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Advancement (definition)
Published June 14th, 2022 by Jackson Stone
Advancement Transaction placed on an account that raises the principal balance (you can set up a specific date for the advancement to apply on the loan). You can log an advancement in Account Setup > Setup Tools inside a loan. See, Log an Advancement/Credit.
Credit Limit (definition)
Published June 14th, 2022 by Jackson Stone
Credit Limit Credit limit refers to two similar ideas in different contexts. In an installment loan (where a borrower has a definite due date when the loan should be fully paid off), the credit limit is a lender-specified, maximum dollar-amount limit for the lifetime of the loan. In these loans, the borrower can take out multiple advances until they
Custom Forms (definition)
Published June 14th, 2022 by Jackson Stone
Custom Forms Custom Forms are a tool in LMS that merge loan, customer, and company data with user-created templates to create individualized documents. For more information, see Intro to Custom Forms.
LoanPro and Web Content Accessibility Guidelines
Published July 11th, 2023 by Jackson Stone
Web Content Accessibility Guidelines The Web Content Accessibility Guidelines (WCAG) help web and software developers build pages that accommodate people with disabilities. Their aim is similar to the Americans with Disabilities Act (ADA), which creates rules for how public buildings in the United States must be built so that anyone can access them.
Book Value (definition)
Published June 14th, 2022 by Jackson Stone
Book Value Book value is the actual value of a collateral item. Most lenders will calculate this as the actual cost of the item + capital improvements, but since collateral info doesn't factor into other loan calculations, you can ultimately calculate this field with whatever formula your company uses for its bookkeeping.
Credit (definition)
Published June 14th, 2022 by Jackson Stone
Credit In the software, "credit" refers to a transaction that forgives a portion of a loan. Not to be confused with a line of credit, like a credit card, or a charge-off, which writes off the entire loan as a loss.
Intro to Variable Interest
Published September 8th, 2023 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction Variable interest rates let you create loan products that adjust dynamically with the market. LoanPro let's you save the variable interest indexes in the software, and
Intro to Database Lite
Published September 5th, 2023 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction If you've ever learned about LoanPro's database, you might have thought it sounded perfect. Quick access to your data, custom queries that can pull exactly what you wa
Document (definition)
Published June 14th, 2022 by Jackson Stone
File that has been saved within LoanPro that may be downloaded for later use. There are multiple locations for storing documents throughout LoanPro, one example being Loan Documents. Loan documents can be saved inside of an account in Servicing > Documents.
CFPB Small-Dollar Rule Basics
Published June 14th, 2022 by Jackson Stone
As of 10/19/22, the United States Court of Appeals for the Fifth Circuit has ruled that the Consumer Financial Protection Bureau is in violation of the constitution and invalidated the Small-Dollar Rule, though this decision is likely to be appealed. Introduction You may be familiar with the Consumer Financial Protection Bureau's (CFPB) new rules
Sub-Portfolio (definition)
Published June 14th, 2022 by Jackson Stone
Further classification available within primary and secondary portfolios. Primary and secondary portfolios may contain several sub-portfolios. Sub-portfolios cannot be shared between multiple primary or secondary portfolios.
Intro to Clojure Rules
Published June 14th, 2022 by Jackson Stone
Introduction Clojure (pronounced like 'closure') is a programming language. Clojure is a means of expressing ideas so that a computer can easily compute them, but humans can still understand them if they know what they're looking at. This article will explain the fundamentals of the language, and Writing Clojure Rules will explore how to write more
Intro to the LoanPro Database
Published April 13th, 2023 by Jackson Stone
Complexity: Audience: Upper Management, Developers, Accounting, Compliance, Data Introduction Between loans, customers, payments, custom fields, rules, and all the dozens of other things you can save and configure in LMS, there's a lot of information to keep track of. Our built in reporting tools and the API are both great tools for pulling in
Intro to the Application
Published April 10th, 2023 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction LoanPro is a servicing core, first and foremost. But before you service any loans, you'll need to put them into the system. You might enter the information yourself, or
SMS Message (definition)
Published June 14th, 2022 by Jackson Stone
Text messages that are sent to customers within LoanPro. These texts may be sent manually or automatically based off of triggers or events.
