how
Authorize.net is a payment gateway that provides online processing of bank card payments. Using Authorize.net, you can process card payments online, without any physical swiping. If Authorize.net fits your lending practices and you would like to use the service, it can be configured through LoanPro's integration with Secure Payments. This article ex
At the end of the life of a loan, you can either archive or delete it. Archiving a loan allows you to retain access to the data for any future need, such as a tax audit. Deleting a loan will remove the data from LoanPro’s system. Restoring a deleted loan is possible with a fee. Archiving a loan Once a loan is closed and will no longer be serviced,
Balance rollovers take the part of the balance of a line of credit account and transfer it to a linked installment loan, either by creating a new loan or adding an advancement on an existing loan. Depending on how you use them, balance rollovers can be the basis for countless innovative credit products, like card based BNPL, revolving credit, or lo
Banks do not process payments on bank holidays, which can delay the confirmation of payment success or failure by several days. To increase efficiency, LoanPro and Secure Payments allow you to automatically reschedule payments to an available banking day. While both tools default to U.S. banking holidays, you have the flexibility to customize holida
Bank card attribute lookup allows you to verify card information for payment profiles. Not only will this help prevent borrowers from defrauding you, but it can also help you meet due diligence requirements. This article covers the attribute lookups for bank cards. For checking or savings accounts, see ValidiFI. Turning on card attribute lookup Befo
LoanPro’s charge-off feature can be set up to run automatically or manually via an agent. This article explains how to set up a charge-off and gives a brief explanation of recovery payments and charge-off accounting. How to charge off an account To charge off a loan, Log a payment for the amount you are charging off. If you are completely closing
LoanPro offers two types of customizable dashboards that help provide a clear view of information inside the loan management system (LMS). The Account Dashboard presents information about a specific loan, and Agent Dashboards display information when an agent logs-in to the loan management system. Loan profile The loan profile is displayed each tim
Whether you’re just getting started with our software or purchasing an existing loan, you need to know how to match the contract that the loan is performing under. This article will walk you through a step-by-step process that you and our representatives go through when matching contracts. Preparation Before you begin you must know the following inf
Line of credit is another loan type supported by LoanPro. Rather than taking out a whole loan all at once, borrowers can use money gradually through a line of credit. These sums are restrained by an upper limit, meaning they can only borrow so much over a certain time period. That balance accrues interest, and the borrower makes regular payments ove
We understand the importance of delivering a cohesive and visually appealing customer experience. That’s why we offer tools to customize and style your customer website, ensuring it aligns with your brand. Whether you want to adjust themes and colors or embed the login directly onto your website, we provide the options you need to fully integrate yo
In our loan management system (LMS), there are four ways to create a new loan in the system: Manually enter loan information (Standard and Quick Quote) Create and use pre-configured loans Create and use a custom onboarding process Import bulk information using a .csv file This article will explain the details of manually creating a loan and how to c
A customer in LoanPro is an individual or company that can be associated with an account. You can access customers' information either through the accounts they’re linked to or through the customer manager. In either case, you’ll be able to view and edit their information. Each customer’s page is divided into several sections listed on the left. Co
For those using LoanPro’s configurable customer website, we offer the ability to manage authentication using the credentials created by LoanPro. We also provide easy-to-access settings that will give you control over what customers can see and do when they log in to the website. Authentication To authenticate users, follow the process below to use
A customer-facing website isn't an absolute requirement for every lending operation, but many borrowers will expect modern companies to have a website or application where they can see their balance, make payments, and manage their loan. For mid-size lenders who don’t have the resources to build out their own website, our customer portal is a simple
LoanPro maintains a daily record of account data, including any custom fields you choose to track. This data is accessible in the Daily Snapshot (previously called the Historical Loan Archive). In this article, we’ll explain how to access Daily Snapshots for both installment loans and line of credit accounts. Daily Snapshot for installment loans To
