An application programming interface (API) is something that the developers of an application make to let other programs or applications talk to their application. When an application communicates wi…
General. This article is going to explain what an APR is. APR. Annual Percentage Rate. Calculated rate that helps customers asses the actual cost of a loan. The APR is also used for the governmental…
Actions & Results (definition)
General. This article will explain what Action & Results are. Actions & Results. Tool within LoanPro that allows agent users to quickly record when they have performed a certain action on an account,…
General. This article will define what Activate/Activated is. Activate/Activated. When you first create a loan, it is inactive. Even with all of it's settings and loan terms saved, an inactive loan w…
Additional Information (definition)
General. This article is going to define additional information. Additional Information. Group of numeric fields on an account that can be updated manually to track information but do not affect loan…
Additional User (definition)
Additional User. User associated with a loan account that is neither the primary or secondary customer. Additional users have access to account information, but they are generally not associated with…
Advanced Configuration (definition)
Advanced Configuration. Refers to the advanced calculation settings on a loan. These would be settings that adjust the type of calculations being made on a loan (e.g. Calculation Type, First Period D…
Advancement. Transaction placed on an account that raises the principal balance.
Agent User (definition)
Agent User. This refers to users that have access to a tenant (company-level account) inside of LoanPro.
Apply Date (definition)
Apply Date. The date that a transaction or charge will begin to affect the calculations of an account.
Archived Account (definition)
Archived Account. In LoanPro, if an account is archived it means that the information on the account can no longer be updated and LoanPro's back-end processes will no longer run on the account.
Autopay. Tool that allows users to schedule payments to be processed and applied at a date and time in the future. Payments that have been scheduled using this tool are often referred to as AutoPays.…
Between Periods (definition)
Between Periods. A method of specifying how interest accrues , when that interest comes due, and how payments apply to the loan when payments are not made exactly in accordance with the loan schedule…
Between Transactions (definition)
Between Transactions. A method of specifying how interest accrues , when that interest comes due, and how payments apply to the loan when payments are not made exactly in accordance with the loan sch…
Brackets. Advanced search restrictions that allow you to filter accounts based off of ranges of system calculated amounts (e.g. Loan Aging, Days Past Due, Amount Past Due, etc.). Bracket ranges can b…
Change Due Date (definition)
Change Due Date. LoanPro tool that allows you to change or update due dates on an account.
Charge. Additional fee being applied to an account after origination (e.g. Late fees, Convenience fees, Repossession fees, etc.).
Checklist. List found within an account in Servicing > Checklist containing individual items that may be checked off on an account. Checklists are useful in classifying loans, and automating loan pro…
Collateral. Individual or company property securing repayment of a loan. This property may be forfeited in the event of a default on the account.
Computation Field (definition)
Computation Field. User created field that is capable of performing calculations to display or store information, using user defined functions. Computation fields can be created in Settings > Loan >…
Context Engine (definition)
Context Engine. The Context Engine is a large database of retrievable variables , available for use throughout LoanPro Software.
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 ent…
Credit Limit (definition)
Credit Limit. Closed-ended installment loan with the additional component of a lender-specified, maximum dollar-amount limit, that the borrower may access through additional advancements of funds by…
Cross-Tenant Access (definition)
Cross-Tenant Access. Ability to access multiple tenants (companies) within LoanPro. If a user has access to multiple tenants, they are said to have Cross Tenant Access.
Curtailment. A curtailment is a manually specified payment usually used on a flooring loan.
Curtailment Dates (definition)
Curtailment Dates. LoanPro tool that allows you to quickly update curtailments on an account.
Custom Field (definition)
Custom Field. User created field that is not native to LoanPro Software. Loan custom fields can be found in Settings > Loan > Custom Fields.