Collateral (definition)
Published June 14th, 2022 by Jackson Stone
Collateral is an item that can be repossessed if the borrower fails to make payments. In an automotive loan, for example, the car is the collateral item. Sometimes it's what the borrower took the loan out for, and sometimes it's an item they already own, and are offering as collateral to get access to a loan. You might also hear people talk about th
Stoplight (definition)
Published June 14th, 2022 by Jackson Stone
Classification system designed to give you an idea of the overall “health” of an account at a glance.
Intro to Payment Processors
Published June 14th, 2022 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction This is a brief overview on what payment processors are and which ones are available in LMS; here, we'll explain the payment process and how processing companies play a
Curtailment (definition)
Published June 14th, 2022 by Jackson Stone
Curtailment Within the context of flooring loans, payments are referred to as curtailments. For the most part, it's just a different term for the same idea, but many flooring lenders like to set curtailments up with special templates, so our Curtailment Dates Tool lets them manually set individual curtailments or use a curtailment schedule template.
Buy Now, Pay Later (Split Payments)
Published June 14th, 2022 by Jackson Stone
This article is about customers splitting the payment on a single purchase, (e.g. making four payments of $25 rather than $100 up front.) In LMS, you can also split a payment between two or more linked accounts. If you're looking for that, see our articles Split a Payment and API – Split Payments. Introduction Split Payment or Buy Now, Pay Later (
Using Loan-Level Reports
Published October 27th, 2022 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Loan Servicing/Collections Managers Introduction Loan reports are found within a specific loan. For example, say you want to see how much interest a borrower has been paying and the details on their payments. Within that loan's page, you will be able to use loan reports to check up on past du
Intro to Credit Reporting
Published September 16th, 2022 by Jackson Stone
Complexity: Audience: Loan Servicer or Collector, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrator, Compliance, Data Introduction Many lenders report their borrowers' debt and repayment history to credit bureaus, who collect information from countless lenders and compile it into credit reports. For
Computation Field (definition)
Published June 14th, 2022 by Jackson Stone
Computation fields are custom fields that compute values from a Clojure rule. With these, you can easily get complex information that's specific to your business practices and would otherwise need to be calculated by hand. They're displayed on the Loan Summary page of any individual loan. Computation fields can be created in Settings > Loan >
Using Select Bankcard
Published May 11th, 2023 by Jackson Stone
Introduction To move money from one place to another, bank card processors need to connect with acquiring banks. Typically, they work with a company called a merchant services provider to build that connection. And while some processors handle all of this themselves, others give you a choice of which merchant services provider to work through. If yo
Roll Schedule (definition)
Published June 14th, 2022 by Jackson Stone
This refers to a customized payment schedule where payment periods or groups of payment periods can have different payment amounts and interest rates. For example, you could use schedule rolls to create an introductory period with lower payments or interest rates.
API (definition)
Published June 14th, 2022 by Jackson Stone
An application programming interface (API) lets programs or applications interact with each other. They allow you to use a software's code without using its user interface (UI). Not all applications have an API; developers must build them. When you use the UI, you manually click ‘New Loan’ and type everything in. When using the API, your software wi
Intro to Customer Communication
Published June 19th, 2022 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction 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 bo
Payment Breakdown (definition)
Published June 14th, 2022 by Jackson Stone
Specified application of a payment to different components of a loan (e.g. interest, principal, fees, etc.).
Intro to APIs
Published June 23rd, 2022 by Jackson Stone
Complexity: Audience: Upper Management, Developers, Administrator, Compliance, Data Introduction This article explains APIs in layman’s terms. If you’re totally new to the concept, you’re in the right place. Developers and other tech-minded people probably won’t need this primer, and can skip ahead to Connecting to the API or our API Document
Intro to Payment Tools
Published March 31st, 2023 by Jackson Stone
Complexity: Audience: Loan Servicers or Collectors, Upper Management, Developers, Accounting, Loan Servicing/Collections Managers, Administrators, Compliance, Data Introduction In theory, collecting payments should be pretty straightforward. If you've read our Intro to Payments article, you know that when a payment is logged LMS, the system co
Customer (definition)
Published June 14th, 2022 by Jackson Stone
Customer This refers to current or potential borrowers and lessees inside of LoanPro.
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