Delinquency categories (formerly Delinquency Buckets) are a loan-level report that show how many payments a loan is past due. This article will show you exactly how delinquency categories look in the software and how they're used in Automation Engine. How delinquency categories work To see the delinquency categories on an account, open the account a
LoanPro has many tools for changing and adjusting interest rates on installment loans or line of credit accounts. This article will cover: Interest Rate Change, Interest adjustment, Line of Credit Interest Rate adjustments and Suspend/Resume Interest. These tools enable lenders to change the interest rate on a loan going forward or adjust the amount
Loan settings are the options on a loan that affect how the loans are grouped and serviced. The loan settings area is separated into four sections: account settings, custom fields, convenience Fee, and portfolio. This article will explain in more depth the account settings and custom fields sections, along with how to number accounts. To learn more
LoanPro has an integration with Accept Global Pay (formerly EFT Canada), which processes payments for Canadian e-check accounts. Before you set up a processor, you'll need to sign up with EFT Canada. Once you've been approved, they'll give you credentials that you can enter into Secure Payments. Setup You can set up an Accept Pay Global processor
Secure Payments integrates with third-party applications and processors to safely move funds. Each integrated application is required to use Secure Payment’s iframe to maintain payment card information (PCI) compliance, but it can be customized to match a different user interface. Changing iframe style Secure Payments offers some custom styling opt
LoanPro's Quick Quote tool allows users to calculate the values of an entire loan's life without permanently saving it. This feature is great for proposing the terms of a loan to a potential borrower before creating and saving the information in your account. Using the Quick Quote tool works the same as creating a new loan—you input the type, terms
Billing statements are automatically generated at the end of each billing cycle. LoanPro will be able to access transaction statements from the most recent billing period up to 25 years in the past. This article will explain how to access statements for loan and line of credit accounts. Loan statements To download statements as a PDF, use the billi
Queues let you group loans together and assign them to agents for more efficient servicing. By having all assigned loans in one place, agents can move seamlessly from one loan to the next without needing to search for individual accounts. This streamlines their workflow and makes tasks more manageable. We'll get into the details of how to create a q
A recovery payment is a payment made on a charged-off account. If there is no charge-off balance on an account, it is not advisable to log a recovery payment on that account. This article will explain how to log a recovery payment and change an AutoPay to be listed as a recovery payment. Logging a recovery payment There are two places you can go to
LMS and Secure Payments are integrated with FLEX Payment Solutions. FLEX is a payment processor that handles card and ACH transactions, including same-day ACH. Visit FLEX Payment Solutions for more information. Before you create a FLEX processor in LMS, you'll need to sign up for an account with them on their website. Setup FLEX Connector Bank Accou
When you set up a loan, one of the most important tools available in LoanPro is funding, which keeps track of how you actually gave the money or collateral to the customer. LoanPro's Enhanced Funding tool lets you fund a loan in one or more transactions, either to the borrower directly or through a source company, which allows you to print a physica
When you become a LoanPro user, you are eligible to use our three products: the Loan Management System (LMS), Secure Payments, and Connections. Each of these products can be used individually, but they're incredibly powerful together. Depending on their role, users will have access to one or more of the three products. Additionally, some customers r
LoanPro has many tools for changing and adjusting interest rates on installment loans or line of credit accounts. This article will cover: Interest Rate Change, Interest adjustment, Line of Credit Interest Rate adjustments and Suspend/Resume Interest. These tools enable lenders to change the interest rate on a loan going forward or adjust the amount
In LoanPro, borrowers and their accounts are saved as separate entities with a many-to-many relationship—each account can have multiple borrowers or co-borrowers, and each borrower can have multiple accounts open. What’s more, different accounts can be linked together, enabling you to split a payment between them. This article will cover the differe
In LMS, we have tools to help your employees log payments with ease, accuracy, and efficiency. LoanPro separates payments into two tasks: logging a payment on an account, and actually processing the money movement. Payments are logged in LMS, and if it's a bank card or e-check payment, LMS then tells our PCI-compliant software Secure Payments to mov