Custom Forms (definition)
Custom Forms. Forms that have been created within LoanPro that contain dynamic information that may be updated on a per customer basis. For example, loan contracts can be created as custom forms. Onc…
Custom Query (definition)
Custom Query. Report that allows users to pull any information tracked by LoanPro into an excel sheet. Custom Queries may be generated in Reports > Administration > Custom Query.
Customer. This refers to borrowers , lessees, or potential borrowers or lessees inside of LoanPro.
Customer Website (definition)
Customer Website. Website provided by LoanPro that gives your customers a portal to login and view their account. From the customer website customers may take many actions on their account such as ma…
Data Options (definition)
Data Options. This refers to the available options for data displayed within sections of LoanPro (e.g. Excel Data Dump, Schedule Report, Email List, etc.). Data options vary between sections.
Dealer Profit (definition)
Capital gained by the dealer in the sale of loan collateral. This amount is static and does not take into account any loan information.
Period of time when a customer has failed to pay the amount due on their account.
Delinquency Buckets (definition)
Amount of payments that a loan is past due, each delinquency bucket represents a missed payment on an account.
The difference between the face value of a loan and the cost of acquiring the loan. E.g. if a $5,000 loan was acquired for $4,000, the $1,000 difference is the discount. This refers to an amount of p…
Service that facilitates the signing of documents online in a legally-binding way.
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 is Loan Documents. Loan documents can…
Due Principal (Definition)
Due principal, simply put, equals the amount of principal that has come due on a loan minus the amount that has been paid. $$ Principal That Has Come Due - Principal Paid = Due Principal$$ When a pay…
Functionality that is designed to let you add additional amounts to regularly scheduled payments that don’t apply to any other important part of the loan (e.g. interest, principal, discount, fees, et…
Escrow Buckets (definition)
System for classifying escrow on an account. Escrow buckets may be created in Settings > Loan > Escrow > Buckets.
Escrow Calculator (definition)
Tool within LoanPro that is designed to help you compute the per-period escrow amount for a loan account.
Event Based Notifications (definition)
You can configure your settings in LoanPro so that certain events will trigger notifications (sms, email, system, mail house, web hook). These events are generally user actions on accounts. Event bas…
Finance Charge (definition)
Amount that the customer will pay for the loan, apart from the actual loan amount. Depending on settings, this will include scheduled interest, escrow, and the underwriting fee at loan origination. T…
GAP Insurance (definition)
Guaranteed Asset Protection Insurance. Insurance that can be purchased to make up the difference in the event that collateral is claimed as a total loss, and the amount of compensation received for t…
General. LoanPro is a very advanced loan servicing platform. As such, we give many options for setting up, servicing, and closing loans that aren’t available in other software packages. Some of the t…
Advanced search restrictions that allow you to filter accounts based off of several classification systems available within LoanPro (e.g. Portfolio, Source Companies, Checklists, etc.).
Human Activity (definition)
Actions taken by an agent user on an account in LoanPro. In order for the Last Human Activity Date to be updated on an account, a user must update and save information within the account. Simply open…
IP Restrictions (definition)
Restriction settings that allow or prohibit login to your company from specific IP addresses (login locations). IP Restrictions may be updated in Settings > Company > IP Restrictions.
Tool that allows users to quickly update, edit, or delete large amounts of information in LoanPro, using excel files. The Import tool is found in Settings > Company > Import.
Amount of money that is equal to a percentage of the principal amount that accrues daily on a loan account based off of a mutually agreed upon yearly rate. The borrower will need to pay all accrued i…
Interest Application (definition)
In LoanPro, the interest that a payment will apply to can be calculated in one of two ways. It can either be the total interest that will accrue in a payment period (between periods), or it will be t…
Loan Settings (definition)
Settings that do not directly affect the calculations of a loan. The loan settings generally affect the classification of an account (e.g. Loan Status, Credit Status, EBilling, etc.). Loan settings a…
Merchant Services Provider (definition)
This refers to any company that provides payment processing services for another company through credit/debit card, eCheck, ACH, or EFT.