Warning Flags offer a quick and visual way to monitor loan conditions by applying color-coded indicators to accounts based on specific criteria. For example, you configure the system to show a green flag on all accounts that are in ‘Open’ status, have been updated by an agent within the last 15 days, and are less than $400.00 past due. These flags h
Transaction history reports organize data from accounts into individual categories to make searching for specific information easier. When viewed in comparison to other tenant-level reports that LoanPro offers, you’ll have a more well-rounded perspective to evaluate specific elements within your company. This article outlines the available reports o
In LMS you can set up payments that will process automatically on specific dates or according to the calculated repayment schedule. AutoPay Manager The AutoPay Manager lets you view all of your customers’ AutoPays in one place. You can filter that list with attributes of the loan or the AutoPay itself. Once you find the AutoPays you're looking for,
If an account has insufficient funds or a customer cancels a transaction, the payment processor will be unable to complete the payment. However, due to the standard three-day processing time, the transaction failure might not be visible immediately. When this is the case, payment processors will notify Secure Payments. From there, Secure Payments ne
The payment authorization is designed to be read in order to obtain verbal consent from your customers before you process payments. The payment authorization text will be displayed on the ‘Preview & Confirm’ section of the payment process. This article will cover how to edit the payment authorization. Edit authorization text The payment authoriz
The Payment Match tool (formerly known as Roll Payment) allows you to specify a desired payment amount. Instead of calculating the payment based on the loan term, present value, and interest rate, you can input the payment amount you want. The tool will then adjust one of the other loan terms (term length, loan amount, or interest rate) to match you
If you're a user with admin-level access to your account, you have the ability to create Agent Walkthrough Groups (formerly known as Process Wizards) and Agent User Roles. These two features are often used together as an account security measure. Role-based access controls which parts of the Loan Management System (LMS) your personnel have access to
In LMS, LoanPro has tools to help your employees log payments with ease, accuracy, and efficiency. This article will explore how logging a payment works in LMS—how it's done in the software, what options are available, and how they'll affect loans. We'll also touch on payment processing, how the money actually gets moved from a borrower's account in
Swipes are transactions that raise the balance of a line of credit account, representing a purchase on credit. If the account holder accesses their credit through a card, you likely won’t log swipes manually, but this article will walk through the process of logging them in the UI. Logging swipes From the Line of Credit Account Manager, click on a l
LoanPro’s LMS lets you create custom fields to store data that the system doesn’t track by default. Any custom field you create will go across all of the loans or customers within your company. This article will cover payment custom fields, which are not associated with the customer or loan directly. With payment custom fields, fields such as paymen
Payment Return Actions (formerly Multiple Payments) are automatic responses that the system takes when a payment fails. While our Nacha Returns function offers similar functionality of automated changes based on failed ACH payments, Payment Return Actions have more flexibility as they allow you to create action based rules triggered by returns on a
After logging a payment, you have the option to print a receipt. These receipts are customizable and can include system variables that will merge in customer and loan data. Generate a receipt To generate a payment receipt, navigate to Servicing > Payments inside any loan. Click the Adobe Acrobat icon to the right of any payment to generate the r
Credit providers in the U.S. are prohibited from doing business with specially designated nationals (SDN), a list of people compiled by the United States Department of Treasury. This article will give you some background on Office of Foreign Assets Control (OFAC) compliance, walk through the steps of using OFAC InstaCheck in LoanPro, and explain wha
LoanPro helps you organize both your loan and customer documents by making it easy to upload documents to a specific section. The list of document sections is customizable, so you can keep uploaded files organized on your own terms. This article will cover customizing the list of document sections for both customers and loans. Customer document sec
LMS allows you to add cards to individual accounts. This article will go over everything you need to have ready before adding a card and the steps to follow in the software. Prerequisites Before you create a card on an individual account, you'll need to have a few things set up: A linked Secure Payments account - Cards are saved in Secure Payments.