Tool with which you may update settings, numbers, and calculations on an account. Performing a modification on an account is essentially writing a new contract for the account while saving the origin…
Next Payment Due Date (definition)
This refers to the next date on which a loan or lease payment will come due. This date is never in the past. It is often assumed that this refers to the first payment or the last payment that was mis…
On-After Process (definition)
A process that occurs automatically within LoanPro after a transaction has been logged on an account (e.g. capturing of numbers, updating numbers, running rules, etc.).
Payment Breakdown (definition)
Specified application of a payment to different components of a loan (e.g. interest, principal, fees, etc.).
Payment Method (definition)
This is the means used to make a payment (e.g. cash, credit card, check).
Payment Profile (definition)
This is a specific credit/debit card or bank account. Note the distinction between similar terms. A 'payment method' is simply cash, card or a check. A payment profile is a specifc card or checking a…
The amount remaining to be paid on an account to completely close out the loan. This would be the sum of all accrued interest, fees, escrow and principal remaining on an account.
Per diem (definition)
Amount of interest that accrues daily on an account (also referred to as Daily Change).
A classification system available within LoanPro that allows companies to specify groups of loans.
Money that has been lent to the customer that is used for interest accrual calculation.
Process Date (definition)
The date that funds are actually transferred to complete a transaction on an account.
Process Wizard (definition)
Guided process that helps LoanPro users take actions on accounts without a high possibility of error. Process wizards may be created in Settings > Loan > Process Wizard.
LoanPro tool that allows you to record commitments made by customers to take a certain action on their account on a certain date (e.g. make a payment, update insurance info, etc.).
Restriction Group (definition)
Group of restrictions that can be applied to a user if the account they are working on meets a specific set of criteria. To create a restriction group , navigate to Settings > Company > Access > Rest…
Resume Interest (definition)
Starts interest accrual again on an account after a Suspend Interest has been placed on the account.
Reversed Payment (definition)
Payment (marked red in Servicing > Payments inside of an account) that is no longer applying to an account.
Set of access settings available for users within LoanPro. Roles can be viewed and edited by tenant admins in Settings > Company > Access > Roles. See also these related articles: Creating a Role. Ro…
Roll Payment (definition)
This refers to using the payment equation to solve for one or more loan terms by entering a specific payment amount.
Roll Schedule (definition)
This refers to a customized payment schedule where payment periods or groups of payment periods can have different payment amounts and interest rates.
Rules Applied (definition)
LoanPro tool that allows users to create rules to perform specific actions on accounts when accounts meet a specified set of criteria.
SMS Message (definition)
Text messages that are sent to customers within LoanPro. These texts may be sent manually, or automatically based off of triggers or events.
Sales Price (definition)
Sale price of the loan collateral. This is the initial cost of the collateral to the borrower. This amount is static and does not take into account any loan information.
Quick access button available in the loan summary of an account. You may edit user shortcut groups in Settings > Company > Access > Shortcuts.
Classification system designed to give you an idea of the overall “health” of an account at a glance.
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…
Suspend Interest (definition)
Stops new interest from accruing on an account starting from a specified date.
A tenant is your company's account with LMS. Normally we'd call this an "account" or "user," but both of those terms refer to something else in the software. Additionally, any number of agents can be…
Total Sales Price (definition)
This variable is meant to reflect the total price of the collateral being financed. This is the Net Amount Down + Total of Payments.
Trigger Based Notifications (definition)
Notifications (sms, email, system, mail house, web hook) that are sent based off of rules that have been written by a user. These rules are generally based off of actions that happen on accounts auto…
Underwriting Fee (definition)
Fee associated with the creation of a loan. The Underwriting Fee field in the initial setup of an account is added to the principal amount for most loan calculations. However, using the field properl…
Vehicle Identification Number. The identifying code for a specific automobile. No two vehicles will have the same identification number.