Smart Checklists help you manage your custom, multi-step processes by providing a clear and organized way to track your progress. When paired with our Automation Engine, they allow one step of these complex processes to kick off the next, so accounts never sit waiting for an agent to notice something needs to be done. This article will explain how t
LoanPro's built-in calculator is extremely accurate and can match virtually any loan calculation. We frequently run our own tests against the software created and distributed by the Office of the Comptroller of the Currency (OCC) to make sure our APR calculations are accurate to at least four decimal places. Our calculator has also been verified by
On a line of credit account, a borrower's balance is divided between several buckets, which each have their own credit limit and interest rate. These settings initially set by the program used to create the account, but they can also be altered at any point in an individual account’s lifecycle. This article will cover two tools you can use to adjus
Amount and days past due are the numbers that are used to calculate delinquency. Amount past due is calculated as the total amount to come due to date minus the total amount paid (excluding principal-only payments). The number of days past due is equal to the number of days since the furthest past payment that has not yet been completely paid. Adjus
LoanPro’s Virtual Private Cloud (VPC) environment operates on a quarterly release schedule. By default, all VPC users have a two-week testing period before updates are deployed to production. For extended testing, you can purchase a separate staging environment (distinct from your sandbox environment), which provides a 45-day testing window to tho
As we explain in our article on configuring them, Quick Actions streamline and automate your management processes for line of credit accounts. This article will explain how individual agent users can access and use Quick Actions within an account. There are two types of Quick Actions that can be initiated on an account: automatic and guided. Automat
LoanPro’s SaaS environment operates on a Continuous Integration and Continuous Deployment (CI/CD) schedule, with updates automatically released each week as they become available. While updates follow a CI/CD process, we collect all updates from the past month and consolidate them into a comprehensive page of release notes for easy review. For cust
In LoanPro there are different methods for charging and tracking escrow payments: the escrow calculator, transactions, and adjustments. The calculator is set up when the loan is configured and will automatically charge escrow when a borrower makes a loan payment. Escrow transactions are created individually after the loan has been created and Adjust
As a lender, you might want to grow your lending portfolio by offering different lending products, but you probably don't want to have multiple loan management systems (LMS). At LoanPro we offer four loan categories (referred to in our software as loan classes) and four loan types under each. Many different products can be configured under each loan
Managers of lending businesses need data that lets them see their company as a whole. Administration reports were designed for this purpose—to provide an overview of a company's performance for managers and other individuals in high level positions. Administration reports return data at the tenant-level, including information from all your loan acco
LMS and Secure Payments are integrated with ACHQ (formerly known as SpeedChex), a payment processor that handles same-day ACH transactions in the U.S., including Puerto Rico and the Virgin Islands. Before you create an ACHQ processor in LMS, you'll need to sign up for an account with them on their website. Setup You can set up a SpeedChex/ACHQ proc
Nacha requires that lenders validate their borrowers' bank accounts. LoanPro is integrated with ValidiFI, one of NACHA’s preferred partners for account validation. ValidiFI will enable you to detect and prevent fraud, and maintain compliance with NACHA's due-diligence rules or any laws that your company is subject to. ValidiFI's integration with Lo
The context engine is a large database of retrievable variables, available for use throughout LoanPro software. There are several trees of variables relating to funding. Funding transactions Each of these is an array variable. You can replace 'INDEX' with any number (starting with 0), and the system will merge in a the value connected to a specific
After completing the customer acquisition and underwriting process, lenders provide potential borrowers with an offer of credit, which is a proposed loan or line of credit based on the borrower’s financial history and needs. Other documents are sometimes needed to be generated and sent along with an offer of credit. The most common of these is a Tru
Secure Payments allows Canadian companies to process payments using CPA standard 005 formatted files. This format is used by most Canadian banks. The file can simply be submitted to the originating bank and will contain all information necessary to complete the transfer of funds to or from one or more bank accounts. CPA-005 files can only be used wh
Custom reporting (formerly known as custom query) lets you export data from LoanPro’s LMS, such as static values and calculated numbers. The information included in custom reporting is all present data. In this article, we'll guide you through the steps to generate a custom report, from selecting the data to applying filters and saving your searches
Agent Walkthroughs are customizable guides within LMS that lead agents through specific processes step by step. These walkthroughs simplify complex loan servicing tasks, ensuring accuracy, compliance, and efficiency. In this guide, we’ll explain how to create walkthroughs, how to use them, and how to assign them to your agents. Get started An Agent
"Source company" is a flexible label, and LoanPro lets you use them in whatever way best suits your needs. Some users might use source companies to keep track of where their loans originate, such as auto lots, loan brokers, or any other business that refers customers to them. LoanPro users with several brick-and-mortar locations might instead use th
LoanPro has a variety of tools to make generating and exporting reports easy and efficient. Reports fall under two categories: tenant-level reports and loan-level reports. Within the UI, a user can search for loans using filters and advanced searching options, generate a report from search results, and export it. This article will explain what repor
Our single sign-on (SSO) feature allows users to log in to LoanPro using valid authentication from another application. Multi-factor authentication (MFA) adds another layer of security by requiring users to verify, in more than one way, their right to access LoanPro. Usually a username and password are used in conjunction with a code that is receive
Sometimes lenders have to charge off an account. There are many different reasons lenders apply a charge-off (also called 'write-off' or 'write-down') and it is an important part of lending. This article will explain what charge-offs are, when they are used, what recovery payments are, and where to find charge-off history in LoanPro's loan managemen
The force payments tool offers lenders a practical solution for managing payment schedules with precision. This feature enables you to create customized payment plans that increase payment amounts or adjust interest rates over time, then automatically adjusts the final payment to ensure the account reaches the exact balance needed. By combining the
LoanPro users have some latitude in how they use the Source Company Manager. If your source companies are business partners who referred your clients, you probably won't have much need for cash drawers or vaults. But if your source companies are individual brick-and-mortar locations, these features can help you keep track of how much money is in eac
LoanPro takes data privacy very seriously and has implemented features to keep your information secure. Not only do these features protect your customer’s personal information, but they also keep your company in line with current lending laws and regulations. Lending laws are in place at the state, federal, and international level, so the specific r
LoanPro’s LMS offers a range of options for how accounts calculate interest and payments, ensuring compliance with regulations like the Truth in Lending Act (TILA) while maximizing flexibility. Whether you need to handle irregular payment periods, adjust interest rates by account size, or ensure compliance with different state regulations, LoanPro p
When you need to communicate with hundreds or even thousands of customers about their loans, from notifying delinquent borrowers of overdue payments to providing personalized account updates. Manually looking up information and crafting individualized messages for each customer would be a massive, time-consuming task. That's where Dynamic Templates
To begin using LoanPro’s escrow features, you’ll first want to set configurations for your entire tenant. The steps outlined in this article explain how to make broad changes to your escrow settings that apply to all of your accounts. Some steps will help organize your escrow collections and others allow you to define default actions. Smaller, more
LoanPro's contract proceeds automation helps lenders transfer data seamlessly from an existing loan account to a new one in the case of a trade-in or refinance. This reduces manual errors and speeds up your workflows. Below is an overview of how the tool works and how to get started. How contract proceeds works Before creating an automation to trans
LoanPro allows you to set up email, Interactive SMS, system, and Smart Mail House notifications to be sent out when specific criteria is met or an event occurs on a customer's account. These are called event-based or trigger-based system notifications. The notification engine is a centralized location for viewing these notifications and others withi
The Smart Panel helps agents more quickly find the information most important to them, displayed on the right side of the screen as they navigate through different pages. Smart Panels are dynamic, meaning they can be customized based on loan attributes and accessed according to specific criteria. Using the Smart Panel within an account Access to th
Automations are created at the tenant level, but you can also control whether they're active for individual loans, and even force the rule to evaluate on command. Using Rules within an account Within any individual account, navigate to Automation Engine. You'll see a table listing all of the rules saved in the tenant, similar to the main Automation
Line of credit reports are available by request via the Report File Hub or a destination of your choosing. Your data delivery options are outlined in our Data on Demand article. These reports are designed to help simplify the process of internal reporting, but can also make it easy to share reports with sponsor banks. The report options include both
Role-Based Access Controls (RBAC) ensure that only authorized users have access to sensitive information and actions within the software. In LoanPro, you can customize multiple roles with the exact access needed and assign them to users. With RBAC, users only have access to what they need to fulfill job functions, which ultimately saves time and hel
The context engine is a large database of retrievable variables, available for use throughout LoanPro Software. Context engine variables can be used in several tools in LMS, including dynamic templates, custom queries, notifications, and Automation Engine. Below is an image of what the context-engine interface will generally look like inside of any
A typical payment schedule is one that has similar payments and a single interest rate throughout. LoanPro offers our Configurable Payment Schedule tool (formerly ‘Schedule Rolls’) to allow you to customize the payment schedule on your loan. Configurable Payment Schedule lets you change the amount, frequency, and interest rate from payment period to
Servicing reports are an easy way of viewing information regarding customers' insurance and past-due payments all in one place or within selected timeframes. These tenant-level reports collect information on customer insurance status and past-due payments, and can be narrowed down to specific categories by using the search date ranges and advanced o
LoanPaymentPro is one of LoanPro’s integrated payment processors. (And yes, we're two separate companies. It's like a Geoff/Jeff situation.) LoanPaymentPro handles payments and funding transactions through bank cards. In this article, we'll explain how to set a new LoanPaymentPro processor up in LoanPro's Loan Management System (LMS). We'll also tou
In both installment loans and line of credit accounts, a credit is a transaction that reduces the borrower's balance. The reason may vary—an incentive for borrowers to repay the rest of the balance, a correction to a mistake, or even just a gesture of goodwill—but the process will be the same. This article will explain how credits work and show you
In order to process bank card payments, a merchant (any company that accepts cards) will need a merchant services provider. But what is a merchant services provider, and how does it fit into a bank card transaction? The basic transaction works like this: Your customer has a card that they got from their bank. You enter the card data into LoanPro and
LoanPro is integrated with Cybersource, a payment gateway that allows you to process bank card transactions, void payments, manage funding/disbursements, and retrieve payment statuses. Cybersource is not directly connected to the credit card networks, but routes payment information to your Merchant Services Provider (MSP). You must engage your own M
This article will give an overview of what a customer sees and can do upon logging in to the customer website. To get to the website, the customer will need to know the website URL. If you don’t know how to get to the website, you can always select the “Customer Website” option from the drop-down that appears next to your user information at the top
Secure Payments and LMS are integrated with Actum Processing, which allows customers to process ACH payments (including same-day ACH) and funding in the U.S., including the Virgin Islands and Puerto Rico. Like other processors, Actum has to be set up before you can start using it on payments. Reach out to Actum to create an account, and then they'l
LoanPro lets you specify some items that are required in order to activate a loan. This feature is designed so that you can be reminded of items that were potentially missed when creating a loan at the time the loan is activated. Setting requirements To add or update loan requirements, navigate to Settings > Loan > Setup New Loan > Activat
In a shared AWS environment, LoanPro makes decisions on scaling the hardware and services used to make the software function. In order to scale hardware efficiently, LoanPro has implemented auto-scaling. This monitors usage levels of current hardware and services, and then deploys new resources to spin up and provision new hardware. Each customer in
Comprehensive loan recasting allows you to modify the terms of the loan, effectively replacing the old loan with a new one. While the history and transactions of the original loan are retained, but the terms of the new loan take precedence. This tool is only available on activated loans. For inactive loans, you can change the terms using the normal
When you set up recurring charges, you have the option of using a fixed dollar amount, a percentage of a loan amount, or an amount determined by scaling fee brackets (formerly ‘contingency brackets’). Scaling fees let you configure a dynamic assignment of recurring fees based on a range of loan values like current principal balance. This article wil
The loan participation tool simplifies loan management for lenders who service loans involving multiple investors or participants. This feature helps you easily manage accounts while providing each participant with the visibility they need. Using this tool, you can create child loans linked to a parent loan, automatically dividing ownership based on